Microsoft could be working on a connected device similar to Google's Project Glass that would debut sometime next year according to a note to investors from analyst Brian White. What's more, he believes that Google has made significant breakthroughs around software applications as it relates to Glass which will help usher in a new industry of wearable electronics.

The software giant filed for a patent for a wearable glasses device late last year although the device appeared to be more of an entertainment accessory to enhance the experience of sporting events and the like rather than a daily personal assistant of sorts like Google Glass.

Google Glass is by far the most anticipated wearable device this year simply because we know it exists and is coming later this year. We don't have an exact release date but Google has said that it will be ready by the end of the year for less than $1,500.

Another hot topic in the field of wearable electronics is Apple's rumored wristwatch, dubbed the iWatch. As usual, Cupertino hasn't officially announced anything on the subject but most industry insiders believe the product is under development with an unveiling imminent. Samsung has also confirmed they are working on a smartwatch, too.

While gadgets like Google Glass are a hot topic among tech enthusiasts, it remains to be seen whether or not the average consumer will have any interest in wearable electronics.