Samsung is expanding its wearable portfolio with the addition of Gear Live smartwatch built on Google's latest Android Wear platform.

Samsung, the world leader in smartphone business, is adding more options for consumers to choose the best accessory for their wrists. The new smartwatch by Samsung, powered by Google's latest Android Wear platform, was unveiled during the annual I/O Developers Conference, Wednesday.  The Samsung Gear Live is the third smartwatch to use Android Wear, a platform designed exclusively for wearables.  The other two are LG's G smartwatch and Moto 360.

Samsung's new smartwatch is packed with new features and upgraded specs. The 1.63-inch Super AMOLED display boasts 320 x 320 pixel resolution and is similar to its earlier models in terms of styling. The square-shaped watch dial is nothing like the Moto 360, which is the first to feature a round-faced dial and seems a sensation among consumers. But the Moto 360 won't hit the market until later this summer. So, Samsung only has to compete with the LG G watch until Moto 360 arrives.

Samsung favored Tizen for its earlier smartwatches, including Gear 2 and Neo, but kicked off its wearable offerings with Galaxy Gear, which runs Google's Android platform. The Gear Live is the forth smartwatch by Samsung in just 12 months.

"Samsung has been a pioneer in the quickly-evolving wearable market, and the launch of Gear Live furthers our efforts to deliver a simple and intuitive wearable experience to consumers," JK Shin, CEO and President of IT & Mobile Division at Samsung, said in a statement, Thursday. "Through our long-term close collaboration with Google, we have successfully incorporated the capabilities of Android Wear into the Gear Live, in a way that only Samsung can do. I am confident that Samsung and Google together, we will grow the smart wearable market to positively impact consumers' life."

Other specifications in the Gear Live include a unique heart-rate monitor, which is an add-on lacking in the G watch, and an accelerometer. The smartwatch can integrate with various fitness apps and Google Fit, when it will be available. The smartwatch is powered by a 1.2 GHz Processor, backed by 512MB of RAM and features Bluetooth 4.0 LE. It can store files in its internal 4GB space.

The Samsung Gear Live can be paired with any Android smartphone running Android 4.3 Jelly Bean and above. The watch comes in two colors, black and red wine and is available for pre-orders with a price tag of $199 and will officially be launched July 7.