Google next to join the smart watch fray?

Is Google next to join in the development of a smart watch, or is the rumor mill simply working overtime?

Corporations in the tech industry thrive not only by developing innovative new products, but by watching the market -- and their rivals -- closely. If you want to compete, then if another company develops a product, such as a smartphone, and there is a market for it -- then you'd best get on the wagon too.

Perhaps this is the reasoning behind the latest report by the Financial Times, which suggests that Google's Motorola Mobility unit is currently developing a smartwatch of their own. According to the publication, the device will work as a connected companion to your Android smartphone.

It may be that as the product is being developed by the Motorola Mobility unit, Google may see it as a quickly viable product -- something Android and Me's sources seem to collaborate with. The publication says that based on a tip-off from a source, Google's version of a smart watch could launch "by the end of summer."

Separately, Samsung's Vice President Lee Young Hee confirmed this week that the smartphone and tablet maker is working on a smart watch. Lee commented:

"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."

No specific details were revealed about the upcoming wearable gadget. In the same manner, rumors this year have suggested that Apple is working on their own product, dubbed the "iWatch" by media outlets.

One analyst suggested that if Apple chose to launch a product based on wearable technology, it could become a "$6 billion opportunity" for Apple.

However, no tech giant has truly entered the market yet. Instead, third-party developers have created "smart watches" including the ePaper watch Pebble, which can connect to smartphones via Bluetooth technology.