Apple has stepped up hiring to solve problems with its "iWatch" wrist computer, and rivals are racing to introduce similar wearable technology products, according to the Financial Times.

The Apple recruitment effort suggests the launch of the iWatch, Apple's first new product since founder Steve Jobs passed away, could be at least a year away, the Times reported.

Nearly all of Apple's competitors, including Google and Samsung, as well as startups such as Pebble and old-school PC maker Dell, are also believed to be working on smart watches or similar devices.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

The Times cited an unnamed source who said the fact Apple is looking beyond its existing staff for help is an indication the iWatch project involves "hard engineering problems that they've not been able to solve."

The iWatch project has evolved from the exploratory phase to having several dozen dedicated staff working on it, The Times said.

Earlier in July, Apple hired Paul Deneve, the departing CEO of Yves Saint Laurent, to work on "special projects." Deneve's experience in fashion and luxury goods is viewed as useful for a move into watches.

Apple's hiring drive has focused on acquisitions of early-stage startups that are working on connected devices, the Times stated.

Apple's stock price is significantly below its highs, and rivals like Google and Facebook are showing increased interest in both the hardware and mobile software that are Apples' hallmark.

Citigroup analyst Oliver Chen told Bloomberg that the iWatch market could be worth $6 billion in sales.

"But in comparison to Apple's gross and net revenues it isn't actually much… Meaning that even if it does become a big hit the iWatch is only ever going to be an interestingly incremental piece of business for Apple, not some company saving or changing event," Forbes reported.

According to MacRumors.com, patent applications on the iWatch name have been made in Japan, Mexico, Russia, Taiwan and Turkey thus far.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.