Sony and Pebble already have smart watches on the market.  Reports have it that several major tech brands will enter the smart watch arena.

The "unsmart watch"
Flickr-France 1978

Here's the list of companies that, reportedly, will be offering this wearable technology. perfecting a touch-enabled watch

Apple..nothing is confirmed, but "insiders" say an iWatch is in the works

Google..the search engine giant may come out with an android watch within a month

Samsung..this company confirms their product is in development people say they're in the fray too.

For the time being, a smart watch will not take the place of a smartphone.  The reasons are obvious.  The smart watches will have very small screens measuring one and a half inches.

Right now there are few, if any, specifics about the new watches.

Will this new technology catch on?  Some financial people say the smart watch market will be over 10 billion dollars by 2016.

Time will tell.  No pun intended.