LG Electronics plans to release a new smartwatch next month, seeking to accelerate efforts to revitalize its struggling mobile communication business.

The new smartwatch is expected to hit shelves in South Korea next month and gradually reach other markets, including the United States.

The e 1.2-inch round smartwatch will reportedly run on Google's Wear operating system.

Apple currently accounts for roughly 60 percent of the world's smartwatch market, followed by Samsung Electronics with 10 percent.

IDC expects the global sales of smartwatches to hit 43.6 million units this year and maintain growth to hit 84.1 million units in 2022.

Samsung is also expected to showcase a new smartwatch in the second half of the year with enhanced health care features.