AMID much speculation on the future of the "smart watch," the consensus is growing: the time is right.

In recent weeks, reports have surfaced about plans for smart watches from tech giants Apple, Samsung and Google, with launches possible later this year.

"I think we have reached a tipping point," said Avi Greengart, analyst on consumer devices at the research firm Current Analysis.

Greengart said 2013 may be the year for the smart watch because "the components have gotten small enough and cheap enough" and a large number of consumers now have smartphones that can connect to a wearable device.

The idea of the connected watch has been around for at least a decade: Microsoft had one in 2003. And some devices are already on the market including from Sony, the crowdfunded maker Pebble and Italian-based firm i'm.

Up to now, smart watches have been able to connect to phones wirelessly to give users signals about new messages, and allow some limited web access.

But analysts say once they gain traction, app developers can come up with new functions, possibly drawing on health and fitness monitoring devices now in use.

Entry of Apple

The likely entry of new heavyweight players like Apple "can catalyze the market," Greengart said, while noting that any new device has to prove its utility to consumers.

"This is a market that needs to be created."

Even though Apple has maintained its customary silence on the subject, that has not stopped speculation on the Internet, including a likely design of a curved glass "iWatch."

ABI Research predicts that smart watches and other wearable computing devices will "explode in popularity over the next year" and grow to 485 million annual device shipments by 2018.

"The furor about wearable technologies, particularly smart watches and smart glasses is unsurprising," said ABI analyst Josh Flood.

"Apple's curved glass-based watch could prove to be a revelation in the wearable technologies market. The major question is whether the digital time piece will act as a complimentary device to the company's iPhone smartphones or as a standalone product with other functions like health or activity tracking capabilities," said Flood.

Citi analyst Oliver Chen said the smart watch segment, which now includes devices from Fossil and Movado, could easily evolve into a US$6 billion annual business with "higher than average" profit margins.