From what we’ve seen of the initial smartwatch offerings, the new wearable tech category has left something to be desired. Despite the underwhelming introduction to this new technology, NextMarket Insights estimates that annual smartwatch sales will grow from 15 million units in 2015 to a staggering 373 million devices by 2020. This projected growth is due to several factors, including traditional watchmakers implementing technology into their watches, and the continued rise of the “active lifestyle segments.” As stated by the company’s chief analyst Michael Wolf, “the smartwatch category can become a substantial market opportunity even with fairly modest penetration of the broader mobile and watch-wearing public.”
The Samsung Galaxy Gear is its own product, but in many ways Samsung has marketed it as a companion to the company’s upcoming smartphone and tablet lineup. NextMarket posits that standalone smartwatches with “fully functional calling and data communication capabilities” will see significant growth in the coming years as well. As the market grows, the hardware and software will mature, and smartwatches might begin to claim their stake in the world of wearable tech.