Samsung is hoping to challenge Apple when it debuts the Galaxy S5 smartphone this spring, reportedly looking into eye scanner technology as the next phase of tech competition.

Following the trends of wearable technology and devices that work together, Samsung plans to pair the new S5 with a device that will be a new version of the Galaxy Gear smartwatch, Bloomberg reported.

"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," Lee Young Hee, executive vice president of the company's mobile business, told Bloomberg in a recent interview.

"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," Lee said.

Samsung sells one of every three smartphones worldwide, according to Bloomberg. The company will need to add new features, devices and models to compete with Apple, which released the iPhone 5s in September.

The 5s has a fingerprint identity sensor, so Samsung may need to implement similar recognition technology to keep up.

"Many people are fanatical about iris recognition technology," Lee said at the International Consumer Electronics Show in Las Vegas. "We are studying the possibility but can't really say whether we will have it or not on the S5."

Samsung's profits posted this week were lower than analysts had expected, according to Bloomberg.  Releasing the new smartphone and wearable device at the same time should boost marketing for tablets as well.

The Suwon, South Korea-based company will announce at least one more new wearable device this year, Lee told Bloomberg.

Samsung's next gadget could be competition for Google Glass. In October, the company registered a design in South Korea for eyeglasses that can show smartphone information and take calls. 

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