Samsung Electronics Co. said it has developed a Wi-Fi technology that can increase data transmission speeds by five times the maximum rate possible with existing consumer electronics devices.

The 60 GHz Wi-Fi technology will enable a 1 gigabyte movie to be transferred between devices in less than three seconds while allowing uncompressed high-definition videos to be streamed in real time, the Suwon, South Korea-based company said in an e-mailed statement today. The technology removes the gap between theoretical and actual speeds, and exhibits actual speeds more than 10 times faster than with existing Wi-Fi technologies, it said.

“Samsung has successfully overcome the barriers to the commercialization” of the 60 GHz Wi-Fi technology, Kim Chang Yong, head of a Samsung research-and-development center, said in the statement. “New and innovative changes await Samsung’s next-generation devices, while new possibilities have been opened up for the future development of Wi-Fi technology.”

The announcement came as the world’s largest smartphone maker rolls out new products amid growing competition from Apple Inc. and Chinese companies. Samsung last week said its quarterly operating profit plunged 60 percent because of stagnating smartphone sales and has announced a 15.6 trillion won ($14.5 billion) investment to build a plant in South Korea to meet demand for semiconductor chips.