Global enterprise wearable market is anticipated to reach 22.3 billion by 2025 owing to the increasing use of wearable devices by geriatric population due to chronic disorders and growing demand from emerging economies of Asia Pacific region. Enterprise wearables are the wearable consumer gadgets used in industries like healthcare and medical, wellness and fitness, infotainment, industrial & military, etc. In healthcare and medical segment, they monitor vital body signs for probable disorder, in military and industrial purposes, they monitor activities & augment senses. They are also used for advanced lifestyle purposes or entertainment.
Growth Drivers:
Enterprise wearable market is witnessing growth due to the introduction of modern technologies like non-invasive glucose monitoring devices for medical, smart glasses & watches, and wide availability of products from leading manufacturers. The adoption of consumer medical devices is growing due to increasing awareness about health, which increases the demand for enterprise wearables, thereby encouraging enterprise wearable industry. Also, the growing demand of enterprise wearables for heads-up displays in production areas, hand-worn terminals in warehousing & logistics, smart clothing for tracking location, and detecting industrial gases is stimulating the market growth of enterprise wearable.
However, factors like lack of efficient products, poor user compliance, and lack of enhanced experience are hampering enterprise wearables market. High energy consumption and limited battery life are another restraining factors of the market. Device protection and need for thermal consideration are few challenges for enterprise wearables industry.
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Key Players:
The prominent players in enterprise wearables industry are Apple Inc., Adidas AG, Samsung Electronics Co. Ltd, Alphabet Inc., Xiaomi Inc. Seiko Epson Corporation, Misfit Inc., Eurotech S.p.A, Fitbit Inc. and Sony Corporation.
Product Outlook:
- Wrist-wear
- Foot wear
- Eye wear
- Arm wear
- Head wear
Head wear segment is projected to register significant growth due to its increasing use in progressing technologies like AR and VR. Based on technology, enterprise wearable industry is divided into IoT (Internet of Things) and Bluetooth technology. IoT segment holds larger market share of enterprise wearable due to growing expected applications of real-time IoT in various technologies.
Application Outlook
- Infotainment
- Healthcare
- IT & telecom
Owing to the increasing spending power of consumers and growing healthcare awareness, healthcare segment is expected to dominate the market of enterprise wearables in terms of revenue in the coming years.
Regional Outlook:
Geographically, enterprise wearable industry is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific is predicted to lead the market of enterprise wearable owing to the increasing adoption of wearable devices for healthcare purposes.
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