Google seems to be in the late stages of developing a smartwatch, according to a Wall Street Journal report. The new Android device will be integrated with Google Now, the company's intelligent personal assistant, the paper added citing a "person familiar with the situation." Google has also been working to reduce power consumption on the smartwatch so it won't require frequent battery charges.

The smartwatch, which will reportedly be ready for mass production within months, will also communicate with other devices such as a smartphone, and draw information such as travel schedules from a user's email through Google Now.

Microsoft is also testing prototypes for Web-connected eyewear similar to Google Glass. And Samsung has already launched the $299 Galaxy Gear digital watch that can run apps and interact with Samsung smartphones. The company is also preparing electronic eyewear, according to patent filings with authorities in South Korea. Apple has also been developing its own wristwatch, according to people familiar with the matter. Possibly dubbed "iWatch", Apple wearable device will use OLED (curved?) display made by LG Display, according to a recent report by The Korea Herald.

Until now, battery life and limited applications are the main factors that stand in the way of smartwatches. Consuners do not want a watch that they need to charge on a daily basis, and also ask for more unique features rather than checking their email or take photos without taking their phone out of their pocket.

However, market-research firm ABI Research predicts annual sales of wearable devices to reach 485 million units by 2018.