Silicon Valley startup Pebble it has sold more than 1 million smartwatches, up from 400,000 as of last March, in a sign that recent price cuts and new features have greased consumer demand, according to The Verge.
One of Pebble's biggest competitor is Google's Android Wear, which launched in the middle of 2014 and is found on a number of devices like Motorola, Samsung, LG, Sony, and Asus, the website reported on Monday.
Google hasn't released sales figures for its device yet, but the overall market is witnessing a double-digit growth rate globally, according to a new report from Research and Markets. Some analysts say the sector could potentially threaten $40 billion as early as 2020.
Samsung held a market leader position back in 2013, followed by Nike and Garmin. However, the number of players in the smartwatch market is estimated to surge from the existing number of 40 companies.
Apple will also enter the market soon by shipping the Apple Watch sometime in April.
Pebble plans to step up to the challenge from rivals. The company told The Verge that it will show off new products in 2015, in addition to a new software platform for its smartwatches.
"We've found a new framework to use as an interaction model on the watch," CEo CEO Eric Migicovsky told The Verge, adding that apps won't be the main focus of the platform.
"It doesn't look like what we have today, and it doesn't look like what's on your smartphone."
Click here to read the full report from The Verge.