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(Image source: The Verge) BY KATIE BRENNAN
Samsung confirmed Tuesday it is developing a smart watch. A Bloomberg analyst on WTIC
said competition is heating up between Samsung and its major competitor, Apple.
“Samsung is also developing a watch to bank off wearable tech devices. In an interview
with Bloomberg, Samsung's mobile VP says it’s preparing products for the future-- and a
watch is definitely one of them.” Here’s the direct quote from Mobile VP Lee
Young Hee: “We’ve been preparing the watch product for so long. We are working very hard
to get ready for it.” He was tight-lipped about any specs of the
to-be wearable device, like features, price or a launch date.
The Verge reports Samsung’s been attempting wearable electronics for years, but hasn’t
found success yet. The company released the world’s first-ever watch phone in 1999.
Ten years later came the S9110. The touchscreen device equipped with Bluetooth support and
Outlook email would have cost you about $470 at the time.
We may not know how similar or different the new watch will be to those models, but CNET
reports one thing is clear — Samsung is suiting up to go further into battle with
Apple. Samsung is planning to release “...three
high-end smartphones expected to ratchet up its competition with rival Apple.” And this
confirmation from Samsung comes after reports Apple will be launching its own smart watch
later this year. Samsung’s Lee said the most important issue
is to be the first to commercialize a smart watch in a way users find a meaningful use
for it. The race to first over Apple makes sense, especially once you consider how much
money is on the line. A ZDNet report says quote...
“The global watch market is worth $60 billion a year, if Apple managed to secure
ten percent of the market, it would ‘be a $6 billion opportunity for Apple.’ Profit
margins could be close to $3.6 billion...” Fudzilla points out Google is entering the
wearable smart tech market too, as it develops Google Glass.
“Now all Google, Samsung and Apple need to do is figure out how to convince people
that wearing tacky glasses and huge, geeky watches is cool and trendy rather than plain
silly.”