According to latest reports, Samsung is dominating yet another industry. This time, it’s the smartwatch market that the South Korean Giant has taken over with its Gear smartwatch lineup.
The report published by analysts Strategy Analytics state that Samsung’s Gear smartwatches made up over 70 percent of the smartwatch market. This was an increase over the 52.4% market share it had last year by selling more than a million Galaxy Gear smartwatches.
Although major manufacturers are yet to release their smartwaches in the market, there are some options available for consumers to choose from. Sony was among the first companies to release a smartwatch, however its latest smartwatch 2, which was announced last year has not been doing so well in the market.
The other competitors in the market are way behind Samsung in terms of market share, with Sony and Pebble having 11% share each followed by Qualcomm, who sold around 10,000 units of its Toq smartwatch.
The overall market saw a 250% growth year on year in Q1 2014 and it’s not at all surprising to see Samsung contributing to most of this growth. This was mainly due to the increase in the number of smartwatch shipments by Samsung which grew to half a million in the first quarter of 2014 as compared to 1 million shipped last year. What’s even more interesting is the fact that these 500,000 shipments were of the first generation Gear smartwatch and the current generation Gear 2 and Gear 2 Neo smartwatches are not included in these figures.
This could very well mean that by the end of the year, Samsung would have shipped millions of smartwatches worldwide. Gear 2 and the less costly Gear 2 Neo went on sale this April and the figures in the coming months would reflect the additional sales generated by these new wearables from Samsung.
But things are going to get tough for the South Korean giant this year as plenty of well-established tech companies are planning to release their own wearable gadget. Google recently revealed its Android wear OS specifically designed for wearables and many companies like Motorola and LG are partnering up with Google to release their device.
LG has already teased its G watch and to be frank, the device looks good, at least in the video. Same goes with the still to be announced Motorola smartwatch. Moto 360 looks even better and one can expect many more companies to hop on to the Android Wear bandwagon in the coming years making it tough for Samsung.
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