Did This Apple Supplier Just Make the iWatch?

Source: WantChinaTimes.com

Source: WantChinaTimes.com

Hon Hai Precision Industry, also known as Foxconn, has announced that it will soon be releasing a smart watch that will be able to wirelessly connect with Apple’s (NASDAQ:AAPL) iPhone. According to a report from the Want China Times, the device will allow users to check their phone calls and social media updates without having to directly use their iPhone.

“With such a device, you can keep your phone in your pocket and simply check all kinds of messages on your watch,” said Hon Hai chairman Terry Gou. The still unnamed computer wristwatch device will also have some health-monitoring capabilities.

According to the company, the upcoming smart watch device will be able to measure a user’s respiration and heartbeat as well as offer feedback on how to improve his or her health statistics. Gou also said that the company was planning to add additional health data features in the future.

The chairman said that a fingerprint identification sensor would be incorporated into the smart watch. The announcement is part of Hon Hai’s overall strategy to begin developing its own products rather than just manufacturing devices for other companies.

Apple has been rumored to be developing its own smart watch device since December of last year. Some reports have predicted that the so-called “iWatch” product would have a similar biometric capability through the incorporation of a fingerprint sensor. Earlier this year, a a consumer research survey from 451 Research’s Changewave service found that 19 percent of consumers were already interested in buying a smart watch from Apple.

According to Juniper Research, 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 startup smart watch companies like Pebble as well as FuelBand bracelet maker Nike (NYSE:NKE).

Here’s how Apple traded on Friday:

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