Samsung Developing Smart Watch to Rival Apple iWatch

By Paul Thomson :: 2:31 PM

Samsung, not content to just compete with Apple in the smartphone category, looks also to be competing in the wearable device category as well, with plans to release a wearable smart watch in the near future.

Just as the launch last week of the Galaxy 4S is aimed to compete with Apple’s iPhone 5, the new Samsung smart wristwatch is squarely aimed to compete with Apple’s coming iWatch product.

In a statement to Bloomberg news, Samsung’s executive vice president of mobile business Lee Young Hee said, “we’ve been preparing the watch product for so long. 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.”

Hee did not go into details on the smart watch, or provide a timetable for release. Samsung is the first of the two companies to make a public comment about work towards a new smart watch. Apple has not said anything formally, but reports published earlier this year claim that the company has around 100 employees working on the iWatch product. Apple plans to begin selling its watch sometime later this year.

One area where Samsung may be competitive over Apple on the watch front is on price. The Bloomberg report notes that Samsung may be able to market a less expensive watch because it produces its own chips and LCD screens, unlike Apple who must rely on third-party manufacturers.