Apple reportedly received 7 million orders in total for the Apple Watch, 4 million of which were shipped in the April-June period, while Samsung shipped approximately 3.5 million units of its six smartwatches, including 400,000 units this second quarter, for two years since 2013.

The second-quarter figures indicate a market share of 75.5 percent for Apple and 7.5 percent for Samsung.

Some critics argue the future of smartwatches is not all rosy due to subpar features including poor battery life, and lack of applications, but many still say the industry has much potential to grow and companies need to work together as well as compete to further nurture the market.

“Samsung and LG need Apple Watch to succeed because it will increase the size of the smartwatch market, help communicate to consumers the benefits of a smartwatch, and so help their own sales,” said Ian Fogg, an analyst from global research institute IHS.

He noted that the smartwatch-makers also need to work closely with application developers since “a wide range of capabilities, many delivered by third party apps, are needed for a smartwatch to be compelling.”

He also claimed that in order for Apple to increase its clout with the Apple Watch it needs to improve the software experience to maintain “impressive initial performance.”

In order to gain traction for the digital watch, Apple is also trying to ramp up its marketing efforts by deciding to sell the smartwatch at Best Buy shops across the U.S., a move aimed at boost sales by diversifying its sales channels.

Outgunned by its archrival in recent months in the wearable segment, Samsung is gearing up to get back at the iPhone maker with a new smartwatch, dubbed the Samsung Gear A.

The Gear A, expected to sport head-turning features such as a round-face display, a rotating bezel and wireless charging, is rumored to be lined up for display along with the tech giant’s two new flagship smartphones -- the Galaxy Note 5 and the Galaxy S6 Edge Plus -- at an unveiling event in New York on Aug. 13.

The Gear A with 3G support will also be fitted with Samsung mobile payment solution Samsung Pay, which will likely be introduced at the New York event.

“Samsung seems to hope that the Gear A, paired with the mobile payment solution, will replace wallets,” said a market official who declined to be named.

The tech giant is said to be working on having virtual transportation cards loaded on the upcoming digital watch

Having launched wearable products with eye-catching features, such as the first smartwatch with a round screen and 4G support, LG Electronics is also one of the pioneers in this segment.

Unveiling the G Watch Urbane in March at a mobile trade show in Barcelona, Spain, chief executive of LG’s mobile business unit Cho Ju-no said that the wearables are still in its infancy and need to take another big leap on the hardware front -- including size, weight, and battery -- to be more widely adopted by consumers, hinting the company was working on more advanced wearables to be released next year. 

Traditional watchmakers and some luxury fashion brands such as Swatch, Montblanc and Casio are making forays into the new field riding on the back of their brand recognition in the traditional watch market.

Nick Hayek, chief executive of the Swatch, unveiled the firm’s plan this month to roll out an Internet-enabled smartwatch this summer in the U.S. China and Switzerland.

He also offered a glimpse into what the first smart timepiece would look like, announcing that the upcoming product would feature an NFC chip and a mobile payment solution.

The Swiss firm produces multiple timepiece lineups including Tissot, Longines and Omega.

Montblanc has rolled out a unique electronic watchband, called the e-Strap, which can transform the firm’s regular watches into ones that can be connected to smartphones.

The watchband, which consists of a small, square display and is compatible with Samsung or Apple smartphones, can strap onto a wristwatch. The gadget when synced with smartphones shows incoming calls, text messages and emails on the display.

By Kim Young-won  (wone0102@heraldcorp.com)