Wearables Business
According to US-based market research firm Canalys on June 1, Samsung Electronics captured 23 percent of the global smart band market in the first quarter of this year, which placed the company in the third spot after Pebble Technology (35 percent) and Sony (29 percent). Total smart band shipments in Q1 are estimated at 2.7 million units.
The Korean tech giant recently quoted a report released by Strategy Analytics (SA) saying that it comprised 70 percent of the worldwide smart watch market by selling 500,000 units during the period. The number appears to only be the figure for smart watches. Samsung still lags far behind Sony in the smart band market. If wearable bands like Fitbit are included, the Korean firm’s market share is much lower.
However, as the Gear 2 and Gear Fit released in April have received a warm response from the market, the company’s market share is expected to grow. According to SA, Samsung’s share of the smart watch market was 52.4 percent last year, but it is approaching 70 percent this year.
There are three kinds of wearable bands: complex accessories, smart accessories and smart wearables. Complex accessories include low-priced and basic fitness bands like Fitbit, which are likely to lead the market by 2018. In contrast, demand for smart accessories like the Gear 2 and Gear Fit are expected to grow rapidly after 2018.