Renowned watchmaker Swatch is planning to take on Google's Android Wear. According to the company's CEO Nick Hayek Jr., they are planning to make their own smartwatch OS. He stated that competitors are having problems with Google's operating system, especially with power consumption, and privacy.

The Swiss-Lebanese CEO told Reuters that although they are working on making a custom OS, he does not want Swatch to become the industry standard for smartwatches. Hayek said that the company can offer something with better privacy and battery life.

Switzerland is well known for their expertise in making Swiss precision watches. He believes that they can make something smaller that consumes less energy. The watches will be "more cost-efficient and can go into little objects," stated the CEO.

Smartwatches do not usually have batteries that can last for more than a day. The Apple Watch and Google Android Wear devices both suffer the same predicament. Swatch believes that they can address this issue.

The Swatch Group owns brands like Tissot and Omega. The group is reportedly working on with the Swiss research institute CSEM. They are collaborating on a new internet ecosystem that they are planning to launch at the end of 2018. Swatch has had a number of requests from several U.S. startup companies.

The startups allegedly want flexible open source options aside from Swatch's own products. This could result in a new operating system that will become an alternative to Apple and Google's OS. The Swiss company, however, does face a significant battle. Experts have estimated that Apple is the world's top smartwatch vendor.

The announcement is a sign of the wearable's revival. Several companies have had trouble selling smartwatches beginning last year. Pebble had to sell their intellectual rights to Fitbit after suffering financial setbacks.

Recently Movado entered the market by announcing their own luxury smartwatch collection. The five-piece ensemble is set to debut at Switzerland's Baselworld jewelry show.