With Cupertino, California-based Apple filing for a trademark for the iconic 'iWatch' in Japan, rumours suggest that the big-time tech giant is getting ready for a computing gadget that can be worn.The industrial heavyweight has also filed for an iWatch trademark in Taiwan and Mexico. Rumours suggest another filing took place in Russia, based on reports from IDG News Service.

Google has impressed techies with the Android platform and Samsung has complemented the software maker with affordable and value-based products that compete with the iPhone, iPad and the iPad mini. However, recent sales suggest that Samsung has peaked after a marketing strategy that went well with tech watchers around the world, particularly in Asia.

The iPad mini was the most recent improvisation so far, and the iWatch is something that consumers will watch out for.

According to a patent official, "The application is under examination process for approval, which in general takes some four to five months," reports Agence France Presse.The patent office confirmed that the application for a trademark was filed on June 3 and was released publicly on June 27.

The application was filed for a number of product classifications: computer peripheral, computer, GPS device and voice recognition software, Macworld reported.

The iWatch would be a budget gadget that most consumers could afford, since it is a device that is lightweight and more handy than an iPhone for everyday use. With the market for smartphones nearly saturated, wearable electronics are probably going to be the next big thing. Google has already jumped on the bandwagon with the Google Glass eyewear.

The concept of a smartwatch has already been established as the next generation device that is likely to cater to a wider market.

Sony unveiled its prototype last week. Sony's device has functions that sync to your Smartphone letting you know that you have an email, phone call or alerts. Without a doubt, no smart device is complete without a social network link and the Sony watch has it along with an option to play music.

Meanwhile, Microsoft, Samsung and Google, already well-established in the smartphone industry are looking to make their presence in the smartwatch category.

Shares of Apple have gone down after it said that it will decrease production of the ubiquitous iPhone. Simultaneously, profits for the 'lifestyle changing' tech firm has been declining - a first-of-its-kind drop in 10 years. However, the trendsetter saw higher revenues when compared to year ago figures.

The poor results trail the death of co-founder and former of Apple, Steve Jobs, who was fired from the firm and returned to make the computer and software firm into one of the most profitable publicly traded firm in 2011. He was lauded by industry greats like Microsoft’s Bill Gates for turning the company around.

Jobs succumbed to pancreatic cancer (Metastatic Insulinoma) on October 5, 2011 after battling the disease since 2003.