Samsung said it is considering adding an eye scanner to the upcoming Galaxy S5. With this new development, the company will be competing with Apple's iPhones that come equipped with similar fingerprint scanning technology. 

Samsung will also bundle the Galaxy S5 with a new wearable peripheral, similar to the Galaxy Gear smartwatch, but the company did not say what exactly the new wearable accessory will be. The company had filed for a patent for a new wearable computing accessory in the form of eyeglasses. The new design may be similar to Google's Glass accessory and may be capable of displaying information as well as making and receiving calls.

The news comes hot on the heels of Samsung's recent announcement of its Q4 earnings, which fell short of analysts' estimates. While Samsung is still the world leader in terms of smartphone sales, the company will be pursuing more aggresive marketing tactics to improve its earnings in Q1 of 2014. Samsung phones account for about one in every three smartphones sold all over the globe.

The smartphone market is one of the most competitive consumer sectors and Samsung will need to beef up its product line to compete with both low-end Chinese manufacturers as well as high-end smartphones from rivals such as Apple, Sony and HTC.

"We've been announcing our first flagship model in the first half of each year, around March and April, and we are still targeting for release around that time," said Samsung mobile business executive vice presdent Lee Young Hee. "When we release our S5 device, you can also expect a Gear successor with more advanced functions, and the bulky design will also be improved."

Regarding the Galaxy S5's iris scanning capabilities, Samsung is looking to make their upcoming flagship more desirable for consumers. The new feature may be seen as the company's response to the success of the iPhone 5s, which may have been responsible for decline in sales figures of the Galaxy S4.

"Many people are fanatical about iris recognition technology," said Lee at the recently concluded CES 2014 in Las Vegas. "We are studying the possibility."

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