Let the smart watch races begin! Samsung is currently developing a smart watch that it hopes to release before the end of 2013. According to a report in Bloomberg the smartphone manufacturer is hoping to beat the Apple iWatch to market.

According to executive vice president of Samsung’s mobile business, Lee Young Hee, the company has been working around the clock to develop and manufacturer its smart watch product.

As we have reported during several occasions on TechBeat, wearable technology is all the rage with devices popping up for everything from wearable sound systems to facial recognition blocking goggles.

Samsung Smart Watch to Compete with Apple iWatch

Speaking to Bloomberg the Samsung executive reveals:

“We’ve been preparing the watch product for so long. We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.”

News of a possible Samsung smartwatch started surfacing in February when photos believed to be from the device showed up online. The photos were accompanied by specs that included a tile-based UI and Wi-Fi capabilities. The rumor in February also pointed to making calls from from the watch.

The current name floating around for the Samsung smart watch OS is AltiusOS beta 2, although that name could change before the smartwatch goes to market.

With music playback capabilities, smartphone notifications and various other bits of technology likely, the race to win the wearable tech market is likely to heat up quickly.

Apple in the meantime is believed to be working on an Apple iWatch that features a curved glass display, a battery life of 4-5 days and possibly full iOS support. Apple isn’t expected to unveil the iWatch until the later part of 2013.

Are you excited for the future of wearable technology? Who do you think will come out the victor, Apple, Samsung or another smart watch competitor?

Samsung Smart Watch

[Image via GizMag]