Apple is known to launch several products throughout the year, but this year may be the first time that Apple will launch two iPhones in the same year. To compliment these devices, Apple may be launching its oft-rumored iWatch later this year as well.

Bloomberg reports that Apple is planning to launch its iWatch at some point later in the year. It’s unknown if the device will be shown off alongside the iPhone 5S’ rumored August reveal, or if Apple would wait to show it off at its own event. I’m more inclined to the latter as Apple likes to give completely new products, like last year’s iPad Mini, their own press event.

As for the iWatch itself, a few more details on the device have leaked out. According to a course close to Apple, the team of 100 product designers working on the iWatch are considering a number of features to be implemented into the device. Some of the features include the ability to make calls, caller ID for incoming calls, checking map coordinates and a pedometer. The latter would obviously be used in conjunction with fitness apps on the iOS.

Speaking of iOS, some speculate that the iWatch would run a slimmed down version of Apple’s mobile operating system. The smaller screen ensures that the iWatch wouldn’t be able to take on all of the duties of the iPhone, but the integration of iOS would mean that it could at least work with iPhones to provide a complimentary experience that could extend far beyond simple functions like incoming calls. For example, an iOS game could use the iWatch as a secondary input for when players can’t take their iPhone out.

With both the iWatch and Google Glass reportedly launching later this year, we may see the first wave of market fights in wearable computing. The iWatch would obviously be cheaper than the $1,499 Google Glass, but it remains to be seen if consumers would pay upwards of $200 for a watch to go along with their iPhone. It worked for Pebble (pictured above), so it’s safe to assume that Apple will at least have some success with it.