Samsung's Galaxy Gear smartwatch is yet to be available in the market, but its second version, the Galaxy Gear 2, is reportedly being developed this early, according to CNBC.

Samsung introduced the Galaxy Gear smartwatch early September, and the device is slated to go on retail by October. The smartwatch will cost around $300 and will feature essential applications such as making and receiving calls, taking pictures and tracking the wearer's physical activity through built-in sensors. The smartwatch also boasts of a notification function that alerts the wearer when messages such as emails or sms come in, as reported by CNBC.

Meanwhile, Galaxy Gear 2 will reportedly be a much-improved device than the first batch, featuring GPS, better battery life and improved compatibility that will cover more Android devices, according to a Korean news site called Daum.net. The second version of the smartwatch is reportedly slated for release in January, perhaps at the Consumer Electronic Show, or in February, at the Mobile World Congress, according to Tom's Hardware.

During the launching of the Galaxy Gear smartwatch, Samsung's executive vice president, Dong-hoon Chang, said, "We generally make several hundreds of designs, and even after we make the final decision we refine it several hundred times," as reported Tom's Hardware. Chang even hinted that his team may be working on a number of designs.

Other tech giants like Apple and Google are reportedly developing similar devices, although they have not confirmed their plans.

Meanwhile, the device has disappointed some tech enthusiasts, according to IBN Live. Some major setbacks for the gadget include the fact that it is not a standalone device, has limited usage and has a more costly price tag than other devices with similar features. The device is also reportedly chunky and weighs down the wearer's wrist.

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