Samsung Reuters

The rivalry between Samsung Electronics and Apple Inc is wellknown with the technology giants trying to beat each other in smartphone and tablet markets. When iPhone was dominating the smartphone market, Galaxy S3 was released. Then iPhone 5 was launched only to be followed by the release of Galaxy S4. Now, reports are doing the rounds that the companies are starting a new battle turf with wristwatch-like wearable devices.

"We've been preparing the watch product for so long," Lee Young Hee, executive vice president of Samsung's mobile business, told Bloomberg in an interview. "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."

The announcement came just a month after The New York Times reported that Apple is planning to come up with a device similar to a wristwatch. It was reported that the new wearable device would be named "iWatch".

Analysts are of the opinion that two leading electronics makers are venturing into the manufacturing of other devices including the reported wristwatch-like wearable devices, as the smartphone market is getting saturated.

Just a few months after Apple released its next-generation smartphone iPhone 5, Samsung unveiled Galaxy S4 in New York City last week.

Galaxy S4 features a 5.0-inch display with the world's first Full HD Super AMOLED display. It will be marketed in two variants - one with an octa-core processor and the other with a quad-core processor.

The smartphone also features Smart Scroll that scrolls through content by tracking facial movements, Smart Pause for pausing videos if the user looks away, WatchON universal remote control and S Voice Drive for taking text commands through voice control when the user is driving.

The South Korean electronics giant has not revealed the price of its latest smartphone.