Apple's much anticipated entry into the wearable market faces one big challenge—the wearable market itself.

Mike Prospero, reviews editor at Tom's Guide, told CNBC that the market seemed "fairly tepid," and it's already rife with competition. Only about 1 million smartwatches has been sold so far, he added.

Read MoreApple Live Blog: Here comes the smartwatch

Smartwatches are "all sort of incomplete at the moment," said Prospero, who recently reviewed the most popular ones. "None really last more than a day on a charge except for maybe the Pebble, which is a big consideration when you're carrying something around."

Read MoreWhat could make or break the Apple Watch

Patrick Moorhead, founder and president of tech analysis firm Moor Insights & Strategy, told CNBC that while the current crop of smartwatches are far from perfect, Apple's entry into the wearable market could improve sentiment.

Read MoreWearable roundup: Finding the perfect fit for you

"I believe that once Apple officially launches their smartwatch and consumers start using it and buying it, that smartwatch sentiment will improve," Moorhead said. "Like in phones, I predict that Apple will own the premium-priced category and everyone else will be fighting for the rest of the market."