February 24, 2014: In a major announcement, Park Jong-Seok, CEO of LG Electronics Mobile Unit said that LG will be launching its first smartwatch in 2014. Though the market for wearable devices is small and nascent it is expected to explode in the coming years. Park Jong-Seok was quoted as saying “We are working on the development of wearable device… more specifically in the form of a watch”. He further added that the watch would be remotely linked to smartphones.
Wearable devices as a category started to look up after Samsung launched its Galaxy Gear range of smartwatches which can be linked to mobile devices. Samsung recently launched the second generation of internet enabled smartwatches Galaxy Gear 2. The companies presently dominating the wearable device market are Sony, Pebble and Samsung.
This category is expected to see more activity in the coming days as Apple is believed to be working on its own version of smartwatch and Google gets ready to launch Google Glass. It is expected that US and Western Market would be driving the growth for smartphone category and more specifically smartwatches.