In the midst of reports claiming the Apple Watch has been a big flop for the major tech company, consumer market  research and analysis firm Strategy Analytics has said that the line of smart watches garnered majority of the device's users. Seventy-five percent of smart watch users own an Apple Watch. 

Strategy Analytics' director, Cliff Raskind, claimed that the news of less than impressive sales of the Apple Watch have been exaggerated. Although the company has not released official numbers pertaining to the device's market performance, analysts have placed the figures in about 3 to 4 million units sold. Other estimates put the numbers in about 2.5 million units. Apple said in a previous report that the device has exceeded the company's expectations regarding its sales. 

Raskind also pointed out that the smart watch market has grown to almost 500% in the past months. He estimates that their have been 4.6 million smart watches shipped globally last year, according to a report in Times of India.

"Apple Watch has clearly raised the bar for the global smartwatch industry," Neil Mawtson, Strategy Analytics executive director, said of the device. Apple has released a financial report on Tuesday, July 21. The Apple Watch is classified under "Others" in the company's financial divisions. The total revenues from "Others" have doubled to 2.6 billion dollars, at the same quarter of the year last year.

Apple CEO Tim Cook said it will not be unreasonable for the doubled revenues to be credited to the sales of the Apple Watch. Cook has defended the Apple Watch's sales, saying it will not be apt to just look at the earnings from the device to judge how well it performs as a product. He also pointed out that the product has outperformed the iPhone in its first quarter sales. In addition, it has a higher customer satisfaction rate than the iPhone and iPad. 

The Apple Watch has been subject to speculations and scrutiny, largely because its performance in the market has never been disclosed since its release. The bulk of Apple's revenues is accounted for by the iPhone.