Watch out, Google -- Samsung is reportedly developing its own smart eyewear, dubbed as Galaxy Glasses, to compete with the search engine giant's much-discussed gadget.

The patent for "sports glasses" was already registered and awarded to Samsung last October. The Galaxy Glasses are expected to function as similar as its already-existing Gear smartwatch, acting as a companion to the mobile phone, enabling the user to view notifications and take phone calls.

"The new smart glass to be introduced by Samsung is a new concept of wearable device that can lead to an exciting culture of communication," said the executive of the South Korean manufacturer. "The smart glass will present our aim to lead the new market with proven capability. Wearable devices can't generate profits immediately. Steady releases of devices are showing our firm commitment as a leader in new markets."

Also, the official added that the market for smart eyewear is huge. "The reason is simple," he said. "The market potential for smart glass is huge. It will be used in trucks, cars and has a greater impact on related industries such as glass- and coatings-makers."

Samsung is indeed the first major company to launch a smartwatch, which beats most of its competitors to market. Moreover, the tech giant is expected to reveal its innovative glasses at this year's major trade show, IFA fair, in Berlin in September.

So far, Google has made its Glass wearable computer only available to developers, who must pay $1,500 for the device. The firm has announced that it will launch the device this year, and it is believed to be planning to demonstrate it on the working closely with developers to create apps for the service, as well as incorporating its own products, such as Google Maps and Gmail, to work with the smart glasses.