New Delhi, Mar 11 (IANS): The hybrid smartwatch segment will cross $1 billion mark in revenue in 2017, almost doubling annually, market analytics firm Counterpoint Research said.

The hybrid smartwatches look and function like traditional analogue watches, but include smart features like step tracking, heart rate monitor, notifications and even NFC enabled payments.

"Hybrid smartwatches sales volumes will grow 77 per cent annually taking the penetration to 12 per cent of the total smartwatch volumes in 2017," said Peter Richardson, Research Director, Counterpoint Research, in a statement.

In 2017, Fossil group will dominate the hybrid watch market with their plan to launch 300SKUs by the year end.

AI enabled hybrid watches will also be on rise, with the trend having already been adopted by brands like Martian and Guess.

"The rise of hybrid smartwatches can be attributed to watchmakers trying to address two key pain points which has held the smartwatch segment growth. Firstly, preserving the traditional aesthetics style and feel, secondly, maximising the battery life while retaining meaningful and frequently used smartwatch features," added Mudit Singh, Analyst, Counterpoint Research.