Alphabet’s (NASDAQ:GOOGL) Google is making significant strides to introduce new features to its original Pixel Watch.

Just a month ago, it was revealed that this smartwatch would be updated with select features from the Pixel Watch 2. It now includes the DND (Do Not Disturb) and Bedtime Mode sync functionalities.

Users can access these features through the Pixel Watch companion app.

Alphabet’s dedicated efforts to fortify its Pixel Watch series are anticipated to contribute to its presence in the thriving smartwatch market.

According to a report by Fortune Business Insights, the global smartwatch market is projected to reach $77.22 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 14.8% between 2023 and 2030.

The company’s favorable outlook in this promising market is expected to instill confidence among investors in the coming days.

The growth prospects associated with Pixel Watches are likely to positively impact the performance of the Google Services segment, a key driver of the company’s overall growth.

Alphabet’s shares have surged by 56.2% in the past year, outpacing the Computer & Technology sector’s growth of 53.1%.

The expanding Google Services segment is poised to continue propelling the company’s overall performance.

The Consensus Estimate for total revenues in 2024 is set at $283.39 billion, indicating a year-over-year growth of 11.3%.

The consensus estimate for 2024 earnings stands at $6.74 per share, reflecting a year-over-year growth of 15.6%. This estimate has seen a positive revision of 0.7% in the last 30 days.

Competitive Landscape

Although Alphabet entered the smartwatch market relatively late, its growing efforts are expected to intensify competition with other players like Apple (NASDAQ:AAPL) and Garmin (NYSE:GRMN), both aggressively expanding their footprint in the smartwatch market.

Apple, currently dominating the smartwatch market, continues to enhance its Watch family to maintain its leadership position. The strong adoption of the Apple Watch, driven by features like Cycle Tracking, the Noise app, and Activity Trends, remains a significant positive.

The recent announcement of watchOS 10 further strengthens the Apple Watch series, and more than two-thirds of customers who purchased the Apple Watch in the fourth quarter of fiscal 2023 were first-time buyers.

Garmin, with its expanding product portfolio in the Fitness and Outdoor business, is emerging as a potential player in the wearable space. The recent launch of the vivoactive 5 health and fitness smartwatch, along with GPS smartwatches Venu 3 and Venu 3S, showcases robust healthcare features, including sleep tracking, nap detection, Pulse Ox, and Body Battery enhancements.

In conclusion, Alphabet’s continuous innovation in the smartwatch market positions it as a formidable competitor, challenging the established players and contributing to the industry’s evolution.

Featured Image: Megapixl

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