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iWatch faces stiff competition as Samsung confirms smart watch

Samsung Watch
Could Samsung's watch look like its S9110 model?

Apple isn't the only one with its eye on the clock – Samsung has confirmed it is readying a smart watch of its own.

The news comes after months of rumours that the Korean company has been working on a wrist-worn rival to the supposedly upcoming Apple watch.

"We've been preparing the watch product for so long," Samsung's executive VP Lee Young Hee told Bloomberg. "We are preparing products for the future, and the watch is definitely one of them."

Apple watch out

He didn't let slip any details about what the wristwatch might feature, but we'll no doubt see it fit into Samsung's ecosystem of products, including the just-unveiled Galaxy S4.

With Apple also keeping a lid on all watch details, we can understand Samsung's resistance to add anything further, though Lee did mention: "The issue here is who will first commercialise it so consumers can use it meaningfully."

But now that Pebble has taken the lead in this reinvigorated market of wearable tech, the race is definitely on for the next big competitor to enter. The question is: who will get there first?