Jul 01, 2013 01:30 PM EDT By Russell Westerholm, UniversityHerald Reporter

With the ground shrinking for smartphones and tablets, Apple seems to be ready to venture into the market for wearble mobile computing devices.

Reuters reported that a Tokyo patent office made public Apple's application to trademark the name "iWatch." Now, it is all but confirmed that Apple will follow Samsung and Google into the field of wearable devices with computers.

Google's "Glass" device allows users to wear a seemingly ordinary pair of glasses and look at a smartphone-like screen, with various Internet functions. Google also is rumored to be releasing an Android-based wristwatch and a video game console, as well as exploring the possibility of putting the Android operating system in household appliances.

Bloomberg reported that Apple's shares have decreased by 40 percent since seeing a record high in Sept., and while Samsung has surpassed Apple as the world's leading smartphone maker, the company is looking to revamp sales.

There is no telling how long the patent process will take, but Apple is seemingly well on its way to releasing their "iWatch," despite CEO Tim Cook's reservations.

"There's nothing that's going to convince a kid who has never worn glasses or a band or a watch to wear one, or at least I haven't seen it," Cook told Reuters.

Samsung and Google's wristwatches will reportedly work as complimentary devices to a smartphone or tablet and will connect via Bluetooth. Apple's device will likely have that same function.

Travis McCourt, an analyst for Raymond James and Associates Inc., wrote Monday that Apple's new devices will help the company's stock.

"We can expect a full TV at Apple in the future, maybe a watch, and who knows what other future devices," McCourt wrote. "New connected devices, whether they are TVs, cars or other devices are likely to be first adopted by high income consumers, over whom Apple dominates globally."

While Samsung, Apple and Google are still developing or awaiting release of their wristwatch devices, Sony has already sold their SmartWatch.

The device connects to any device that runs Android's operating system and allows users to reply to texts and e-mails, take calls, increase or decrease volume and even acts as an interface for navigations systems.

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