It has been rumored for some time now that Samsung Electronics Co., Ltd. is planning to launch its first ever round smartwatch called the Gear S2.

Previously known by the codename Orbis and the Gear A, this smartwatch is scheduled to be released by next month at the upcoming IFA 2015 event, according to a report by Digital Trends.

The Samsung Gear S2 was recently unveiled during the company's Unpacked event, which took place in New York, along with new images that show the new smarwatch in black and white colors. Unlike most of today's smartwatch devices, the Gear S2 will run on the Tizen operating system (OS), which is the first of its kind.

In terms of the specifications, it was revealed earlier that the Gear S2 will sport a circular Super AMOLED display screen with a 360 x 360 pixel resolution. Under the hood, there might be a 768MB RAM and up to 4GB built-in memory storage, according to the latest rumors.

In comparison with Motorola's smartwatch that was launched last year, the Moto 360 runs on the Android Wear OS and sports a 1.5-inch LCD display screen with a 320 x 290 pixel resolution. Inside, it packs a smaller 512MB RAM, 4GB of internal memory, and a 320 mAh battery. On the other hand, the Gear S2 is expected to pack Samsung's own Exynos processor along with a 250 mAh battery.

According to reports, the Gear S2 is expected to be fully unveiled during the IFA 2015 event that will kick off in Berlin, Germany.

Another new device that's expected to arrive in the market is Huawei's first ever smartwatch called the Huawei Watch. This device was unveiled earlier this year at the Mobile World Congress (MWC) 2015 event, and is expected to be available in many markets across Europe, North America, and Asia.