According to a Sunday report in the New York Times, citing unidentified sources aware of the proceedings at Apple, the Cupertino-based tech giant is apparently developing a watch-like device, which would function using the company's iOS system.

Going by the New York Times report, "people familiar with the company (Apple)'s explorations" have revealed, on the condition of anonymity, that the wristwatch-style device being developed by Apple would be made of curved glass.

Indicating that the reported Apple-branded wristwatch would probably be a new market-making product, Bloomberg Industries analyst Poonam Goyal has revealed that the device will boast the capability to enable users to make phone calls and surf the Internet, and will also provide location-tracking services.

Furthermore, as per the elaboration by Goyal, the retail price of the Apple wristwatch-like device will be much below the $200 mark; with Apple probably trying to keep the device in the extremely profitable price range which currently is the fastest-growing portion in the timepiece arena.

With Goyal also noting that Apple can likely sell millions of its reported wristwatches, thereby generating a margin of nearly 50 percent, ABI Research analyst Michael Morgan said that the margin projected by Goyal is approximately two-fold more than the margin which Apple would likely earn by manufacturing a TV or selling a low-cost handset aimed at the less-affluent customers.