Apple fans were waiting for the unveiling of the iWatch, but that didn't happen. Instead, the Cupertino-headquartered tech titan decided to mix things up a little and name the device, Apple Watch.

The smartwear is expected to launch early next year, and already the device is being compared to available smartwatches on the market. Apple is surely under a lot of pressure to release a stand up device, one that can outmatch Sony's Live Watch or Samsung's Gear.

The first thing that makes the Apple Watch unique from its competitors is a feature they call Digital Crown. Like age-old wrist-watches, Apple's digital timepiece incorporates a crown with a digital twist. The Digital Crown works both as a home button and a zooming knob- allowing users to zoom in and out to get a better look at the display.

The Apple Watch boasts a retina display which assures crystal clear resolution despite the small screen. The much-awaited watch also comes with Siri, a heart rate sensor, a GPS navigator, and an accelerometer added for athletic users.

The digital timepiece also features a Taptic Engine, which allows the Apple Watch to subtly alert its user of incoming notifications through a soft vibration. Also, an S1 chip which Apple calls an 'industry first', is a minuscule chip that encompasses an entire computer system.

Apart from these, the Apple Watch also features magnetic charging through its MagSafe technology, which allows users to charge the digital smart watch even in the dark, by simply holding the charging connector near the back of the timepiece-- which will automatically allow it to snap into place.

The Apple Watch is fully customizable and will be released in three variants: Watch, Watch Sport, and Watch Edition. Rumors suggest that highly anticipated smart watch is likely to be priced $349 a piece.