Global B2B Enterprise Industrial Wearables Market Grows Tremendously at a CAGR of 27.50%

Industrial and commercial B2B Wearable technology is valuable for raising worker productivity, safety, and quality in the industrial, logistics, healthcare, and lifestyle sectors. These devices are sophisticated electronic components that collect data, monitor activity, and provide experiences customized to user needs and preferences. Smartphone penetration and increased healthcare awareness are the two fundamental reasons propelling the market for enterprise wearables. Benefits like the ease of use, adaptability, and convenience propel the market forward.

The high cost of corporate wearables and the growing data protection and privacy issues hamper the market's expansion. Industrial wearables are becoming more and more common as production costs continue to fall and functionality improves due to consumer sector learning. Industrial wearables boost performance, eliminate touch loops, increase safety, hasten onboarding and training, and enable remote technical consultation.

Market Dynamics

Growing App Ecosystem Drives the Global Market

Flexible wearable technologies are opening up new possibilities with business-focused smartphone apps. With an emphasis on business applications, wearable technology makers have been drawn to the enterprise sector's growing adoption of IoT devices and BYOD trends. As wearables are anticipated to meet their needs, many businesses will leverage technology to develop corporate apps. These apps are enhancing organizational productivity and enabling real-time decision-making by expanding the applications of analytics and predictive modeling.

Wearable device app development, wearable device app integration, application development, app UI/UX designs, and app maintenance are some of the essential services provided by wearable app developers. These programs can also gather information and make decisions in real-time. In industrialized countries, the use of tracing apps and wearable technologies in businesses is skyrocketing. For instance, since releasing its "Check In" contact tracing software, U.S.-based Pricewaterhouse Cooper (PwC) has marketed the system to more than 60 businesses.

Demand for Smart Factory Set-Ups Creates Tremendous Opportunities 

Thanks to smart factories and Industry 4.0, which enable a hyper-connected industrial area, wearables are vital in transforming traditional workers and machines into smart and connected ones. Industrial Internet of Things (IIoT) solutions are typically implemented as wearables to increase the operational effectiveness of linked machine-based industrial and manufacturing processes. According to Microsoft, IoT is becoming a requirement for the manufacturing industry. 87% of industrial decision-makers have accepted IoT, and the clear majority believe that the technology will help their businesses expand and are satisfied with it.

In a smart factory, manufacturers can increase product quality testing, make highly customized items on demand, alert a worker in real-time, and monitor a turbine using strain gauges connected to a local decision-making edge board. According to Siemens, wearables enhance the processing sector's quality and safety. Industrial smartwatches or wristbands can detect workplace dangers like contagious staff by measuring blood pressure and body temperature. The food processing business may save millions of dollars while safeguarding the general public's health by preventing food contamination and having items taken off shelves.

Regional Analysis 

North America is the most significant revenue contributor and is expected to grow at a CAGR of 26.7% during the forecast period. Growing internet usage and increased research expenditure by local firms and industries are driving the development of smart wearable technology for various applications. According to the National Safety Council, the average settlement for a slip-and-fall incident is 46,000 dollars. More than 1.2 billion dollars are paid weekly in workers' compensation claims in the United States. One of North America's most well-known life insurance providers, John Hancock, has discontinued providing coverage without digital fitness tracking. In addition, several forward-thinking American companies have begun utilizing wearable technology in their daily operations. Additionally, one of the first SmartGlass applications created by Canadian company Vandrico Solutions Inc. to build a head-mounted device similar to Google Glass is aimed at the mining industry.

Europe is expected to grow at a CAGR of 27.80%during the forecast period. The Erasmus+ program of the European Union funded the research. Numerous firms and universities from around Europe are participating in the project. The government-funded initiative also gives businesses guidance on how to apply cutting-edge technology. The healthcare sector in the area is growing more and more interested in smart fabrics. Pirate Ltd, a UK-based firm, sells smart sensor gear that uses nanotechnology for constant physiological monitoring and emergency care in hospitals and nursing homes. Its smart materials are also meant to be warm and durable. The use of head-mounted displays in B2B transactions is predicted to grow considerably with the rollout of 5G in the European region. The European Union is promoting the adoption of 5G via its 5G for Europe Action Plan. It hopes to provide fully functional 5G services in Europe by 2020. By 2025, all major terrestrial transportation corridors and urban regions should have consistent 5G coverage.

Key Highlights

• The global B2B enterprise industrial wearables market was valued at USD 7.91 billion in 2022. It is projected to reach USD 70.42 billion by 2031, growing at a CAGR of 27.50% during the forecast period (2023-2031). 
• Based on device type, the global B2B enterprise industrial wearables market is bifurcated into HMDs, wrist wears (smartwatches and fitness bands), enterprise smart glass, smart clothing and body sensors, wearable cameras, and other device types. The wrist wears (smartwatches and fitness bands) segment is the highest contributor to the market and is estimated to grow at a CAGR of 27.4% during the forecast period.
• Based on the end-user industry, the global B2B enterprise industrial wearables market is bifurcated into IT and telecom, healthcare, retail, insurance, manufacturing, and other end-user verticals. The healthcare segment is the highest contributor to the market and is estimated to grow at a CAGR of 27.6% during the forecast period.
• North America is the most significant revenue contributor and is expected to grow at a CAGR of 26.7% during the forecast period.

Market Segments

Global Enterprise Industrial Wearables Market: Segmentation

By Device Type

• HMDs, Wrist Wears (Smart Watch and Fitness Bands)
• Enterprise Smart Glass
• Smart Clothing and Body Sensors
• Wearable Cameras
• Other Device Types

By End-User Industry

• IT and Telecom
• Healthcare
• Retail
• Insurance
• Manufacturing
• Other End-user Verticals

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA