Only 4% of U.S. broadband households plan to purchase a smart watch in 2014, up only 2% from 2013, according to recent research including a Q1 2014 survey of 10,000 broadband households by Parks Associates. The key findings from the research show that Samsung is currently leading the smart watch market.
“This new market is still wide open. Samsung has established an early lead, but it will face much stronger competition when Apple and Google products hit the market,” Kent said. “Consumer acquisition is only half the battle; consumer retention will be a big struggle in wearables. Not only are wearable manufacturers battling each other for market share, but given consumers’ natural tendencies to slack off their fitness regimens, manufacturers and app developers must also work to keep consumers engaged with their products.”
Their research also shows that among smart watch buyers:
– 20% purchased directly from the manufacturer
– 18% from Amazon
– 17% from Best Buy
– Nearly one-half of consumers who acquired a smart watch in 2013 received it as a gift.
This week, Google announced their Google Fit Open API program along with Withings unveiling their slick smart watch for health and fitness tracking. The 4 percent purchase rate for a smart watch does not match the hype surrounding these new devices and their potential for health and fitness.
Wang and Senior Analyst Jennifer Kent will discuss this new research in a complimentary webcast this week. “Engaging Consumers with Connected Health Technologies” will take place Thursday, June 26, 2014 at 1:00 p.m. CT (2:00 p.m. ET). Registration is available at http://www.parksassociates.com/connected-health-june2014.
