More details on HTC smartwatch revealed; timepiece to be powered by Android and include a camera

On Monday, HTC CEO Peter Chou put down the current crop of smartwatches, calling them nothing but early versions and gimmicks. At the same time, the executive said that the wearable market was an important, "critical" one that HTC would have to be in. Well, it looks like the Taiwan based manufacturer is already working on a smartwatch. According to those with knowledge of the device, the HTC timepiece will be powered by Android and will come with a camera.

The insiders said that HTC still has to figure out what functions will be on the timepiece, how much it will cost, and how it will market the watch. HTC aims to  have its watch on the market by the second half of next year. That could be the same time period when Apple will finally release its oft-rumored iWatch. The Cupertino based firm had to hire more engineers earlier this year to help it continue working toward finishing the design of its smartwatch. The company has trademarked the iWatch name globally.

There is plenty at stake here for HTC, Apple and others. According to Juniper Research, the wearables market, which consists of smartwatches and other connected devices like glasses, will soar from $1.4 billion in retail sales this year, to $19 billion by 2018.
 
Samsung's Galaxy Gear smartwatch recently launched alongside the Samsung Galaxy Note 3 , which it syncs with. Priced at $299, the watch can be used only with the Galaxy Note 3 and sales have been soft. There is speculation that a more full-featured sequel, the Samsung Galaxy Gear 2, will be revealed at the CES in January.

source: Bloomberg