According to Canalys, Moto 360 was by far the most successful of the initial Android Wear devices. The report says, nearly 5 million smart and basic wearable bands shipped in third quarter of 2014.
The shipments grew by 37 percent quarter on quarter. Moto 360 accounted over 15 percent of the smart wearable market, the report says.
Samsung remained the overall smart band market leader, and the company has already begun to experiment with larger display sizes and cellular connectivity with the Gear S, its sixth smart band.
LG has responded to early interest in the Moto 360 by quickly adopting a circular display with the G Watch R.
“The smart band market was flat between Q2 and Q3, but with an installed base of over 1.8 billion Android smart phones, there is a huge potential market of Android users not considering an Apple Watch.” said Canalys Analyst Daniel Matte.
Fitbit and Jawbone held onto their first and second place positions, respectively, in the basic band market for the quarter, and both have just announced new products.
Garmin passed Nike to take third place in shipments, while Xiaomi and Huawei also overtook the one-time market leader and rounded out the top five.
Google Fit, Microsoft Health and the Samsung Digital Health Platform have all recently been announced in response to Apple’s HealthKit. The Microsoft band does not have a strong hardware compared to other smart bands.
The report says that there is a good opportunity for brand new services on wearable platforms, and not just in the area of health and fitness.
In other report by Grand View Research, global smartwatches market is expected to reach USD 19.62 billion by 2020.
The report suggests that the global shipments are expected to reach 135.3 million units by 2020, at a CAGR of 53.5% from 2014 to 2020.
The report says that high end smartwatches are expected to lose market share to the mid-end and low-end segments over the forecast period.