The upcoming smartwatch from Swiss expert Swatch will reportedly hit the market this summer, the company's CEO, Nick Hayek, has revealed.

The wearable device market has significantly gained ground and is expected to expand even further in the future. Various smartwatches are already available on the market, offering neat functionality, and more big players will enter the arena soon with their own offerings.

Swatch is one of them, as the company is getting ready to join the smartwatch race with its very own smart gadget. CEO Nick Hayek revealed that Swatch is making the final preparations ahead of the summer launch of its first smartwatch.

According to a report from the Wall Street Journal (WSJ), Hayek told investors at the company's annual gathering in Biel, Switzerland, that the smartwatch will go on sale in Switzerland and "one big country."

Hayek did not specify which other country its smartwatch will reach, but it's highly probable that it's China. The U.S. could be a potential variant as well, but China sounds more likely considering that Swatch has already signed a deal with China UnionPay. That deal is widely seen as a stepping stone toward contactless payments with the wearable gadget, so it would make sense for the Swatch smartwatch to launch in China.

Swatch is renowned worldwide for its luxury, high-quality timepieces, but the slew of high-tech smartwatch offerings that invaded the market cannot be ignored. Traditional watches may always have their own place on the market, but it's also important to compete on the smartwatch market as well, going up against the likes of Apple, Samsung, and others.

It remains to be seen, however, just what features and functionality the Swatch smartwatch will have to offer. Earlier this year, Hayek said that Swatch doesn't want to make a miniature smartphone to wear on your wrist. Instead, the company would equip its gadget with standard tech, such as Bluetooth for viewing messages and notifications from a paired smartphone and NFC to support contactless payments. The smartwatch is expected to feature cross-platform support as well, working with both Android and iOS. The smartwatch will also be "Internet-enabled."

No other details are available at this point regarding the upcoming smartwatch from Swatch, but more information should come to light soon enough.