The South Korean tech giant Samsung Electronics finally lifted the lid by confirming that it is developing a wristwatch. Any new smart watch would have to perform many of the tasks of a modern smartphone, it is thought that Apple have been designing their ‘iWatch’ for years.
It’s not clear when it will launch, how much it will cost, or what exactly you’ll be able to do with it.
The global watch industry is expected to generate more than $60 billion in sales this year. Both both technology giants Apple and Samsung are believing to be preparing products to go on sale within months.
Young Hee, an executive vice president of Samsung’s mobile business, told Bloomberg News that the Samsung had been working on a watch for a long time. He did not share any details about the watch, but he added “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.”
The reason for this new direction, according to Bloomberg, is that the smartphone market is becoming saturated. There’s $60 billion to be made annually on watches, and handset makers want a piece of the action.
Unfortunately, no images have been officially released, but unconfirmed leaks in February showed pictures of “Galaxy Altius” – understood to be the new watch. Samsung became the world’s largest smartphone maker last year, overtaking Apple.DON'T MISS: Hit List
The original article Samsung is set to join Apple in the smart watch race appeared first on CEOWORLD Magazine. © CEOWORLD Magazine 2013. All rights reserved.