Samsung 'Smartwatch' Coming Soon: Report

Samsung, maker of the extremely popular 'Galaxy' smartphone, is reportedly planning to announce its very own 'smartwatch'. In fact, that announcement could come as early as this September.

South Korea-based Samsung is planning to reveal details for its new smartwatch at a Wednesday, September 4, 2013 event, reports Bloomberg News. A likely setting for such an unveiling: Germany's IFA consumer electronics trade show.

Like the Galaxy smartphones, the rumored smartwatch device will feature a special version of Google's very popular Android operating system. It's also been suggested that the new device will be given the somewhat vague name 'Galaxy Gear'.

Samsung Smartwatch Features Web Surfing, Email

The device will reportedly give users access to Internet surfing and will allow them to check their email inboxes and make phone calls. All in all, Galaxy Gear sounds like it could be a suitable replacement for the Galaxy smartphone.

Industry insiders say such an announcement would hardly be a surprise. Other hardware makers, including Apple and Microsoft, have both been tied to smartwatch rumors. (Source: cnn.com)

Microsoft is reportedly working on a device that would carry the 'Surface' name of its moderately popular tablet range. Acer, Sony, and Pebble are also hoping to lure consumers to smartwatch devices.

Wearable Tech Market Expected to Double in 2014

Analysts are confident consumers will buy into 'wearable technology,' like Samsung Galaxy Gear or Google Glass.

In fact, Juniper Research recently predicted that the wearable tech market could hit $1.5 billion in 2014 -- that's about twice the amount it's expected to rake in this year.

Of course, there are concerns that consumers will be put off by smartwatch limitations.

For example, it's expected that early devices may need to be paired with smartphones in order to access features like web surfing and email -- meaning a Galaxy Gear user would also need to own a Galaxy smartphone, like the Galaxy S3 or S4. (Soure: theverge.com)

Given the costs involved in such a system, the price might be a little too high for many budget-minded consumers.