Samsung will introduce its Galaxy Gear smartphone watch in September, according to a report from Bloomberg.

The Galaxy Gear will be unveiled on Sept. 4, just days before Berlin's IFA consumer electronics show.

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Samsung hopes to secure a piece of the billion-dollar watch industry, with the release of the Galaxy Gear time peace. As the first company to release a watch with smartphone capabilities Samsung could attract new customers to their brand, boosting sales for their phones, tables and televisions.

"It will carve a niche for sure as this is an initial product in the market," said Chung Chang Won, an analyst at Nomura Holdings Inc. in Seoul. "Wearable devices could be one of the trends in the smartphone market, but I'm not sure yet whether watches or glasses will set the trend."

The Galaxy Gear will showcase a bendable screen, which a Bloomberg source said Samsung is currently developing as well as a removable wristband that could be interchanged with bands of different colors. Though visuals of the device have yet to be released, Voucher Codes Pro produced illustrations of what the watch could look like based on alleged patents for the device, which were discovered in South Korea.

Other Bloomberg sources said that 100 designers are working on a similar watch for Samsung's major competitor Apple. The insiders told the media company in February that Apple hoped to release its smartphone watch later this year.