Multiple sources have confirmed that Google will be releasing an updated version of Android Wear on Oct. 15.

Android Wear, Google's version of the Android operating system for wearable devices, will soon become Android Wear 2.0. This is not the official name of the release, but for now signifies that the second version of the wearable platform is a major release and not simply a minor update.

The current Android Wear platform allows the user to connect the wearable device to an Android smartphone. The user is able respond to messages, SMS and email through voice using the Ok Google feature. The platform also has the capability to monitor the wearer's step count and heart rate. 

Android Wear 2.0 will most likely also include these features found in the first version of the platform, with rumors of many additional components.

One of the rumors for Android Wear 2.0 is that it will feature a new API for custom watch faces. This will allow developers to modify every single pixel on a smartwatch's small display.

Support for Bluetooth headsets could also be included with the update, which will allow the wearable device to stream music to a compatible Bluetooth headset. 

GPS capabilities may also be included, as most wearable devices using the Android Wear platform are currently used for sports activities such as running. GPS support will be useful in location and distance tracking, among other things.

Google is working on its Android Wear platform as the company looks to capitalize on the potentially lucrative market for wearable devices. According to research company CCS Insight, 9.7 million wearables were sold in 2013. By the end of the year, the number is expected to be 22 million wearables sold for 2014. 

By 2018, CCS Insight expects that 250 million wearable devices will be in use.

Much of the rumored additions are discussed by Android Wear Director of Engineering David Singleton and Android Vice President of Engineering Hiroshi Lockheimer in an interview with CNET.

"We want to build technology that delights people by improving their lives. So our approach to wearables -- watches, Glass, even our smart contact lens project which is designed to help people with diabetes measure their glucose -- is to build things that you use when you need and forget about when you don't," Lockheimer said, regarding Google's approach to the development of wearable devices.

The wearable devices that are currently out in the market that use Android Wear are the LG G Watch, the Samsung Gear Live and the Moto 360.