Add HTC to the mix of tech companies that are joining the smartwatch craze and releasing new devices in the burgeoning wearables market. According to one report, the Taiwan-based firm’s debut device will be called One Wear and arrive in late August or early September.

Tech blog TKTechNews first reported about the HTC smartwatch this week citing individuals who got their hands on a demo version. No specifications or software details were available and HTC has not commented on the report.

It’s no secret that the smartwatch market is growing fast. Citing Strategy Analytics research, CNET reported a 250 percent increase in shipments in the first quarter of this year over 2013. However, only a total of 1.9 million smartwatches were shipped worldwide last year, making it only a small fraction of the mobile device market dominated by smartphones and tablets.

That may change soon, as “analysts have previously predicted that wearable shipments are set to triple this year, and could hit as many as 112 million shipped by 2018,” CNET reported. The number of units shipped reflects how many were ordered by retailers – not how many were sold to consumers.

Google’s Android had 61 percent of the smartwatch market in 2013 and the Mountain View, Calif., company recently introduced new Android Wear platform for smartwatches and wearables. Google-owned Motorola debuted the Moto 360 smartwatch with a round screen that runs on Google’s software.

HTC’s One Wear is seen as a challenger to Moto 360, as both smartwatches will have a round design. One Wear will be available in polycarbonate and metal versions, according to TKTechNews.

Samsung’s entry into the market is its new Galaxy Gear, which runs proprietary Tizen software. Apple, which so far has no product in the smartwatch space, is expected to unveil the iWatch in the near future.