What study tells about Smartwatch market?

What study tells about Smartwatch market?

The smartwatch market will grow to 101 million units by 2020 from just 3.6 million last year. This is what the market research report showed. And it seems that Apple Smartwatch is set to lead this emerging market, the expectation is high that the Apple Watch will bagged the top seller place according to IHS Technology report.

The 56 percent of the total smartwatch market will be nailed by Apple as Apple Watch shipments this year will hit 19 million units.

Facts about IHS study related to Apple Watch:

  • Apple’s share of the market will fall to 38 percent in 2020 with Android vendors and others slowly increasing their share.
  • Apple however will remain the single largest vendor through the year 2020.
  • By year 2020, one of every 20 smartphone users will also have a smartwatch, compared with one in 500 in 2014.
  • Apple is likely to lift the market by raising consumer awareness of the category and by explaining the benefits of the wearable tech accessory.
  • Should Apple stumble with its foray into smartwatches, the smartwatch market will suffer similarly.
  • Smartwatches could then follow the fate of Google Glass. Without Apple and its marketing strength, the smartwatch category need greater marketing spend from other smartwatch makers to overcome damage to consumer perceptions. Apple’s smartwatch competitors need Apple Watch to succeed.

An analyst at IHS Technology Antonios Maroulis said that, “The smartwatch will become an important accessory device offered by most leading smartphone manufacturers.” He added that, “Delivering a wide range of apps will be critical to success,” thus and so, “Apple’s and Google’s success with existing smartphone application stores will give them an invaluable head start over challengers.”

However, there is a report which said that the high cost of the Apple Watch which starts at $349 and requires a newer-model iPhone leaves a huge market for other vendors with lower-cost devices. This report shows that the lower-end competitors will have the chance to take a bite of the big cake, hence competition will also allow as many consumers as possible wear smartwatches even if it is not Apple still it is a smartwatch.

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