samsung galaxy watch concept 580x389 Samsung confirms it is working on a smartwatch to compete with Apple iWatch

Samsung has confirmed that it will also launch its own smartwatch, although no time frame or features are known at the moment.

Many big brand companies have already entered or will enter the smartwatch market as the smartphone market becomes more and more saturated.  Smartphone market growth, according to analysts from Bloomberg, will slow to 9.8 percent in 2017 from this year’s 27 percent. 

samsung smartwatch concept 2 580x386 Samsung confirms it is working on a smartwatch to compete with Apple iWatch
(An artist's concept of Samsung's upcoming smartwatch.)

“We’ve been preparing the watch product for so long,” said Lee Young Hee, an executive for Samsung’s mobile division. “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.”

Apple, although unconfirmed, is working on an iWatch—we’re supposing that’s what it’s going to be dubbed considering past product naming schemes—with a supposed 100—member strong team to R&D the next-gen wearable smartphone replacement.

apple iwatch concept 0 Samsung confirms it is working on a smartwatch to compete with Apple iWatch
(Apple is big on minimalist designs, so how plain will the iWatch look?)

Sony and even a few startups like Pebble have already released smartwatches or prototypes of a smart wrist wear.  However, their functionalities may not match up to future Apple and Samsung watch products.  Speculations suggest that both the consumer tech giants are working on making all smartphone features available in smartwatches.  So not only will people be able to use their watches for time management, but also do other things like make phone calls and browse the web.

Sony SmartWatch Samsung confirms it is working on a smartwatch to compete with Apple iWatch
(Sony already has smartwatches on the market.)

Rumors about Apple’s iWatch are hinting that the Cupertino, California-based company is seriously looking at using curved displays.  Samsung has already shown off its flexible OLED display tech at various tech trade shows in recent years, so there will be no doubt that Samsung will launch a smartwatch that fits the contours of people’s wrist.

Industry specialists say that the watch industry will generate more than $60 billion in sales this year, and the emergence of smartwatches will increase that number.  Not only are people expecting the watch industry to bloom in the near future, some are even suggesting that other sectors—especially those within the fashion market—will merge with these tech conglomerates to form a monstrous entity that will engulf all aspects of people’s lives. 

Samsung wants Apple to price its smartwatch product competitively to allow other firms to enter the ecosystem.  If Apple’s past product pricings is of any indication, the iWatch might also be a high profit margin product, reserved for well-to-do individuals and premium markets.