Time on its side: Apple Watch said to be raising bar

"The most successful firms will think beyond wearables and focus on understanding consumers' expectation to be served in the micro moment－the instant quick information is needed, and can be obtained with just a glance at the device or wearable on hand," said the report co-authored by J. P. Gownder, a Forrester researcher covering wearable devices.

"Firms that master serving customers in these micro moments will advance on the latest engagement battleground," it said.

In addition, Apple's clear attempt to explore the online payment services segment is making the company's future wearables even more terrifying for its competitors.

Apple showed off its latest mobile payment function, which uses near field communication technology, at the iPhone 6 launch.

Although the Apple Pay is available only in some select US outlets and not yet on the watches, industry insiders believe that the mass adoption of near field communication technology in mobile payment sector is imminent.

Li Ye, an Analysys International researcher, said Apple's aggression in the area may prompt other players to adopt the new mobile device-based payment technology more quickly.

"It will be a difficult battle for China to fully accept the use of NFC in payment services because the adoption of new technology means a strong profit setback for those who are using traditional payment methods," said Li.

More efforts are needed from other players in the industry to support the usage of NFC in mobile products, including smartphones and wearables, he said.