By Jomari Guillermo (media@latinospost.com) | First Posted: Oct 21, 2014 08:10 AM EDT

Tech giant Microsoft is set to release a smartwatch in time for the holidays to rival the recently unveiled Apple Watch. 

The rumors saying that Microsoft is planning to launch a new smartwatch in a few weeks were first reported by Forbes. The report said that the new smartwatch can "passively track a wearer's heart rate and work across different mobile platforms." 

Another one of its main features is its long battery life -- one that could last for more than two days, Forbes said citing unidentified sources. This feature will put this new product on top of Samsung's Galaxy Gear smartwatch and Moto 360 which usually can only last for a day.

Apple Insider said that Microsoft might have seen the delay in the availability of the Apple Watch as a way to "capitalize" and to compete with Apple and Samsung. Apple Watch is expected to be sold early next year. Samsung's Galaxy Gear smartwatch, on the other hand, was unveiled a year earlier. Forbes said that the smartwatch market is eyed to be worth more than $7 billion next year.

One of the features that many are looking forward to is the device's capability to sync with iOS, Android, and Windows Phones. This was again first revealed by Forbes in an earlier report dated May 29.

The Forbes report quoted Microsoft CEO Satya Nadella saying that it's time for them to create the "next big thing" by making their software available on "all devices." For instance, the Microsoft Office is now available for iPads.

Apple Insider as early as May said that there were rumors that the new device would be made of "translucent aluminum" which is reportedly "three times harder than glass."

To date, there is still no confirmation from Microsoft about the new device. It is still not clear as to what it will be called and how much it will cost. The Business Insider argued that Microsoft's phones and tablets have lower prices that Apple so they expect the new Microsoft smartwatch to be cheaper than the Apple Watch which may cost more than $350. The new smart watch, it said, may be sold between $200 and $300.

Meanwhile, PC Advisor said that new device will have an optical sensor, electrical connector, and data connector. It claimed that the smartwatch "will be packed with sensors." It even said that it will contain more than 10 sensors, including a "blood-glucose monitor and a UV sensor." It is also speculated that it will have a fitness tracker and GPS. It may also come in with a removable screen.

Other applications such as music player, alarm clock, messaging and telephone are also expected to be included in the device, PC Advisor added.