Despite Apple's success with smartphones and tablets, it is facing stiff competition in the smartwatch sector, as rival developers claim their sales are unaffected by the Apple Watch.
Tech developer Pebble established the smartwatch category in 2012 when its Pebble Smartwatch first went on sale. Despite competition from the Apple Watch, which works with the iPhone and has been available since April of this year, Pebble's CEO Eric Migicovsky says his sales figures have improved.
"Apple has brought a ton of attention to this space," Migicovsky told CNBC at the Dublin Web Summit on Wednesday.
"We've actually seen no material impact from Apple entering the space on our sales. In fact we're selling two (times) the amount this year than we were last year," he added.
Migicovsky explained that Apple's product is trying to appeal to the luxury end of the market.
"They are very focused on being the Rolex or the (Tag Heuer) of smartwatches. On the other hand I think we are trying to be the Swatch of smartwatches," he said. "We are building something that's fun, a little bit more colourful. It's affordable. At the core, it's just a different type of watch."
Migicovsky's comments echoed those of another wearable tech developer.
Earlier this week, the CEO of Fitbit, James Park, said the Apple Watch has had "no material impact" on sales of the wearable activity tracker. Park added during a conference call with investors that Apple and Fitbit serve "very different segments" of the market, as reported by the U.K.'s Guardian newspaper. Fitbit's revenue has grown 168 percent year-on-year, according to its third-quarter earnings report.
The smartwatch market is still very young, and has not penetrated much of the market. According to a report by Kantar Worldpanel ComTech, published last week, only 3 percent of the adult U.S. population owns a smartwatch or smartband.
This could indicate that there is a lot of potential for smartwatch developers to compete and grab market share, but the report also points out that there are a variety of barriers to smartwatch purchases.
For instance, 41 percent of consumers surveyed for the report thought smartwatches were too expensive, 29 percent did not think a smartwatch would be useful and 33 percent said their phone does everything they need.
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