It was reported that Apple acquired Passif Semiconductor, a semiconductor company. Aside from that, it also published patents that seem to indicate the future direction it will soon be pursuing. According Jonny Evans of Computerworld, the acquisition and the patents suggested Apple's move towards wearable technology as well as contactless payment solution.

The company's venture into this new realm of wearable gadgets could take the company into another wave of popular devices akin to the iPhone and iPad. The wearable technology market was estimated to reach US$4.6 billion this year, according to a report compiled by Visiongain. Visiongain provides information to businesses in telecom, pharmaceutical, defense, energy, and metal industries.

Furthermore, the report will follow the same model as smartphones and tablets followed. In the next five years, wearable gadgets could see an explosive growth both in sales and adoption rate. "With virtually limitless applications to a number of verticals the wearable technology market represents a huge value proposition to all ecosystem members, from manufacturers to app developers and service providers," the report added.