It's only been a couple of weeks since Samsung unveiled its Galaxy Gear smartwatch, but the company is reportedly working on a second generation already.

Smartwatches seem to be increasingly gaining momentum and wearable technology is widely seen as the next big thing. The smartphone and tablet markets are already crowded and highly competitive, and the smartwatch industry is apparently headed in the same direction.

Tech heavyweights such as Sony and Samsung have already introduced their smartwatch offerings, while Apple, Google and others are reportedly gearing up to launch their own wearable tech soon.

Samsung's Galaxy Gear smartwatch was one of the most anticipated gadgets of this year and it finally made its debut on Sept. 4. Instead of laying back and watch its gadget soar, however, Samsung is reportedly working on its next-generation smartwatch already.

According to a new report from Korean news site Digital Times, a Samsung Galaxy Gear 2 is currently in development. Unnamed sources reportedly told the publication that the purported device would have GPS, longer battery life, as well as support for a wider range of Android devices. The newly-unveiled Galaxy Gear currently works only with the Samsung Galaxy Note 3, although the company promised to add support for the Galaxy S4 and Galaxy S3 smartphones in the near future.

The same sources speculate that Samsung may unveil its next-generation Galaxy Gear either at the International CES 2014, which will take place in January, or at the Mobile World Congress (MWC), which will follow in February 2014.

Planning to unveil a new smartwatch when the first one hasn't even reached consumers yet may seem a bit odd, but Digital Times has a theory: Samsung is testing the waters with its first Galaxy Gear to see how consumers would welcome the gadget before launching a second, improved smartwatch.

Samsung has never been shy to flood the market with a multitude of products, but it has always done so after careful consideration. If a product catches on, it means there may be room for more, especially if subsequent generations are more finely-tuned.

With a first Galaxy Gear launched, Samsung can now observe how consumers react to it, take note of any potential complaints or drawbacks and strike back with a new and improved Galaxy Gear 2.

Either way, the current Galaxy Gear is the first and the only official smartwatch from Samsung. The company may have another gadget in the works, but nothing is confirmed so far. In the meantime, the Galaxy Gear and Galaxy Note 3 will go on sale in the U.S. in early October, and the smartwatch will sport a $299 price tag.