Two major technology firms for smartphones, namely Samsung Electronics Co Ltd and Qualcomm Inc, had announced new products for the 'wearables' market. One of the new products is the smarwatch and this would be the first foray into the estimated USD50 billion market. This is one way to generate revenues in a highly saturated high-end mobile phone industry.

The two companies had launched their devices almost simultaneously at Berlin and San Diego. The initial reaction would be the cost of the devices for the market, with expected prices around USD300.

For Samsung, it has named its smartphone watch as Galaxy Gear. It works as an accessory to its highly successful Galaxy smartphone. It has a small screen that offers basic smartphone functions like photos and images, hands free calling and instant message systems.

On the other hand, Qualcomm unveiled the 'Toq' smartwatch. Among its functions are music playing and phone calls with messaging services. This would be the first smartwatch with the 'Mirasol' color screen which can viewed even in bright outdoor sunlight.