Globally smartwatch market to face dynamic shift

Global wearable technology shipments are growing fast. Advances in technology have seen wristwatches and smartwatches take over from basic bands. Vendors are attempting a big generational leap in smartwatch technologies, striving to improve their products’ user interfaces, battery life, charging and types of sensors, and to broaden their ecosystems of health and fitness services.

The  dynamic shift is due to several factors. One of the primary drivers of this shift is the increasing popularity and adoption of wearable technology, including smartwatches. As more people become interested in tracking their health and fitness, staying connected on-the-go, and accessing other features like mobile payments, smartwatches are becoming an increasingly important part of the technology landscape.

Another factor contributing to the shift in the smartwatch market is the emergence of new players and technologies. While companies like Apple and Samsung have dominated the market in recent years, there are now a growing number of competitors offering innovative new features and designs. For example, many new smartwatches are incorporating voice assistants, health monitoring sensors, and even flexible displays that can be curved or folded.

As per Canalys, it was a “challenging” Q4 for the wearables market as shipments declined 18% and clocked 50 million units. This marks the first double-digit decline for the market in a typically seasonally strong Q4 quarter .

It seems like Google’s decision to launch a Pixel smartwatch has paid off some dividends. Google attained the second position in the global smartwatch market in the previous quarter. By doing so, Google has beaten Samsung, which slipped to the third spot, whereas Apple continues to lead and dominate the market worldwide. The Pixel Watch has seen a lot of buyers, and despite Fitbit’s decline in shipments, Google took the second spot. 

Finally, the ongoing evolution of mobile technology is likely to have a significant impact on the smartwatch market. As smartphones continue to become more powerful and feature-rich, there may be less need for standalone smartwatches that duplicate many of the same functions. However, there will always be a market for wearables that offer unique features and benefits, and smartwatch manufacturers will need to stay ahead of the curve to remain competitive in this dynamic and rapidly evolving space. 

S Mohini Ratna, Editor, VARINDIA