Apple owns almost half of the global market for smartwatches by unit volume and much more than that by revenue share, and the division that reports Apple Watch revenue grew more than 50% this quarter, closing the last 12 months with over $17 billion in revenue.
Now Apple will have real competition.
Google bought FitBit for $2.1 billion today, and if Google gets this right, the company’s Wear OS will finally become a worthy contender in the fitness, health, and wearable tech categories.
Apple has built a tight integration between Apple Watch, iPhone, and AirPods, and that tight integration, along with the company’s excellent execution, has made it the market leader. But Cupertino’s $17 billion in revenue in this category is only a tiny slice of what the company thinks it will eventually become.
Wearables are about integrating technology into our lives, but their impact is perhaps most profound on our fitness and health. Globally, that industry is worth a staggering $4.2 trillion. Read more of this article from Forbes.com contributor John Koetsier on the Forbes website HERE