Samsung is developing it's own smartphone style wristwatch, as it attempts to steal a march on industry rival Apple.

Fresh from unveiling the Galaxy S4 to the world last week, Samsung executive vice president Lee Young Hee told the South Korean press of plans to enter the wearable device market.

“We've been preparing the watch product for so long,” he said. “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.

While refusing to give away what features the watch will have, or cost or availability, Samsung is aiming to take a market lead over Apple as both companies go head to head once again.

Yet Apple's former CEO John Sculley believes his former employees are best placed to take the lead, believing his company's "innovation lull" will end soon.

“I don't think that it's because Apple has lost its ability to innovate,” TechDay reported yesterday. “My guess is that it has nothing to do with Apple at all, but with the current stage of technology.

Believing the new phase to be focused "around wearable sensor-type products", Sculley may have hit the money on what type of product will be the next big thing, but which company will be the first to launch it remains to be seen.

Who will gain the marketshare in the wearable device industry? Tell us your thoughts below