The latest rumours to hit the net suggest that Samsung are planning to release a wristwatch style device called the Galaxy Gear, next month. The device can make phone calls, handle email and surf the web according to two people ‘familiar with the matter‘.

The Galaxy Gear will be powered by the Android Operating system and will hit sale later this year to potentially compete against the rumoured Apple iWatch. Bloomberg say “The device will be unveiled Sept. 4, two days before the IFA consumer electronics show begins in Berlin, one of the people said, asking not to be identified because the plans are private.”

While many smaller companies have already released high tech watch like gadgets in recent months, the race is on for one of the big players to hit market first. Google, Samsung, Sony and Apple are all said to be in the final stages of development. The global watch industry is said to be in a position to generate $60 billion this year and those who get their product accepted first could lock customers into their platform.

Google have also invested a lot of money into their glasses technology, although the price point will be much higher than a wearable wrist watch, potentially having a rather limited market appeal.

Bloomberg say that the Samsung Galaxy Gear will not have a flexible display, although the company are working on developing a bendable screen.

The latest rumours regarding the Apple iWatch suggest that there has been a team of 100 designers working on the device. The Apple launch should come later this year, although Apple are not confirming any of the rumours.

Kitguru says: Samsung have been dominating the smartphone market in recent months, so Apple will want to get their smartwatch to market first, before the South Korean electronics giant have a chance to tap into the market.

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