Alphabet
’s
GOOGL
division Google is leaving no stone unturned to develop new and innovative features in a bid to bolster presence in the wearable space.
The company’s latest preparation of a major upgrade for its smartwatch, Wear OS, is a testament to the abovementioned fact.
Per a latest
report
from 9TO5Google, the company has begun to unveil its on-watch Play Store redesign with Wear OS 3.0. Google has released the preview of the new features of Wear OS 3.0 in the Android Studio Beta emulator.
Notably, the updates have changed the look of Wear OS. Now, all the items in a list are contained in a pill-shaped card, which gives a clearer view on the small display. Also, the new design is more colourful.
Moreover, Google is gearing up to introduce changes for installing wearable apps. It will further improve its application discovery and distribution.
The latest move is likely to benefit Google in expanding footprint in the smartwatch market.
Growing Smartwatch Market
The smartwatch market is growing in recent times due to 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.
We believe expanding efforts of Google in the smartwatch space positions it well to capitalize on the abovementioned prospects.
In addition to the latest move, the company’s growing focus on improving battery life and health features of smartwatches holds promise.
Further, the acquisition of Fitbit early this year to focus on health features of the smartwatch remains noteworthy.
Competitive Scenario
Given this upbeat scenario, not only Google but also other players including
Apple
AAPL
,
Garmin
GRMN
, Huawei and others are also leaving no stone unturned to expand their smartwatch initiatives.
Last month, Apple previewed watchOS 8, which comes with advanced features to help users stay connected, healthy and active. Also, its new features give seamless access to Wallet for ensuring secure and contactless payments.
Also last month, Garmin launched feature updates for the Forerunner 245, Forerunner 245 Music, Forerunner 745 and forerunner 945 GPS running smartwatches to offer athletes advanced sleep monitoring, animated on-screen workouts as well as other features.
Moreover, in the same month, Huawei announced that Huawei Watch 3 and Huawei Watch 3 Pro will be running its new operating system, HarmonyOS. The company previously used Google’s Wear OS and its own LiteOS for smartwatches.
Zacks Rank & Stock to Consider
Currently, Alphabet has a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is
Marchex
MCHX
, carrying a Zacks Rank #2 (Buy) at present. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Long-term earnings growth rate for Marchex is currently projected at 15%.
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