The big tech companies these days may usher a new era – an era of smartwatches that many companies are aiming for. Samsung’s vice president Lee Young-hee has already confirmed that the company is going to launch their Galaxy Gear smartwatch at the IFA in Berlin this September 4th.

Lee told the Korean Times that the Galaxy Gear watch will be a concept device, though right now it’s not clear what that means. The smartwatch will have a non-flexible display, but apart from that, no more details have been provided by Lee. Now, a new report by DigiTimes — a hit and miss publication — says that Apple Inc. (NASDAQ:AAPL)’s much rumored iWatch won’t make its debut until the second half of 2014. If this report holds true, it means that Samsung won’t be getting competition from Apple in the near future, but only if the Galaxy Gear is more than a concept smartwatch.

According to DigiTimes, Inventec will be the contractor in charge of building the iWatch. Inventec is expected to complete 60% of the orders. These orders are estimated to contribute to around 19% of the company’s profit in 2014.

Apple iWatch

According to analysts, consumers will be purchasing Apple Inc. (NASDAQ:AAPL)’s iWatch mainly to replace iPods. iPods these days are already going out of style as smartphones have taken over. People prefer to carry one powerful smartphone, instead of carrying an iPod, a digital camera and a phone. The expected price of the iWatch would be between $149-229.

iWatch will be launched in the second half of 2014

If the iWatch is launched in the second half of 2014, it could mean that it won’t be launched before the iPhone 6. Given that Apple Inc. (NASDAQ:AAPL) launches the new iPhone during the fall, it might mean that the company will announce about the iWatch during or after the iPhone 6 launch.

Regarding the features of the smartwatch, there will likely be some sort of health sensors for fitness tracking. These new smartwatches from Samsung and Apple can combine time-keeping with important notifications on the screen, and also some of the features of fitness and health tracking devices currently offered by the Nike+ Fuelband, and Fitbit.

The smartwatch from Apple will be competing with Sony’s smart watch and smart watch 2. In addition, LG, Microsoft Corporation (NASDAQ:MSFT) and Google Inc (NASDAQ:GOOG) are also rumored to be working on a smartwatch. It seems that no company out there wants to leave the smartwatch space deserted. For end users like you and I, competition always yields good results at a great price.

For now, let’s wait and watch what Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) holds for us at the September 4th event. This will be an interesting event as we will also be able to see the unveiling of the Galaxy Note 3, the company’s highly successful tablet device. Stay tuned to ValueWalk!