Finally, certain recommendations have been made to help Samsung avoid a premature decline of the product.
Samsung forayed into the smart watch market when it released the Galaxy Gear in 2013. The gadget, 2.6 ounces in weight, boasts of a 1.6-inch screen, a 1.9 megapixel camera and is compatible with the Note 3 smartphone. A built in speaker enables users to make hands-free calls. Samsung’s intent is to make the smart watch an integral part of the customer’s daily life (Cheng, 2013).
The South Korean company has also rolled out the augmented versions of the smart watch under the brand names Gear 2, Gear 2 Neo, Gear Fit and Gear Live. The augmented feature of the Gear 2 smart watch is the stand-alone music player. The Gear 2 Neo is equipped to handle voice commands and therefore users can answer calls and emails directly from the wrist. The heart rate monitor is the augmented feature of the Samsung Gear Fit. This smart watch is also dust proof and water resistant.
The Gear 2 and Gear 2 Neo run Tizen while the Gear Fit runs Samsungs proprietary RTOS (Sebastian, 2014). The Gear Live is powered by Google Android and has a built in pedometer in addition to the heart rate monitor.
Samsung has announced that it is in the process of developing the Gear S. The yet-to-be-launched elegant smart watch will have access to 3G and 2G networks, as well as Bluetooth and WiFi. The 2-inch curved Super AMOLED display of the Gear S promises to provide an enhanced viewing experience.
Data from research firm Smartwatch Group suggests that the global smart watch industry stood at $ 700 million in 2013. The industry is likely to touch $2.5 billion by the turn of 2014. Samsung has become a dominant player in the smart watch market space and had captured 34 percent market share in 2013 (Adams, 2014).
Samsung has opted for a multi-pronged segmentation strategy for its range of smart watches. The company has used