While Apple has yet to officially announce the purported iWatch, Samsung has developed the Galaxy Gear 2, while keeping the iWatch in mind. As of now, the iWatch is a phantom, though there is much speculation and many rumors about its potential release in late 2014.

In fact, the iWatch has been touted as Apple's answer to Google Glass and wearables by other tech firms, and consumers have already been wondering how the iWatch will compete against the Galaxy Gear 2.

There have been different reports suggesting that the iWatch will be available in multiple sizes, while insiders hinted that the screen will vary between 1.3-inch and 1.5-inch displays and stretch across 2.5 diagonal inches. The device is also expected to be packed with mobile fitness apps and smart technology that will make it possible for customers to coordinate all their Apple devices at home, at the office, or on the move.

Rumors are saying that the iWatch will be released sometime in October.

Meanwhile, Apple executives admitted that they expect to sell between 10 and 15 million products by the end of 2014. In order to achieve this, it is important for Apple to convince customers that the iWatch is a better choice compared the line of Samsung Galaxy Gear smart watches that, which, according to many critics, have been disappointing.

Samsung released the Gear 2 watch this Spring, with the screen measuring 1.63 inches. While the Galaxy Gear 2 can measure heart rate, deliver notifications, change the TV channel, and even tell time, the device is essentially a phone for the wrist. The camera of the device has been described as irrelevant and taking phone calls from one's arm seem to be a difficult hurdle for customers to get over.

It only makes sense for someone to buy a Galaxy watch if they are already connected to other Samsung devices, particularly a phone or laptop.

The Galaxy Gear 2 is available for $299.99, while Apple ihas yet to release the price figures for the iWatch. The Cupertino-headquared tech titan, while scheduled to release the watch just before the busy holiday shopping season, will also have to compete with the amount of time similar Samsung products have spent on the shelves.