Sarah Tew/CNET

HTC might be the next mobile firm to get into the smartwatch space.

The handset maker is working on a new smartwatch it will call the One Wear and launch in late August or early September, tech blog TKTechNews is reporting on Friday, citing people who claim to have access to the device. According to the site, it received a demo of the device, though details on its functionality and software were slim.

Smartwatches have quickly become the next frontier in the mobile market. Google has a new Android Wear platform designed for smartwatches and other wearable devices, Motorola recently unveiled the Moto 360 with a round screen that runs on Google's software. Samsung's latest Galaxy Gear is also competing in the space, though that's running on the company's Tizen software. Apple, too, is expected to get into the mix at some point with a smartwatch rumored to be called iWatch.

With so many companies rushing into the smartwatch scene, analysts expect considerable growth in the coming years. While just 1.9 million smartwatches shipped worldwide last year, according to Strategy Analytics, shipments accelerated at the breathtaking rate of 250 percent in the first quarter of this year.

Android is the leader in the space, running on 61 percent of all smartwatches that shipped last year. According to TKTechNews, the HTC One Wear will take on the Moto 360 and also includes a round display and Android Wear integration, which should only boost Google's cred in the market. But with Apple and Microsoft expected to be joining the space sometime this year, and Samsung increasingly investing in Tizen, the balance of power in smartwatch operating systems could shift dramatically.

CNET has contacted HTC for comment. We will update this story when we have more information.