“…with plenty of opportunity for upside if they create something totally new”

Mar 4, 2013 13:30 GMT  ·  By

Citigroup Inc. analyst Oliver Chen tells Bloomberg Businessweek that the global watch industry will be worth more than $60 billion / €46 billion in 2013. Apple’s cut should be about ten percent of that should Tim Cook roll out the rumored iWatch.

The pressure is on for Tim Cook, CEO of Apple, to unveil something new this year. Although the company’s last quarter was the most profitable ever, for any company, Apple’s stock continues to decline every day.

The reason? Investors fear that the company’s innovation days are over as competitors seem to be catching up. Rumors abound regarding a potential new television product from Apple, but analysts also believe the company could be launching a smart-watch this year.

Apple is rumored to be working with a team of 100 people to release the iWatch this year, with Citigroup analyst Oliver Chen telling Bloomberg, “This can be a $6 billion opportunity for Apple, with plenty of opportunity for upside if they create something totally new like they did with the iPod -- something consumers didn’t even know they needed.”