Google Inc is reportedly working with a number of chip and hardware companies to develop watches based on its Android software, according to Reuters.

The internet search engine company said the watches will be available sometime in 2014.

Companies working with Google to help make the watch include Samsung Electronics Co, Motorola, LG Electronics , Intel Corp and Qualcomm Inc.

Google's Android system runs more than three out of four smartphones sold worldwide, according to Reuters.

"We've barely scratched the surface of what's possible with mobile technology," Google said in a post on its official blog this week. "That's why we're so excited about wearables - they understand the context of the world around you, and you can interact with them simply and efficiently, with just a glance or a spoken word."

Apple will also most likely release a wearable device before the end of the year as well. Company CEO Tim Cook recently promised new "product categories" for later this year, leading to speculation that wearable Apple devices aren't too far away.

LG Electronics said this week it will introduce its first Android watch, the G Watch, in the second quarter, according to Reuters.

Motorola also confirmed this week that its Android watch, the Moto 360, would be available this summer.

Fossil Group Inc, which is known for its watches and handbags, said it was working with Google on Android devices, though no release date has been set, according to Reuters.

Many analyst believe wearable devices are the next big shift in technology, just like smartphones were as they evolved from personal computers.

Efforts from a number of companies have met mixed reviews so far however.

Samsung was one of the first companies to make a production smartwatch available, but its first effort, the Galaxy Gear, wasn't received well by reviewers.

Ramon Llamas, an analyst with industry research firm IDC, believes the success of smartwatches will all depend on the device's price, design, and battery life.

Juniper Research has already predicted over 130 million smart wearable devices will ship by 2018, according to Reuters. 

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