Samsung's foldable display could soon become a reality. The South Korean tech major is planning to mass produce foldable screens for smartphones by the end of 2016, with devices featuring the technology expected to be rolled out at the start of 2017.

This is not the first time Samsung is said to be preparing for foldable smartphones, as there have been talks in the past as well of the company working on the technology. Samsung has partnered with domestic and foreign businesses to develop 7in foldable smartphones where the OLED display would bend, like a wallet.

"Although mass-production cannot be concluded hastily since Samsung Electronics still has few other major tasks to complete, I've heard that Samsung Electronics had made considerable amount of results in the time being," an unnamed representative familiar with development of Samsung's foldable Smartphone told ETnews.

The 7in foldable Galaxy device is designed such that it can be used as a smartphone as well as tablet. When the 7in device is folded, its size reduces to about 5in and it looks like the current version of smartphones. The development of a prototype foldable display is completed and Samsung is expected to start mass production of the foldable display in the second half of 2016.

At present, the smartphone market has reached a saturation point and normal handsets have failed to create a stir. Nonetheless, foldable smartphones are expected to create new momentum in the market and could lead to more innovative devices.

"Development of Foldable OLED is taking place according to our plan. We are planning on mass-production and release of this product by discussing with our partners," said director Lee Chang-hoon of Samsung display earlier in January.