The US-based company is behind its Taiwan-based rival MediaTek which has already announced a chipset for smartwatches six months ago. In an effort to compete in the wearable devices market, Qualcomm is hoping to catch up with its rival by launching the chips later this year. The company also expects its customers to prefer its chipsets while manufacturing wearable devices.

Qualcomm CDMA Technologies Taiwan president Eddie Chang says the company "has all the technologies needed." He further added, "This year, you will see wearable devices carrying Qualcomm chips." Chang declined to reveal details about the wearable programs though. He said that the company may consider making chips specifically designed for wearable devices if the market reached a large scale. This means that if the wearable devices market doesn't register a substantial increase, Qualcomm might drop the idea of making such a chipset.

When it comes to the mobile phone market, Qualcomm is the clear leader with most manufacturer preferring the company's chipsets for almost all the high-end smartphones. Just last month, the company released its new 64-bit Snapdragon 810 and Snapdragon 808 processors manufactured on 20-nanometer technology. It will launch the first 64-bit processor by the end of this year.