The idea of timekeeping infused with modern technology was once just a figment of imagination which came into realization in the last decade. The transformation of a mechanical wristwatch to a smartwatch was an eventful journey wherein brands such as SEIKO, BREITLING, LINUX, FOSSIL, MICROSOFT and many more designed and created smartwatches over the years. The Apple Smartwatch released in 2015 has definitely impacted the smartwatch industry, giving a roadmap for other brands to navigate and make a space for themselves in the market with their unique propositions. The Smartwatch was that one development in the tech world that revived the interest of tech geeks and also an early adopted around the world who itched to try something new.
On the not-so-new yet novel tech industry entrant, Mr. Ali Rizvi, National Sales Manager, Garmin India says, “Smartwatches have made a massive impact in the wearable as well as electronics sectors. People are more interested in using something versatile on their wrist, which does more than just showing time. In the last few years, the smartwatch has been undergoing massive technological changes, with innovative features. While smartwatches had a transformative impact on both the respective sectors, there is still room for the brands to thrive in the smartwatch industry and focus on their design, beauty, and technical innovations.”
The increasing interest of brands around the world to incorporate the smartphones into a watch has created a buzz resulting in an investment of millions of dollars in order to create the most efficient and sustainable smartwatch. But the question is despite the vast research and investment, where do we see the smartwatch industry heading?
When considering the current market of the smartwatches, only a limited number of companies have been successful in creating a smartwatch which has captured the attention of the customers. Agreeing with this claim, Mr. Rizvi believes that venturing into the smartwatch sector has been an insightful journey. It is a sector ruled by prestigious brands and it was thus challenging for them to make a place for the brand.
Even major brands such as Apple, Samsung, LG which were not involved in manufacturing any kind of smartwatches have stepped into the market and are currently facing tough times in terms of earning profits. But at the same time, they are certainly the key players in the segment.
With regards to the growth and development of the smartwatch current Scenario – the riSe or the Fall?
segment, Mr Rizvi believes that globally, the smartwatch is undergoing a technological transformation as brands are striving to integrate distinctive features to give them an edge over competitors. Internationally the market for smartwatches is witnessing a significant growth rate. Right now, the smartwatch market in India is still in the developing phase.
Traditional watchmaking brands such as Casio, Titan, Fossil and many more are facing a backlash of the market due to lack of efficient features. For example, Fitbit, the leading fitness band industry which tried to step into the smartwatch segment is currently focused towards creating healthcare related smartwatch after the Fitbit Ionic failed. “The smartwatch market is highly competitive. The brands are investing in the development of new and updated versions of products. Companies are also reducing the prices of smartwatches to remain competitive in the market” says Mr. Rizvi.
Brands claim to be receiving good responses from users who are willing to try a novel product and embrace new technology. But the future of smartwatch vastly depends on the evolution of the smartwatches.
Although as for now the smartwatch market is in developing stages since most the preeminent brands of the tech world have just recently ventured into the smartwatch industry, the vast number of brands involved in creating the most efficient smartwatch is beneficial for the customers around the world. There is a possibility that one day the smartwatch may take over the smartphones, but that is an innovation which lays far ahead in future.