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Enterprise wearable market size to cross USD 37 billion by 2025.
This market research report covers global enterprise wearable market covers size, market share, industry analysis, market trends, growth drivers, and vendor analysis. The study includes insights on the segmentation by Product Type (wristwear, eyewear, arm wear, headwear, others), End-user (healthcare, retail, IT & telecom, oil & gas and mining, logistics & warehousing, construction, automotive, transportation & hospitality, and others), Connectivity (Bluetooth, WIFI, and cellular & NFC), and Geography (APAC, Europe, North America, Latin America, and the Middle East & Africa).
The global enterprise wearable market size is expected to grow at a CAGR of over 41% during the period 2019–2025. The wide adoption of Bring Your Own Devices (BYOD) is likely to increase the demand in the smart wearable market. Several progressive organizations are utilizing wearable devices in the professional space, which is expected to improve operational effectiveness. Watches, glasses, and body monitors tend to serve as effective devices for workplace applications. The increasing market trend to enable the employee to bring their own wearable to the workplace will eventually lead to the overall productivity. A few IT organizations are promoting the use of customized devices along with BYOW, which further leads to the global enterprise wearable market growth.
The increased awareness of smart apparel to improve working conditions and safety levels among workers is driving the market growth. By leveraging wireless connectivity, AI technology, and wearing enhancements, the smart clothing segment is expected to witness a surge in demand from oil & gas, mining industries. Therefore, the growing responsiveness to the safety and security of workers will serve as a major factor driving demand for smart clothing for enterprises.
- The digital transformation efforts in the UK oil and gas industries are likely to speed up the adoption of IoT-based applications and devices.
- The total number of health-based wearable and fitness trackers will reach over 125 million by the end of 2023, which is likely to uptick the market growth.
- Over 75% of the German population is willing to share health data with medical professionals through wearable. Hence, medical centers are looking to collaborate with manufacturers to develop wearable technologyinfrastructure, thereby boosting growth.
The global enterprise wearable market is expected to grow at a CAGR of over 41% during the period 2019–2025.
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ENTERPRISE WEARABLE MARKET SEGMENTATION
This research report includes a detailed segmentation by Product Type, End-user, Connectivity, and Geography.
INSIGHTS BY PRODUCTS
Wrist wears were the dominant segment in the enterprise wearable market in 2019, and the segment expected to sustain its position during the forecast period. Further, the presence of a significant number of players with affordable products is fueling the demand in the market. As the gadget is no longer seen as a fashion statement, the competition is gaining momentum based on the technological edge. North America was estimated as the largest wristwear market in 2019, which is closely followed by Europe and APAC.
Eyewears, which predominantly comprise smart glasses, stood after wristwear in terms of revenue in 2019. These glasses are more prevalent in oil & gas, mining, logistics, IT & telecom, automotive, and retail industries. The APAC enterprise wearable market is expected to grow at the fastest CAGR during the forecast period. The integration of artificial intelligence (AI) with smart glasses is likely to boost the adoption of these smart glasses among enterprises.
Head wears, which consists of smart helmets, constituted over 5% of the total shipments in 2019. They are utilized in construction, oil & gas, mining industries due to the increased emphasis on enhanced safety and security for workers. Hence, the rise in demand from oil & gas, healthcare, and the infotainment industry is likely to act as a major driver behind the growth of the segment. Further, advances in brain-sensing technology and VR platforms will contribute to the advancement in the global enterprise wearable market.
INSIGHTS BY END-USER
The market share by end-user segment will be dominated by the healthcare industry. The oil, mining, and construction end-users are expected to offer substantial growth opportunities to the leading market players during the forecast period.
The UK and Germany are considered to be global leaders in adopting the latest innovations in the medical sector. The highly sophisticated patient monitoring, diagnosis, treatment, remote consulting in Europe is expected to stimulate demand in the next five years. Smartwatches, bands, and smart rings are the most preferred devices in the segment, where Bluetooth and Wi-Fi are the major sources of connecting platforms.
The logistics and warehousing segment is estimated to grow at a CAGR of over 40%. The retail industries utilize wearable technology for enhancing the customer experience and the real-time order management among enterprises. This is expected to drive the global enterprise wearable market growth. NFC connectivity has more prominence in retail industries when than other enterprises utilizing wearable devices.
The automotive industry is one of the fastest-growing industries in the adoption of enterprise wearable technology during the forecast period. The IT industry is expected to implement wearable to increase employee liability by creating customized programs that can improve overall well-being, increasing the affinity for workers, and helping the employer’s cost-control better. Enterprises are already utilizing these technologies to follow the health of their employees.
INSIGHTS BY CONNECTIVITY
The Bluetooth segment is likely to continue its dominance in terms of revenue. The cellular and NFC segment is expected to grow the fastest CAGR during the forecast period. Europe contributed over 34% to the total market share in 2019. However, the APAC region is expected to grow at the fastest CAGR during the forecast period in terms of revenue.
The cellular and near-field communication (NFC) market size is expected to reach over $10 billion by 2025. The growth in contactless payments and the introduction of 5G is expected to boost the adoption in the coming years.
INSIGHTS BY GEOGRAPHY
With wearable being adopted in public safety, military, and aerospace industries, the North America region offers immense opportunities. The rise in the number of solutions and technology providers in the region can aid in the adoption. The tech companies are implementing digital and IoT-based wearable solutions in several industries.
The presence of recognized IoT-based enterprises such as Canvass Analytics, Raven Telemetry, and Terrene, making efforts to digitize the manufacturing process through IoT based solutions, is driving the enterprise wearable market growth. Most automotive industries are increasing the application of wearable technology such as smart glasses, which are expected to grow the market in the coming years.
Europe is expected to generate incremental revenue of over $10 billion in the next five years. The Automotive industry in Italy are serving as the hotspot for smart glasses and wrist wears. The UK and Germany are being the forerunners in the adoption of medical wearable technology. The digital transformation in the oil & gas and mining industries is set to dominate the market further.
INSIGHTS BY VENDORS
The enterprise wearable market share by company consists of a few significant vendors. Customizable demands and tapping the potential markets with mergers and acquisitions can play a major role in the market growth during the forecast period. Google, Samsung, Microsoft, Vuzix, and Apple are going to have noteworthy market share in the global enterprise wearable industry.
The enterprise wearable market research report includes in-depth coverage of the industry with revenues & forecasts for the following segments:
Market Segmentation by Product Type
- Wrist Wear
- Arm wear
Market Segmentation by Connectivity
- Cellular & NFC
Market Segmentation by End-users
- IT & Telecom
- Oil & Gas and Mining
- Logistics & Warehousing
- Transportation & Hospitality
Market Segmentation by Geography
- North America
- South Korea
- South Korea
- South Africa
- Saudi Arabia
- Latin America
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KEY QUESTIONS ANSWERED
- What is the global enterprise wearable market size forecast?
- What are the factors impacting the market growth?
- How will COVID-19 impact the enterprise wearable industry?
- What are the drivers, trends, and challenges in the market?
- Who are the leading vendors and their market share?
- What are the key challenges to the market growth?
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