Last month a series of screenshots surfaced on a Korean forum showing what appeared to be the user interface for a Samsung smartwatch. We didn't have much to go on besides the photos at the time but now the Korean tech giant has confirmed they are indeed working on a wristwatch to compete with Apple's iWatch.

Lee Young Hee, executive vice president of Samsung's mobile business, said during a recent interview in Seoul that the company has been preparing the watch product for a long time now and they are working very hard to get it ready. He noted that they are preparing products for the future and the watch is certainly one of them.

The executive was mum when asked what features the watch would carry, how much it would retail for and when it is expected to ship. It could be a very busy year for Samsung if they are able to get the watch out in 2013 as they have the Galaxy S4, a high-end Tizen-based smartphone and a third generation Galaxy Note handset in the pipeline.

The global watch industry is expected to pull in more than $60 billion this year although it's unclear if that figure is taking into account the impact that smartwatches could have on the industry. Either way, the emerging market is viewed by many as the next big thing - a device that could help lock customers into their platforms and boost sales of phones, tablets and even television sets.