Samsung Electronics reported that its profit for the third quarter of 2013 has jumped by 26 percent. This has much to do with strong smartphone sales and a recovery in its memory chip business. The company said it made a net profit of $7.6 billion in the July to September quarter.

The South Korean giant is gearing up to compete directly with Google in the wearable technology space area with a rumored Google Glass-like device that is designed to be more sporty than geeky. In addition, the company recently released its first smartwatch device - Galaxy Gear - and its first smartphone with a curved display - Galaxy Round. It's clear that Asia's largest technology firm is aiming to stay relevant by entering new markets with interesting products that might attract fans and new Samsung device users alike.

"Samsung has proved it has better tactics to win the battle," said Lee Seung Woo, an analyst at IBK Securities Co. "In the smartphone race, we should categories Samsung differently from the minor league, second-tier players."

However, Samsung growth might slow down considerably due to saturation in some markets and increased competition. This means Samsung will have no choice but to release innovative and interesting products to market if it wants to keep ahead of the competition.

"Samsung has done well, having rapidly caught up with Apple in the smartphone market. But I'm concerned whether Samsung would be able to do better," said Kim Sung-soo, a fund manager at LS Asset Management. "Like Nokia, Samsung may hit a limit in increasing market share. Apple is also fighting back, signaling an uphill battle for Samsung."

At the moment, Samsung has an iron grip over the Android smartphone market with the Galaxy line of devices. The company, however, hasn't managed to replicate this success in the Android tablet market, which is mainly due to the popularity of Apple's iPad. Nonetheless, Samsung has tasted success in the phablet market with its line of the Galaxy Note devices.