04 November 2017
Smartwatches market is growing and one of the main reasons for this growth is that the companies producing the fitness trackers have also started manufacturing the smartwatch. According to International Data Corporation (IDC) new report on Worldwide Quarterly Wearable Device Tracker, the worldwide wearables market has grown 7.3% in Q3 2017 as smart wearables are on rising compared to the basic wearables.
A new report from Forrester somewhat postulates this by sharing that the smartwatches are expected to become 55% of the wearable market by 2022. According to Forrester’s report, the components of the prices are falling and so more companies are making affordable smartwatches now.
Another reason why smartwatches are becoming popular is that they provide everything, so you get all the thing from a single device only. Forrester believes that the companies are also learning what could be the suitable option in smartwatches for the users that could serve them everything.
According to Ramon T.Llamas, research manager for IDC’s Wearables team said,
Smartwatches from Apple, Fossil, and Samsung – vendors find themselves at a crossroads to adjust accordingly to capture growth opportunity and mindshare. Also, Apple’s recent introduction of cellular connectivity and Samsung’s longstanding relationship with Talco are also helping provide an uplift to sales and awareness of wearables.
IDC has also shared the top 5 wearable companies, their shipments and market share, and year-over-year growth in 3Q17. According to the report, Xiaomi is on the top, Fitbit, Apple, Huawei, and Garmin are in the remaining positions.
Forrester has also outlined a few potential problems that could slow down the wearable growth in the future. The first and the foremost is that the companies keep failing to deliver wearables that meet the expectations of consumers. Also, more insurance companies need to offer subsidies for wearables.