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Apple's long rumored wristwatch is set to be unveiled this year, according to sources. It's speculated that the wristwatch will be called iWatch and will run iOS. The project is the brainchild of chief designer Jony Ive, who years ago ordered Nike wristwatches for his team to study.

There's optimism about Apple's latest project.

"Apple can merge fashion with function. An Apple watch could triple the size of the watch business in a year or two. They have the opportunity to get everyone that owns a cell phone to go out and buy another watch," NPD Group analyst Marshal Cohen said, according to Bloomberg.

The watch is reported to be designed by Ive himself and under his disposal are numerous engineers.

The current iPod touch nano runs a specialized touch OS, but Apple is planning its wristwatch to act as an actual smartphone. Aside from that, the planned wristwatch is rumored to be able to perform some iPad features. One of the problems Apple's wristwatch faces is how long will the duration of the battery last, which according to rumors is around 4 to 5 days.

Apple isn't the only company innovating the wearable technology category. Google is also anticipated to unveil its interactive Google Glasses.

 

Rumors of an iWatch have resurfaced. CNET's Sumi Das asks Josh Lowensohn how a timepiece from Apple might function and whether or not we should put any stock in the scuttlebutt

The real skinny on Apple's 'iWatch'

 

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