( 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 . 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 .
Samsung expected to announce wristwatch-sized smartphone September 4 . The company is also working on a new version of its Galaxy S III smartphone, which will be unveiled at the same time as Samsung's latest flagship phone. All the major tech companies are racing to release wearable computing devices .