Enterprise wearables market size is expected to grow at a CAGR of around 41% during the period 2019−2025.
Key Highlights Offered in the Report:
- The global enterprise wearables market is expected to post an absolute growth of approximately 690% in terms of revenue during the forecast period.
- Wrist-wear is expected to dominate the market during the forecast period; however, arm-wear will grow at faster pace, posting a CAGR of more than 47% in terms of value sales, and at a CAGR of around 50% by volume sales.
- Cellular and NFC will be the most popular connectivity type by 2025, adding a total revenue of over $9 billion with an absolute growth of around 910%.
- Healthcare, IT & telecom, and logistics will be the major contributors to the growth of market and together will add more than $16 billion by 2025.
- In Europe, oil & gas sector will increase the usage of enterprise wearable and will post an absolute growth of over 850% by 2025.
- Head-wear is expected to grow at the fastest in APAC at a CAGR of more than 50% and will add 1.5 million units by 2025.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product type, end-user, connectivity, and geography
- Competitive Landscape – Profile of 5 key vendors and 21 other vendors
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Enterprise Wearables Market – Segmentation
- 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. APAC is expected to be the fastest-growing market for the segment due to the high concentration of IoT-based industries in China, South Korea, Japan, and other emerging countries such as India and Indonesia.
- The logistics and warehousing segment is estimated to grow at a CAGR of over 40% due to the wide adoption of smart glasses and wrist wears to promote operational excellence. While retail industries utilize wearable technology for enhancing the customer experience, the real-time order management among enterprises is expected to drive the growth.
- While the Bluetooth segment is likely to continue its dominance in terms of revenue, the cellular and NFC segment being the most utilized forms of connectivity is expected to grow the fastest CAGR during the forecast period. The Bluetooth platform is embedded in most smartwatches.
Market Segmentation by Product Type
- Wrist Wear
- Eyewear
- Arm wear
- Headwear
- Others
Market Segmentation by Connectivity
- Bluetooth
- WIFI
- Cellular & NFC
Market Segmentation by End-users
- Healthcare
- Retail
- IT & Telecom
- Oil & Gas and Mining
- Logistics & Warehousing
- Construction
- Automotive
- Transportation & Hospitality
- Others
Enterprise Wearables Market – Dynamics
The access and feasibility to wellness applications, wearables, VR, and telemedicine are estimated to enhance corporate wellness at the workplace. For instance, GE which is one of the global players in the electronics industry has implemented wearable technology in its aviation workspace. The managers in the institution are concerned with safety features for the employees. They are making use of the smart glasses and mechanics that can help build engines that require tightening nuts without the need to stop and check for reference manuals. These glasses are also equipped with a software from Upskill that guides mechanics through some of the difficult tasks.
Key Drivers and Trends fueling Market Growth:
- Growth in Bring Your Own Wearable (BYOW)
- Growth in Smart Clothing
- Growth in Wearable Technology Solutions
- Rise in Adoption of IoT in Enterprises
Enterprise Wearables Market – Geography
With wearables 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, such as healthcare, construction, manufacturing, and retail sectors. Moreover, 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 growth of the enterprise wearables market. 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.
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Market Segmentation by Geography
- Europe
- Germany
- UK
- France
- Spain
- Italy
- US
- Canada
- China
- South Korea
- Australia
- South Korea
- India
- South Africa
- UAE
- Turkey
- Saudi Arabia
- Brazil
- Mexico
- North America
- APAC
- MEA
- Latin America
Major Vendors
- Samsung
- Microsoft
- Vuzix
- Apple
Other vendors include – Xiaomi, Seiko Epson, Pico, RealWear, Recon, Optivent, Osterhout Design Group (ODG), North, Nymi, SmartCap, DAQRI, Dynabook Inc., Pro Glove, Motorola, Sony, Pivothead, Wisewear, Zebra Technologies, Withings, Ellice Healthy, and Fujitsu.
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