Alphabet
’s
GOOGL
division Google has introduced an app — namely Health Services — for the smartwatch operating system, Wear OS, in the Play Store.
Per a latest
report
from 9TO5Google, the Health Services app performs various functions such as managing sensors, tracking health and fitness as well as providing metrics like heart rate, step count, calories, and distance. Additionally, it improves the battery life of the apps.
Further, the new app ensures data consistency across apps and permits activity-aware experiences.
Reportedly, Android phones have multiple apps like Play, Support, Carrier, AR and Speech running in the background, which can be updated through the Play Store. Uninstalling the Health Services app may lead to the disfunctionality of these apps.
The latest move is in sync with the growing endeavors of Google toward further advancement of Wear OS.
Growing Smartwatch Initiatives to Boost Prospects
Google has been persistently making strong efforts to strengthen the smartwatch portfolio with new upgrades and acquisitions.
Apart from the latest move, the company recently unveiled an on-watch Play Store redesign for its smartwatch, Wear OS 3.0.
Further, its acquisition of Fitbit early this year for focusing on health features of the smartwatch remains noteworthy.
We believe that these efforts are expected to help Google in expanding its footprint in the booming smartwatch market.
This market is currently growing due to the rising adoption of smartwatches, as it offers numerous customer requirements like time schedules, fitness tracking and other features in a single device.
According to the Allied Market Research
report
, the global smartwatch market is likely to hit $96.3 billion by 2027, witnessing a CAGR of 19.6% between 2020 and 2027.
Moreover, the Market Data Forecast
report
reveals that this particular market is expected to hit $57.3 billion in 2021. Further, it is anticipated to hit $132.9 billion by 2026, progressing at a CAGR of 18.3% from 2021 to 2026.
Competitive Scenario
Given this upbeat scenario, not only Google but also other players like
Apple
AAPL
,
Garmin
GRMN
and Huawei are bolstering efforts to expand their presence in the smartwatch market.
Apple is riding on its strong customer base for Apple Watch and solid momentum across watchOS. The new notifications and the ECG app in Apple Watch can track the patient’s heart health as well as provide important information in case of heart-related issues.
Further, the iPhone maker recently made the watchOS 8 available. watchOS 8 offers new workout types, and updates to cycling and the Mindfulness app that are beneficial for physical as well as mental health.
Meanwhile, Garmin launched Venu 2 and Venu 2S GPS smartwatches to take care of the wellbeing of users with health and fitness functionalities like all-day health monitoring, sleep monitoring, menstrual cycle as well as pregnancy tracking. Additionally, users can view their health statistics in the Garmin Connect app.
Further, the Huawei Health app manages smart wearable devices, and tracks the health and wellbeing of users.
Huawei recently introduced the first smartwatch named Watch 3 built on its own HarmonyOS software. Watch 3 can track 17 different workouts and monitors all-day heart rate, sleep cycle, stress level, and more.
Nevertheless, Google’s deepening focus on strengthening the smartwatch portfolio and advancing Wear OS is likely to aid it in gaining a competitive edge against peers.
Zacks Rank & Stock to Consider
Currently, Alphabet has a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is
Semtech Corporation
SMTC
, carrying a Zacks Rank #1 (Strong Buy) at present. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
The long-term earnings growth rate for Semtech is currently projected at 12.5%.
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