Can Apple bring back the wristwatch?

Once the realm of Dick Tracy and James Bond, the wearable communication device is one step closer to becoming a reality for fanboys and consumers alike. But if Apple builds them, will people come?

Apple (AAPL) is working on wristwatch-like devices made of curved glass, reports The New York Times' Bits. The "smart watch" would run on the iOS platform the company already uses for its iPhones and iPads. Apple has talked with its biggest manufacturing partner, Hon Hai Precision Industry (also known as Foxconn), about the device, The Wall Street Journal reports.

But aside from technological hurdles, the toughest issue might be overcoming consumers' abandonment of wristwatches. Ironically, it's a trend hastened by the iPhone, as consumers have ditched watches in favor of relying on their smartphones to provide the time and much more. 

It's a trend documented by consumer research: In 2011, only 42 million Americans bought a watch, compared with 55 million in 2004, according to Experian Simmons.

It's not clear what capabilities the so-called "iWatches" would have, according to reports. For instance, would they include Siri, Apple's voice assistant? Would they also include the exercise-tracking capabilities popular with technologically advanced wristwatches such as Garmin's (GRMN) line of Forerunner watches, which is targeted to athletes and combines heart-rate monitors with GPS capabilities?

Others have sought to introduce wearable gadgets, including Microsoft (MSFT), which introduced a line of "Spot" watches almost a decade ago, but discontinued the device in 2008. (Microsoft is the publisher of MSN Money.)

Still, some are hopeful that wearable technology could be the next thing for Apple. Google (GOOG) is also experimenting with the idea, developing eyeglasses with a computer inside them and a display on the lenses. Time Magazine named Google Glass as one of the best inventions of the year in 2012.

"We believe technology could progress to a point where consumers have a tablet plus wearable computers, like watches or glasses, that enable simple things like voice calls, texting, quick searches, navigation,” Gene Munster, an analyst at Piper Jaffray, said in a report last month, according to The Times. He added such devices could help Apple expand into emerging markets. 

As for Apple CEO Tim Cook, he's already used to wearing technology: He's said he wears a Nike Fuel Band, an exercise-tracking device that looks like bracelet and is designed to be worn all day. 

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