Upcoming Apple Watch software update rumored to bring a new "Find my Watch" feature

Sources also suggest that Apple will include a functionality that will ping the connected iPhone if the system detects that the Apple Watch gets out of range. The lack of security features has drawn a lot of criticism from the online community, but it looks like Apple will soon address the issue.

The upcoming Apple Watch software update is also said to allow developers to create third party "Complications", which are elements that can be overlaid on top of watch faces. Unfortunately, it looks like support for third-party watch faces are not something that Apple is working on at the moment.

Looking into the future, Apple is rumored to expand on the health and fitness capabilities of the Apple Watch platform. Blood pressure monitoring and sleep tracking are both said to make their way to the platform over the next few years.

It remains to be seen how many of these new features will be made available for current-generation Apple Watch models, as some of these additions might require new hardware such as new sensors.

With Apple's WWDC right around the corner on June 8, chances are that it won't be long before we hear more about the Apple Watch software update from the manufacturer itself.