Enterprise Wearable Technology to Have Promising Growth Prospects, Backed by Multi-Functional Applications

Introduction

The future of wearable technology seems promising, not just in economically developed countries such as the U.S. but worldwide. Enterprise wearables are drastically changing the business landscape. The fundamental appeal of wearables in industrial settings is that they help employees work in a more hands-free and heads-up manner with better access to information. New and innovative wearables promise ground-breaking capabilities; for instance, smart glasses can superimpose the physical reality of what a worker sees with digitally rendered images or information, creating what is known as augmented reality (AR). Wearables are gaining traction primarily due to their multi-functional applications.

Segmental Insights

The global enterprise wearable market can be segmented by technology, product, and application.  On the basis of technology, the market can be segmented into IoT, Bluetooth, and BLE. While Bluetooth holds the largest market share at present, IoT is expected to possess vast potential for growth in the future.

On the basis of product, the market can be segmented into wristwear, footwear, eyewear, and others, wherein wristwear accounts for the largest share in the global enterprise wearable market. By application, the market can be segmented into infotainment, healthcare, and IT & telecom, wherein the IT & telecom segment holds the largest share. Smart watches are extensively adopted in the healthcare industry, and thus, enterprise wearables are witnessing strong demand from the healthcare sector.

Regional Insights

Geographically, the global enterprise wearables market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).

North America dominates the global enterprise wearable market in terms of value share as the region is an early adopter of technology and observes significant investments in research and development (R&D). Europe is projected to exhibit remunerative growth during the forecast period. Businesses and academia in the U.K. are seeking partnerships to co-develop wearable technology.

Asia Pacific is observing healthy growth in the global enterprise wearable market. The aging population and increasing prevalence of chronic diseases in the region are surging the demand for enterprise wearables. Among all regions, LAMEA accounts for the least share in the enterprise wearable market.

Competitive Players

1. Apple
2. Alphabet Inc.
3. Adidas AG
4. Eurotech S.p.A.
5. Fitbit
6. Samsung Electronics Co. Ltd.
7. Sony Corporation
8. Seiko Epson Corporation
9. Misfit Inc.
10. Xiaomi Inc.
11. Honeywell International Inc.
12. Zebra Technologies Corporation
13. Bosch, PTC Inc.
14. RealWear Inc.

Recent Developments

• September 2023- Amber Enterprises subsidiary joined forces with Noise to manufacture smart wearables. This joint venture will enable both companies to address the evolving customer demands, provide high-quality products, and foster the growth of India's local manufacturing and design ecosystem. "IL JIN and Noise endeavor to undertake the manufacturing, assembling, and designing of wearables and other smart electronics products and thus contributing strongly towards the Make in India initiative," Amber Enterprises said in an exchange filing.

Segmentation

1. By Technology
   1. Bluetooth
   2. IoT
   3. BLE
2. By Product
   1. Wristwear
   2. Footwear
   3. Eyewear
   4. Others
3. By Applications
   1. Infotainment
   2. Healthcare
   3. IT and Telecom
   4. Manufacturing
   5. Retail
   6. Aerospace and Defense
   7. Others