HTC is reportedly looking to join the smartwatch party with its own wearable technology set to launch by the second half of 2014.

Smarwatches are increasingly gaining momentum and seem to be the next big thing in the fast-paced technology world. Sony has already released its second smartwatch, Samsung has recently launched its Galaxy Gear and a number of other heavyweights including Apple, Google, Nokia and more are reportedly working on their own smartwatches.

HTC is looking to join the race and is reportedly working on its own Android smartwatch. According to a new Bloomberg report, HTC's smartwatch will debut sometime in the second half of next year.

"HTC Corp. is developing a smartwatch that uses Google Inc.'s Android software and can take pictures, according to a person familiar with the matter," reads the report. "Cost, functions and sales strategy for the watch are still to be decided before it's released by the second half of 2014, said the person, who asked not to be identified because the plans aren't public."

Apple's much-rumored iWatch, as well as a Google smartwatch reportedly called the Google Gem, are also expected to launch in 2014. Recent FCC filings have also revealed that Nokia was working on its own smartwatch with multiple displays, but no release date is currently known for that device.

There are no details available at this point regarding HTC's upcoming smartwatch, but if Bloomberg's source is correct the gadget will come with a built-in camera, like the Samsung Galaxy Gear.

Wearable technology that pairs with smartphones and maybe even tablets is a hot topic currently and it's only about to get hotter as more companies launch their smartwatches. It's already shaping up to be quite competitive and 2014 could be a big year for the smartwatch industry.

Competition is already fierce on the crowded smartphone and tablet markets and it will be interesting to see whether the smartwatch market is the next arena where heavyweight tech companies go head to head.

Between Sony, Samsung, Apple, Google and other companies up for the challenge, consumers may have some interesting choices when it comes to smartwatches.