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The global smartwatch market is expected to grow by 18 per cent in 2017, with 28.5 million units likely to be shipped, translating into USD 10 billion in value terms, research firm Canalys today said.
"...The smartwatch market will grow 18% in 2017, with 28.5 million units being shipped. This will mean the total value of smartwatch shipments in 2017 will reach US$10 billion," the research firm said in a report.
There will be further declines in the traditional watch industry as smartwatch manufacturers release more high-end models, the report said.
While the traditional watch community is trying to catch up with the smartwatch trend, some watchmakers are still reluctant and are expected to release connected watches instead, it added.
Also known as hybrid watches, Canalys sees connected watches as a short-term, intermediate solution for watchmakers as they find ways to stabilise the decline in the traditional watch market.
"Connected watches appeal to buyers who want a watch first and a basic band second. With fewer people wanting to buy traditional watches, connected watches with limited functionality risk ending up like basic bands: being taken over by smartwatches by 2018," Canalys Analyst Jason Low said.
Watchmakers yet to take action to switch their focus to smartwatches for long-term growth, he added.