SAMSUNG ELECTRONIC KRW5000 (OTCMKTS:SSNLF), one of the leading manufacturers of smartphones made remarkable steps in making inroads into the wearables market in this year’s first quarter. The company has so far overtaken its main rival Fitbit Inc (NYSE:FIT).
According to a survey done by Strategy Analytics and reported by several media, the Gear S3 smartwatch from the South Korean electronics company took up 12.8% of the total global market. This is compared to Fitbit’s 12.2% market share.
According to the research company, the growth in Samsung’s wearables share is as a result of strong sales of the company’s Gear S3 smartwatch. The company launched the device in November. The device has been a favorite among consumers due to its improved functionality and improved battery life. Among the new features on the device is the Samsung Pay, a digital payment service. Additionally, Fitbit is recording shrinking sales as the company struggles to launch products that will attract new customers as well as enticing existing ones to upgrade. According to reports, the heart rate monitoring and calorie counting on many of the wearable devices doesn’t work as expected.
Recently, a research done by International Data Corp showed that Fitbit had slipped to third place among the leading manufacturers of wearable devices for the first time. The company reported lower shipments compared to Apple and Chinese gadget maker Xiaomi after going through a moment of sustained growth in returns following the 2009 public listing. The company has been recording a sluggish growth in its shares in the past years. The company, one of the leaders in the wrist-worn fitness tracker market has been suffering from numerous disappointing upgrades, manufacturing mishaps and decrease in demand mainly from its Chinese consumers.
On the other hand, Apple has announced that it will be adding new functionality and features on its Apple Watch. The company made the announcement at the developer’s conference adding that it will be introducing a whole new operating system for the watch. The WatchOS 4.0 comes with new watch faces including one for Apple’s voice-activated digital assistant, Siri. It also comes with improved health and fitness tracking.