Apple’s iWatch Could Triple The Size Of The Watch Business (+VIDEO)
Apple has proved its ability to move into mature markets and remake them with new, easy-to-use innovations. Before Apple created the iPhone, cell phone makers were enjoying record sales of gadgets based on fashion and brand, rather than on technological innovation. According to Citigroup Inc. analyst Oliver Chen, the global watch industry will generate more than $60 billion in sales in 2013. “This can be a $6 billion opportunity for Apple, with plenty of opportunity for upside if they create something totally new like they did with the iPod – something consumers didn’t even know they needed.” About 100 product designers from Apple are now working on a wristwatch-like device that may carry out some of the tasks now performed by the iPhone and iPad. The gadget will let users make calls, identify incoming callers and check map coordinates. It will also feature a pedometer for counting steps and sensors for monitoring health-related data, such as heart rate. Apple plans to introduce the device in 2013 and it has already filed at least 79 patent applications that include the word “wrist,” including one for a device with a flexible screen, powered by kinetic energy. Marshal Cohen, an analyst at NPD Group, claims “Apple can merge fashion with function. An Apple watch could triple the size of the watch business in a year or two. They have the opportunity to get everyone that owns a cell phone to go out and buy another watch.”
Via:bloomberg.com
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