The smartwatch market is still nascent and even though it has shown some growth it hasn’t really exploded that some were expecting it to. Despite the fact that there are many contenders trying to make their place in this market, the smartwatch game is dominated by a couple of manufacturers, with Apple leading the pack. According to a new report, the Apple Watch accounted for half of all smartwatch sales and over three-quarters of all revenues in Q4 2016.

Market research firm Canalys estimates that Apple shipped six million Apple Watch units in the final quarter of last year thus accounting for more than half of the nine million units shipped by all players in the smartwatch market. The Apple Watch is estimated to have generated $2.6 billion in revenue for the company and if this figure is accurate, it represents 80 percent of all smartwatch revenues in Q4 2016.

Jason Low, an analyst at Canalys, suggests that the Apple Watch performed well against its rivals because the company streamlined marketing and re-aligned pricing for its wearable device by offering the Series 1 for less than it was originally sold after the Apple Watch Series 2 was released.

Apple is believed to have shipped 11.9 million smartwatches in 2016 thus accounting for almost 50 percent of the global smartwatch market share.

Filed in Apple >Gadgets. Read more about , and .

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