Mobile phone manufacturer Samsung Electronics is trying to challenge long time rival and fellow electronic giant Apple to be the first to hit the smartwatch market.

The company said that its vision is that it would have the same capabilities as a smartphone but be wearable on the wrist.

Executive vice president of Samsung Lee Young Hee told Bloomberg that the company had been working on the idea for a long time.

A total of 27.4 million smartphones were sold in Western Europe in the second quarter of last year. With a global market revenue worth billions, and forecasts showing that it is only going to increase, it is predicted that mobile phone companies stand to gain a lot of money from being the first to release the smartwatch.

Mr Lee didn’t comment about what he envisions the smartwatch will look like or do but he did say: “The issue here is who will first commercialise it so consumers can use it meaningfully.”

Posted by Samantha Green

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