Designer Nickolay Lamm from MyVoucherCodes designed a unique iWatch concept based on what he saw from patent filings and public reports. The watch displays applications in a spiral pattern, and users select their applications just like the old click wheel from the original iPod. Courtesy / Nickolay Lamm, MyVoucherCodes

Though Apple fans have been patiently awaiting the announcement of a possible Apple “iWatch” -- a new Smart Watch to revolutionize timepieces the way the iPhone changed cell phones -- it appears they may have to wait a little longer. Initially, the New York Times predicted that the rumored iWatch could be released as early as late 2013, but now it appears the iWatch will have to wait until sometime in late 2014.

According to the latest news from Mac Rumors, Apple insider and KGI Securities analyst Ming-Chi Kuo believes that the iWatch simply can’t debut until the second half of 2014. Kuo cites Apple’s focus on revamping the current iOS as the biggest hindrance to iWatch’s introduction. Apple appears to be behind schedule in introducing iOS 7 and likely does not have time to create a new OS for its iWatch.

“Apple may not have adequate resources to develop an iWatch version of iOS because it may require big changes to iPhone and iPad iOS this year,” Kuo told Mac Rumors. “In addition, wearable device components aren’t mature. For these reasons, we think mass production of the iWatch is more likely to begin in 2H14, not 2H13 as the market speculates.”

Kuo also has several predictions to make about the iWatch’s possible hardware. The iWatch may end up using a display between the sizes of 1.5 to 2 inches with design elements drawing on Apple’s similarly-sized iPod Nano. Biometrics may also be a huge factor in the iWatch’s development. Top-end Biometrics abilities may allow the iWatch to compete with similar products like the Nike FuelBand.

“Currently, the iPod nano uses the same GF2 touch technology as used by the iPad mini,” Kuo said. “Since the size and computing ability requirements of the iWatch are similar to those of the iPod nano, we think iWatch will use iPod nano’s GF2 touch technology and AP [application processor].”

Apple appears to be serious about the new iWatch project. According to Bloomberg, the California tech giant has hired near 100 people to work on the new iWatch project.

“The team, which has grown in the past year, includes managers, members of the marketing group and software and hardware engineers who previously worked on the iPhone and iPad, said the people, who asked not to be named because the plans are private,” Bloomberg reported. “The team’s size suggests Apple is beyond the experimentation phase in its development.”

Watch for a more news on a possible Apple iWatch closer to the end of the year.