The competition for the smartwatch market has been growing as more tech companies join in the production of all sorts of wearable tech gadgets, but Apple is still nowhere to be found in the arena. However, this does not mean that the iPhone maker is at a disadvantage, as the so-called "iWatch" has already generated massive hype despite the lack of any official announcement or other details. Tech enthusiasts have been wildly speculating about what the iWatch will be like.

Because of all the rumors and speculations, it's actually hard to believe that the iWatch is still nonexistent. Nonetheless, the tech giant has been reported to hire Tag Heuer sales executive Patrick Pruniaux, presumably to utilize his expertise in promoting watches and for him to manage the imminent launch of Apple's next product. This news was leaked by an LVMH firm executive for luxury goods, who also believed that the iWatch would give the same impression of luxury as a status symbol of power often associated with Apple products as a marketing strategy.

More speculations have also been made as iOS 8 has been reported to feature a HealthKit platform similar to Samsung's S Health. Nike has previously announced that it would be working closely with Apple.

Known for giving its products a rather hefty price tag, the iWatch could be priced around the same as its already existing rival, the Samsung Gear line, which costs as much as $300 per watch. The Gear series features the original Galaxy Gear, Gear 2, Gear 2 Neo and Gear Fit. One analyst, however, said that the sweet spot for Apple's wearable tech would be somewhere below $1,000, possibly making it more than twice as expensive as a Samsung Gear 2.

Most insiders in the tech industry believe that the new device will be debuting sometime this fall, so Apple users should keep their eyes open as they may soon join in the trend of wearing a computer on their wrists.