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(CNN) -- Samsung may be the latest company to enter the red-hot wrist-tech market. The South Korean company is planning to announce a new smartphone device that's worn on the wrist in September, according to a report from Bloomberg.
The Android powered device will be called the Galaxy Gear and will be able to handle the smartphone basics: phone calls, Web surfing and e-mails, said the report. Samsung will announce the product at an event on September 4, just ahead of the big IFA consumer electronics show in Germany.
Samsung declined to comment on the report when contacted by CNN.
It would be no surprise that Samsung is investing in wearable technology, which could be the next major gadget category. The wearable tech market is expected to hit $1.5 billion in 2014, a huge leap from the $800 million it's raking in this year, according to a report by Juniper Research.
JK Shin, head of Samsung Mobile Communications, presents the Samsung Galaxy Gear in Berlin, Germany on Wednesday, September 4, 2013. Browse through the other contenders battling it out for a place on your wrist.
Photos: Battle of the smartwatches
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Wrists are the most popular body part for the coming wave of wearable devices, followed by heads. The dream of a smartwatch has been around in popular culture for decades -- cartoon detective Dick Tracy had an early version of one -- but recent advances like smaller, cheaper sensors and low-power Bluetooth technology are finally making it possible to pack powerful features into tinier shells.
There are still limitations, and the current crop of wearables are primarily satellite devices that need to pair up with a nearby smartphone to access the Web. If Samsung's Galaxy Gear is more smartphone than accessory, it could stand out from the competition.
All the major companies are angling for a piece of the action. Apple is likely developing its own smartwatch, Microsoft is rumored to be producing a prototype smartwatch that would run Windows 8, and Acer says it will release a wearable device in 2014, though it did not specific what type.
Sony, Pebble, I'm Watch and other manufacturers already have smartwatches on the market.
Meanwhile, Google is working out the kinks on Google Glass, its connected headset due early next year.
Simple wearable fitness devices like the FitBit are already extremely popular and many of their features, like monitoring heart-rate or tracking movement, will likely be included in the bigger products.
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Most current smartwatches rely on smartphone technology paired with Bluetooth to obtain data and notifications. A long-rumored 'iWatch' from Apple could take the same approach, or put more computing power directly into the device. Although the product is yet to be announced, Apple filed for the 'iWatch' trademark on June 3.
The Italian-made aluminum 'I'm Watch,' announced at last year's Consumer Electronics Show (CES), is one of the pricier options at $399. It comes in seven colors and runs the Droid 2 operating system. It connects to Android smartphones using Bluetooth.
Apple's sixth-generation iPod nano was a small, square touchscreen and has since been replaced by the rectangular seventh-generation nano. Spotting the potential to turn the iPod into a watch face, companies such as Lunatik make kits that included mounts and slick straps.
The MetaWatch has a retro-looking, black-and-white screen, but it can connect to the iPhone 4s and iPhone 5, in addition to Android devices. It is also a water-resistant sports watch that tracks pace and distance. The watch starts at $179 and is available with various colored bands or in black or white leather.
The $269 Motoactv smartwatch is marketed as a fitness tracker. It acts as a heart-rate monitor and pedometer, has GPS and an MP3 player. There are also a number of off-the--wrist mount options, including a handlebar strap, arm band and chest strap.
The Pebble Watch first gained attention by pulling in more than $10 million on Kickstarter. Pebble connects to an iPhone or Android phone via Bluetooth and has a growing selection of its own apps.
Unveiled by TomTom in April, the new Nike+ Sportwatch colours have been chosen to match Nike's apparel and shoe ranges. Features include an extra-large display, a graphical training partner and a one-button control. Colors include classic black/anthracite, stylish anthracite/blue glow and high impact volt green.
Another full color touchscreen device, the $130 Sony SmartWatch only syncs with Android devices. When paired with a phone over Bluetooth, it can receive notifications for e-mail, texts, social networks and calendars.
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