Tech giant Samsung may launch a smartwatch called Galaxy Gear next month. The wrist watch will have the functions of a smartphone.

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According to Bloomberg report, the device will be powered by Galaxy Gear will be powered by Google Inc. Report says it could be launched in early September.

The speculations of this smartwatch appeared as early as March this year.  A top Samsung executive Lee Young Hee had been quoted as saying that time that the company which has been preparing the watch product for so long is now working on “watch-like device” which can be substitute to a smartphone.

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Apple is also reportedly working on similar iWatch with features of a smartphone.

Reports appeared in February this year suggested that Apple is believed to be testing a device which many reports call a smart watch with features of a smartphone.

The aim behind this exercise is to expand its products profile beyond smartphones and tablets and according to reports the company is in talks with major manufacturing partner Hon Hai Precision Industry Coone to look into this possibility.

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The reports also suggested that Apple could rope in Taiwan” Foxconn, to provide technology in the project.

The Times had also reported on such a development saying that “Apple is experimenting with a device made of curved glass that would run on the company's iOS mobile operating system”.

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