Watches are no longer just simple timepieces and 2013 is shaping up to be the year of the smart watch with increasingly more exciting models set to make a plunge.

Picking just one product and labeling it as the best smartwatch available on the market is quite a difficult task, as plenty of options are now available and each one holds its own. In the end, it comes down to personal preference and the features and functionality desired by each individual.

Some want a smart watch to track their sleep, others want it to track their workouts, while others may just want it as an extension of their phone to answer calls. Bottom line - smart watches now do far more than just display the time and the market is no short of options, so here are the top five contenders.

1. I'm Watch

The I'm Watch smart watch may sport one of the coolest designs out there, sporting a touchscreen that allows users to drag, swipe, or pinch through the gadget's interface. The device syncs with iPhones and Android smartphones, serving as an extension of one's handset and allowing users to answer calls with a button on the watch.

Moreover, the I'm Watch allows users to receive text messages, e-mails, notifications, or see calendar, pictures, weather apps, or listen to music. The device sports a 1.55-inch, 240 x 240 color display, and packs 4GB of built-in storage. Under the hood, the I'm Watch packs a 450MHz Atom 9 processor and 128MB of RAM. The device comes with a $349 price tag.

5. Basis Science

The Basis Science Smartwatch is designed to help users with their workouts. This wearable fitness companion is similar to FitBit and Nike's Fuelband, and it tracks the user's workouts measuring various biometric data in real time. Its sensors can measure heart rate, skin temperature, sleep patterns, and other such things. The device can even measure how much the user sweats during a workout.

The device does not currently sync directly to an iOS or Android app, but the company said it's only a matter of time. For now, a Web interface helps users view and manipulate the data. The Basis Science Smartwatch comes with a $199 price tag.