The worldwide enterprise wearable market is anticipated to reach approximately USD 22.3 billion by 2025. It stood at around USD 276 million in 2015. Factors that drive the market are escalating demand for enterprise wearables from Asia Pacific and from verticals such as manufacturing, healthcare, and IT & telecom. Growing geriatric population and prevalence of chronic diseases like diabetes and coronary heart diseases in China and Japan are expected to spur demand over the forecast period (2014 to 2025).
Enterprise wearables are devices that can be worn as accessories or implants. They aid enterprises and employees in their daily tasks. Popularity of these devices in manufacturing and healthcare is expected to boost market growth over the forecast period. Advances in wearable technology and future applications in Augmented Reality (AR) & Virtual Reality (VR) can improve connectivity between employers and employees.
Technological innovations have expanded applications of wearables in clothing, automotive, and electronics. For instance, Southern Co., an energy company based in the U.S., has adopted head-worn Bluetooth-enabled cameras for field work in some of its plants. These cameras alert the proximity of equipment to workers, which in turn increases their efficiency. Potential applications of wearables encompass field management, mobile workforce management, workforce authentication, and corporate wellness.
In-depth research report on global enterprise wearable market - http://www.grandviewresearch.com/industry-analysis/the-global-enterprise-wearables-market
The global enterprise wearable market is segmented on the basis of technologies, products, applications, and regions. Key technologies are Bluetooth, Bluetooth Low Energy (BLE), and IoT (Internet of Things). Bluetooth is expected to continue leading the market at a remarkable CAGR above 50.8% during the forecast period. Easy availability of Bluetooth in latest smartphones and tablets can be attributed to this high growth rate.
As per products, the market is divided into arm wear, foot wear, wrist-wear, and head wear. Wrist-wear is anticipated to display around 54% CAGR over the forecast period owing to applications like health monitoring, activity tracking, and mobile payments. It stood at approximately USD 124 million in 2015. Driven by increasing applications of VR and AR technologies, head wear is anticipated to grow at a 57% CAGR in the forthcoming years.
On the basis of applications, the market is split into IT & telecom, infotainment, health, and others. IT & telecom led the global market in 2015 with revenues over USD 135 million. It is anticipated to grow at a CAGR above 55% over the forecast period owing to adoption of wearable devices for workplace productivity, customer engagement, and employee time management.
Regions include North America, Latin America, Asia Pacific (APAC), Middle East & Africa (MEA), and Europe. North America led the worldwide enterprise wearable market with a revenue share over 45% in 2015 ascribed to amplified regional demand for smartphones and ever-increasing IoT applications across various sectors. APAC on the other hand, may grow robustly on account of high adoption of medical wearable devices in India and China.
Major market players are Adidas AG; Samsung Electronics Co. Ltd.; Alphabet Inc.; Seiko Epson Corporation; and Apple Inc. These players focus on research & development to manufacture novel products. Partnerships and joint collaborations are vital strategies often adopted by chief players in the overall enterprise wearable market. For instance, Google, a subsidiary of Alphabet Inc.; acquired Cronologics in 2016. This can help Google expand its smartwatch division. Advancements in bio-sensing technology can assist key participants in expanding their reach in healthcare applications.