Samsung recently claimed that it has come up with a form of Wi-Fi technology that can efficiently increase the rate of data transmission by at least five times compared to the maximum speed evident in current electronic devices.

For instance, the 60 GHz Wi-Fi technology is expected to allow a 16-gigabyte film to be transferred between two devices in not more than three seconds.

Such technology will also enable real-time streaming of uncompressed HD videos.

In the official statement released by Samsung, it claimed that this form of technology will "remove the gap between theoretical and actual speeds, and exhibits actual speeds more than 10 times faster than with existing Wi-Fi technologies."

According to Kim Chang Yong, head of a research and development center for Samsung, the company has paved the way to more innovative opportunities.

"Samsung has successfully overcome the barriers to the commercialization of the 60 GHz Wi-Fi technology," Yong said. "New and innovative changes await Samsung's next-generation devices, while new possibilities have been opened up for the future development of Wi-Fi."

The announcement was made after the company introduced their latest product offerings amidst heavy competition from Apple and other companies that imitate their devices, including Chinese manufacturers.

The commercialization of the said Wi-Fi technology is likely to be carried out in 2015. Samsung plans to have it applied on various products, such as telecommunication devices as well as audio-visual and medical equipment.

Last week, Samsung mentioned that the company's quarterly operating profits went down by 60 percent due to declining sales for their smartphones. As such, the South Korea-based company has announced that it also plans to invest $14.5 billion in developing a plant in South Korea to aid them in generating more powerful semiconductor chips.