Google's version of the smart watch is nearly complete. The tech company is now communicating with Asian suppliers and could have one ready for production in a few months, The Wall Street Journal reported.

The market for smart watches is currently soft, but the market-research firm ABI Research projects it to become a multibillion dollar industry with 485 million units sold by the year 2018, the WSJ reported. Samsung and Sony have already launched their watches, but neither has gained a strong following, according to the WSJ.

Google will focus on versatility and battery life, two criticisms of previous smart watches. The Samsung Galaxy Gear has been especially blamed for its short power supply and limitied functions, CNET reported. Like Samsung and Sony, Google's version will sync with other devices like smart phones and tablets. It will not operate as a standalone device, which would be too large and costly to produce at this point, according to the WSJ.

A proposed strength of Google's watch is that it will integrate with Google Now, which anticipates user's needs based on previous activities. The battery will last longer than competing watches, according to WSJ's source, though the extent of its improvement remains to be seen.

Google's new watch will run on Android, the WSJ reported. If successful, the product will further commit Android users over networks from Microsoft and Apple.

In combination with Google Glass, which has "already carved out a notable position" even though it hasn't yet launced to the masses, a profitable smart watch would make Google the world leader in wearable technology, CNET reported.

According to the WSJ, Samsung and Microsoft are exploring their own versions of Google Glass. Apple is also developing a smart watch. CEO Tim Cook said wearable technology like the smart watch and Glass "will be a key branch" in technology, according to the WSJ. Video coverage from the WSJ below: