Qualcomm is reportedly in the early stages of development on a couple of chipsets called the Snapdragon Wear 429 and the Snapdragon Wear 2700. According to WinFuture, these are customized versions of the Snapdragon 429 chip that's been used in affordable smartphones recently.
With this customized Snapdragon 429 chipset, it's said that we can expect the Wear 429/Wear 2700 to include features like 1GB of LPDDR3-based memory, 8GB of storage, Bluetooth 5.0, and a 12nm 64-bit chip with four ARM Cortex-A53 cores. It's also rumored that Qualcomm could include a "Track3" helper chip which would be an improved version of the helper chip in the Snapdragon Wear 3100. This Track3 helper chip could do things like record steps while the watch is not in use, helping to save on battery life.
Unfortunately, because the Wear 429/Wear 2700 is still in the early stages of development, it's said that it may not see a public release until next year.
Qualcomm launched the Snapdragon Wear 3100 at the end of 2018, and the new chip placed a focus on improving battery life. It didn't seem to do much for Google's Wear OS ecosystem, though. We'll have to wait and see if this rumored Wear 429/Wear 2700 can give Wear OS a boost; it sounds like a nice improvement, but this is all very much unconfirmed right now, and we'll need someone to step up and make some nice watch hardware to put the new chip in, too.
Have you ever used a Wear OS smartwatch? Do you have any interest in buying a new one?