Swiss watch makers jump on the smartwatch bandwagon as more consumers opt for these over traditional watches.

The Federation of the Swiss Watch Industry reported (pdf) that global revenue for Swiss watches has experienced a steep decline.  In January 2016, the market value totalled to 1.5 billion francs (about $1.5 billion), a drop of 7.9 percent compared to a year ago. Though the business group blames an “unfavorable environment” for the decline, it seems smartwatches are eating at traditional watches’ profits.

A report from Strategy Analytics reveals that an estimated 8.1 million smartwatches were shipped in the fourth quarter of 2015 compared to the 7.9 million Swiss watches shipped during the same period. Comparing the number to same period the year prior, Swiss watches dominated at 8.3 million units, shipping over 1.9 million smartwatches. The smartwatch sector has grown 316 percent in just a period of one year, with the Apple Watch owning the market, and is expected to hold the position until 2020.

As the smartwatch market is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 12 percent by 2020, more Swiss watch makers are jumping on the bandwagon.

At Baselworld 2016, an event dedicated to the latest trends in watches and jewelries, Tissot,  a company of the Swatch Group Ltd., unveiled the Smart Touch smartwatch. This wrist piece is unlike most smartwatches today as it neither runs on Android Wear, Tizen, or any other smartwatch OS you’d expect. It is first and foremost a time-telling piece with a timer, alarm, compass, barometer, temperature sensor, altimeter, and adds even more smart features when it pairs with a smartphone. Users will be able to sync the time, get weather updates, change settings of the watch and share things with friends. The watch is also equipped GPS, useful for hands-free navigating.

A Smart-Touch purchase comes with accessories including the Find-It tag to track unconnected objects (think umbrellas and house keys), along with a weather station that tracks humidity, air quality and delivers temperature readings.

The Smart-Touch is expected to arrive by late 2016 and will be priced at £710 (~$1,000). Learn more about the Smart Touch by watching the video below:

Tissot is not the first Swiss watch maker to enter the smartwatch market. TAG Heuer S.A. released its TAG Heuer Connected smartwatch last year which is a $1,500 Android Wear device that you can swap for a new TAG Heuer Carrera watch when you grow tired of it. At Baselworld, TAG announced that a new smartwatch collection will be coming by 2017.

Photo by }{enry