Did This Apple Supplier Just Make the iWatch?

Hon Hai Precision Industry, also known as Foxconn, has announced that it will soon be releasing a smart watch that will be able to wirelessly connect with Apple’s (NASDAQ:AAPL) iPhone. According to a report from the Want China Times, the device will allow users to check their phone calls and social media updates without having to directly use their iPhone
“With such a device, you can keep your phone in your pocket and simply check all kinds of messages on your watch,” said Hon Hai chairman Terry Gou. The still unnamed computer wristwatch device will also have some health-monitoring capabilities.

According to the company, the upcoming smart watch device will be able to measure a user’s respiration and heartbeat as well as offer feedback on how to improve his or her health statistics. Gou also said that the company was planning to add additional health data features in the future.

 According to Juniper Research, the wearable technology industry will reach $1.5 billion in revenues by 2014. Last year the wearable tech industry generated sales worth $800 million, thanks to startup smart watch companies like Pebble as well as FuelBand bracelet maker Nike (NYSE:NKE).