In a play that seems to reinforce Apple’s (NASDAQ:AAPL) role as an industry leader, Google (NASDAQ:GOOG) has joined fellow Apple rival Samsung (SSNLF.PK) in the race to produce a “smart” watch As the Financial Times reports via Investor’s Business Daily, the Google smartwatch product is being developed by the Android production team and is separate from the Google Glass headset project.
Rumors of Apple’s smartwatch development have been around since December of last year so Google appears to be a Johnny-come-lately to the smartwatch production party. The New York Times and the Wall Street Journal reported earlier this year that Apple has a team of approximately 100 people working on a wristwatch computer that will mesh with the iPhone and iPad.
According to Juniper Research cited by Investor’s Business Daily, the wearable technology industry will reach $1.5 billion in revenues by 2014. Last year the wearable tech industry generated sales worth $800 million, thanks to start-up smartwatch companies like Pebble as well as FuelBand bracelet maker Nike (NYSE:NKE).
Much like Apple, Google has refused to comment on its possible production of a smartwatch product. However, the Financial Times reports that Google has a patent for a “smart-watch including flip up display” that was awarded in October 2012. So far, Samsung is the only company that has confirmed its development of a smartwatch, Bloomberg reports.
Apple shares closed down 1.06 percent at $423.20 on Friday. Google shares closed down 1.51 percent at $783.05.