The Apple iWatch is happening, or, rather, it's being made. Bloomberg reports that as many as 100 product designers are currently working a wearable piece of technology using Apple's vast technology networks and engineer pool. The wearable device would reportedly have some or all of the functions that are currently available on the iPhone and the iPad.

The Apple iWatch release date, if it is ever released to the public, would likely be released within the next year. There's no information about the price estimates at this time. Given the history of Apple mobile device, the iWatch price could cost roughly $300-$500.

For the uninitiated, the Apple iWatch is a rumored device that will do exactly what you'd expect: It's a watch that connects to the internet and would be the latest innovation from Apple, a company that's become known for pushing the boundaries of technology roughly every decade. It's been 12 years since the original iPod launched, 6 years since the iPhone launched and 3 years since the iPad launched. There's a good chanced that Apple will continue to seek revenue from all of its existing productions given the unprecedented demand for the products, but one thing is certain—Apple In.c executives always have an eye on the future.

"The iWatch will fill a gaping hole in the Apple ecosystem. It will facilitate and coordinate not only the activities of all the other computers and devices we use, but a wide array of devices to come. Like other breakthrough Apple products, its value will be underestimated at launch, then grow to have a profound impact on our lives and Apple's fortunes," wrote Bruce Tognazzini, a technology consultant and former Apple employee, in a lengthy blog post.

"So when will the iWatch come out? I need mine no later than a week from Tuesday, but Apple, when you look back, is never actually the first. They let a few others, sometimes many others, experiment first. (Tablets were out for more than a decade.) Then, they bring out the killer product. We may have to wait until next year, or around 7500 pass code/password entries from now. Please, Apple, get a move on!" he adds. Tognazzini writes in tremendous detail about how Apple should develop a platform for developers, and how the iWatch would offer a new source of revenue to Apple.

Wearable computers are far from new. There's always been an interest in wearable technology—sci-fi writers and fictional detectives have worn such devices for years—but in the past three years, there's been an increasing number of "smart" watch creators that are building computer systems capable of connecting to the internet and providing other high-level computing functions.

Apple will join a crowded field of competitors in the mobile, wearable technology market. Google Inc. has been working tirelessly on perfecting its own system of wearable technology, dubbed "Google Glass," which will be worn like eyeglasses. Google Glass will superimpose computer images on the glasses and will give users the experience of augmented reality. Although the Google Glass project is extremely different than the Apple iWatch, it represents a dynamic shift happening in computing. Companies are eagerly trying to pack internet-related functions in articles of clothing or accessories using computers.

Other wearable technology that has already reached the market includes the Kickstarter project called "Pebble." The Pebble project is a $10 crowd-source funded watch that will wirelessly sync with smartphones. The watch will, of course, tell the time, but it will also be able to interact with Android and iOS devices with surprisingly sophisticated functions. The Pebble recently premiered at a technology convention, and reviewers fell in love with the device. Since the Pebble has been entirely funded through the interest of consumers, it has grown an especially large and dedicated legion of fans.

One device that's smaller than both the Pebble and Google Glass is the Nike Fuel Band. The tiny bracelet is extremely light weight and simply tracks the users' daily activity. Similar devices such as the Jawbone Up and Fitbit One have been released. In essence, all the devices are the same in the sense that they're lightweight, are intended to be attached to the user through most of the day, and each device attempts to increase the trackability of health and fitness of the user.

Apple has a unique opportunity to innovate in the field of wearable computer market. It's not specifically attached to health and fitness in the same way that a sports brand such as Nike is. That means that it can include health and fitness features, but it doesn't need to overtly advertise or emphasize those capabilities. Apple also has an opportunity to take the Pebble smart watch, take the best ideas and build on top of them. Apple can use what works best and what doesn't. It can add its own technology—Siri smartwatch, anyone?—which has the potential to add significant capabilities to the smartwatch.