11 April 2014, SINGAPORE – The invention and launch of the latest smart mobile device—the smartwatch is anticipated to excite tech enthusiasts who are keen to be amongst the first to try out new and innovative gadgets. According to the January and February 2014 reports from leading global market research firm GfK which commenced retail sales tracking of smartwatches this year, the smartwatch market has already garnered around USD 345,000 in the first two months of 2014.
“Singapore, with its status as a modern and developed country, has been chosen as one of the first markets in the region for manufacturers to launch their inital models of smart watches,” said Gerard Tan, Account Director for Digital World in GfK Asia. “Since the first smartwatch was launched in mid-2013, adoption level has still remained rather low due to the limitation of choices and features, but as with all other smart devices, we are expecting further advancements in both technology and adoption that will fast track sales at some point soon as the product continues to develop.”
“Basic smartwatch functions are similar to smartphones and tablets, including time and tracking activities, GPS, weather forecast, calling etc,” highlighted Tan. “However, due to the novelty of this technology, reports are showing that the more reknown international brands with greater presence and distribution channels are more popular with consumers.”
GfK reported a total of six brands and models currently available to consumers in the market costing in the price range of low USD100 to over USD300. The more popular choices appear to be the more high end models which accounted for around 90 percent of the total sales volume in January.
“The smart watch is currently at its infancy stage at the moment and as with all first generation models, there are lots upgrading works to be done and we anticipate this new tech toy to follow a similar uptrend as other popular smart connected devices such as smartphones, tablets and more recently, phablets in the months to come,” said Tan. “With the official launch of the android platform for smart watches recently, and we expect a lot more brands jumping onto the bandwagon; not to mention introducing more designs improved features, interactive and sophisticated applications—it will not be long before the market experiences a surge in take up rate,” he concluded.
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