According to the latest data by market research company IDC, the Apple Watch has maintained its standing as the market leader in the relatively young smartwatch industry.

However, there is also bad news for Apple, as sales for the Apple Watch only came to an estimate of about 1.6 million units in the second quarter, which is a massive 55 percent drop compared with the estimated sales figure of 3.6 million units in the corresponding quarter last year.

According to IDC, Apple held a 47 percent market share in the smartwatch industry for the second quarter, which is drastically down compared with the 72 percent market share it held in the second quarter of 2015. However, that percentage is enough to keep Apple as the market leader, followed by Samsung, Lenovo, LG and Garmin as the industry's top five manufacturers.

It should be noted, though, that the second quarter of last year was when the Apple Watch was released, and with the hype surrounding devices upon their release, this may not be a fair comparison of sales performance.

Samsung held a 16 percent market share in the second quarter, up from 7 percent in the second quarter in the previous year, buoyed by a 51 percent increase in sales from 400,000 units to 600,000 units. Lenovo likewise saw a year-over-year boost in performance, with market share increasing from 3 percent to 9 percent and sales up from 200,000 units to 300,000 units.

LG Electronics also saw a year-over-year increase in sales from 200,000 units to 300,000 units, increasing market share to 8 percent from 4 percent, with Garmin also doing the same with maintained sales of 100,000 units but improving market share to 4 percent from 2 percent.

The brands that make up the Others segment in the study should also be noted, as together, market share increased from 11 percent to 16 percent in the second quarter, while maintaining sales of 600,000 units combined.

Collectively, the smartwatch industry sold 3.5 million units in the second quarter, compared with 5.1 million units in the same period a year ago.

The Apple Watch remains as the face of the industry, helping generate consumer interest in the other smartwatches made by other companies as seen in the improved sales for Apple's competitors. However, the languishing sales for Apple and the overall industry reveal that consumers are still not seeing smartwatches as must-have items. As it stands, it seems they're waiting for the next generation of smartwatches, which will hopefully come with additional functionality and features, making the devices more useful in everyday life.

Patents suggest that the next Apple Watch may have a camera and new hardware buttons, but there is no indication on when the next iteration of the smartwatch will be released.

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