Other top tech names like Samsung, LG, Google and Microsoft are expected to to produce their own smartwatch and Sony already has had on the market for about a year. The latter device connects to an Android phone and will relay email and texts and allows the user to take calls. To show the demand for such a product, the crowd-funded Pebble smartwatch, which uses a Bluetooth connection to sync with an Android powered smartphone, raised more than $10 million on Kickstarter.
Back in February, Apple CEO Tim Cook said that the company was working on "great stuff" that could help reverse the downtrend in Apple's stock. The company has been criticized for the lack of innovation since introducing the Apple iPad in 2010. Recently, speculation arose that Apple is testing 1.5 inch OLED displays that would presumably end up on the Apple iWatch. The device alone could eventually add $6 billion to Apple's annual revenue, according to Citicorp analyst Oliver Chen.