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.
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 account 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.
Geographically, the global enterprise wearables market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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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 from the U.K. are seeking partnerships to co-develop wearable technology.
Asia Pacific is observing healthy growth in the global enterprise wearable market. 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.
Alphabet Inc., Xiaomi Inc., Fitbit Inc., Apple Inc., Samsung Electronics Co. Ltd., Adidas AG, Eurotech S.p.A, and Seiko Epson Corporation are among the key players operating in the enterprise wearables market.