I know it's perhaps not the most common exercise, but common enough and it's incredibly difficult to gauge what kind of calory burn and value this kind of exercise has, because - well the horse does most of the work! There is a huge difference in riding styles and how this effects my own exercise level: trail riding can be just walking - where the rider has little exercise, but if you trot it's quite the exercise for the rider too. Then there is the distance aspect, which is invalid when you do dressage or arena riding... Finally jumping has quite a different impact again.
Since I work for a digital agency, I know that you must have business logic to build out expensive new features both for the sensors, the logic/algorithm and how you present it on the web. I know it's a huge effort. But with an equestrian tracker, you will have a captive audience and a weathy niche market who will be loyal customers. You'll need to do little marketing as this is definitely an industry/audience who are all interconnected and exchange ideas, infos and new products readily.
And if you want to go all out, you could combine it with a FitBit for the horse - because most horse owners also want to monitor the stress on their horse as well as their horses' fitness.
Moderator edit: Subject for clarity and labels.
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