Apple Inc. continues to perform at a high level in both the tablet and smartphone markets. While there is plenty of competition for the top spot, Cupertino continues to strengthen its brand through the production of tope of the line devices.
Apple could “crush it” in wearable device space
Wearable devices are all the rage. If you thought 2015 was exciting, wait until you see what happens over the next 11 months.
According to Gartner, worldwide wearable device sales are set to grow by more than 18 percent this year. If this holds true, Apple, among various other companies, will find itself in position to take advantage.
Gartner believes that 274.6 million wearable electronic devices will be sold worldwide in 2016, which is far greater than the 232 million units sold last year.
While these sales numbers are exciting, it is the revenue generated by such sales that get manufacturers excited. Sales of these devices should generate revenue of $28.7 billion.
Apple Watch is Taking Off
Of the revenue generated by wearable electronic devices this year, $11.5 billion is expected to be from smartwatch sales.
There are many companies hoping to get in on the smartwatch game, but Apple has a tight grip on the market at this time. Angela McIntyre, research director at Gartner, said the following:
“From 2015 through 2017, smartwatch adoption will have 48 percent growth largely due to Apple popularizing wearables as a lifestyle trend. Smartwatches have the greatest revenue potential among all wearables through 2019, reaching $17.5 billion.”
Despite the fact that smartwatches are taking off, it’s important to note that this market is nowhere near as big as smartphones. Get this: approximately 374 million smartphones are expected to sell in mature markets this year. As you can see, smartwatches have some catching up to do.
Other Wearable Devices
Even though smartwatches are at the front and center of the wearable device market, there are other types that will gain more attention in the months to come. These devices include: head mounted displays, wristbands, body worn cameras, chest straps, and smart garments.
Apple in Position to Succeed
Apple took its good old time getting involved in the smartwatch industry, however, it leaped into action at just the right time. While other companies struggled in the early days to gain traction, Apple sat back and waited for the perfect opportunity. Then it pounced.
As 2016 wears on and the calendar turns, expect Apple Inc. to remain the leader in the smartwatch space. Along with this, many consumers are wondering if the company has any other tricks up it sleeve. Could Apple release more wearable devices this year? This may be up for debate, but what is clear at this point is Apple’s secure position in the growing smartwatch market.