Global Statistics Representing Enterprise Wearable Market Scenario
Wearable technology encompasses computer and advanced electronics technologies used in accessories and clothing. Wearables include fitness trackers/bands, smart glasses, smart watches, smart clothing, and others. With the growing sophistication of wearable technology, products such as Apple watch and Fitbit have started gaining traction and companies are now releasing wearables in quick succession. Wearables have potential applications in corporate wellness, mobile workforce management, workforce authentication, and field management. Therefore, the demand for enterprise wearable technology has been expanding in the market.
Employee wearables can be used to track workplace productivity and offer real-time access to customer data, hands-free instruction or guides for field services, and employee biometric vitals. Wearables are increasingly being adopted in businesses to improve employee productivity. For instance, according to Salesforce.com, Inc.,
The rising demand for virtual reality and augmented reality experiences is expected to further fuel the demand for enterprise wearables. Advancements in VR and AR technologies would help increase connectivity and enterprises' interaction with employees and consumers. Additionally, growing awareness regarding health and wellness, increasing incidence of chronic diseases such as heart attack and diabetes, globally are accelerating the demand for enterprise wearables. On the flip side, the high cost associated with enterprise wearables may hinder the growth of the global enterprise wearable market.
The global enterprise wearable market accounted for over USD 21.9 billion in 2017 and is expected to grow at a CAGR of 11.8% during the forecast period, 2019–2026.
Enterprise wearables are drastically changing the business landscape. The global enterprise wearable market can be segmented on the basis of technology, product, and application. By 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 growth potential.
By product, the market can be segmented into wrist wear, footwear, eyewear, and others. Wristwear accounts for a dominant share of the global enterprise wearable market. For instance, according to Salesforce.com, smartwatches most significantly impact the market, followed by digital badges or lanyards and smart glasses.
By application, the market can be segmented into infotainment, healthcare, and IT & telecom. The IT & telecom segment holds the largest market share wherein wearables are used for security access, employee time management, e-mails, and staff communications on real-time, workplace productivity, and customer engagement. Additionally, a large number of smartwatches are adopted in the healthcare industry.
Geographically, the global enterprise wearable market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
Most wearables are concentrated in North America and Asia Pacific wherein North America holds the dominant market share. According to Cisco, in 2016, North America had 39 million wearables. Increasing smartphone penetration and introduction of IoT across various industrial fields together drive the demand for wearables in the region. The presence of early adopters of technology and a high concentration of innovation and spending on research and development (R&D) are also contributing to market growth in the region.
Europe is projected to exhibit remunerative growth during the forecast period. In the U.K., businesses and academia are seeking partnerships to co-develop wearable technology.
Asia Pacific is experiencing healthy growth in the global enterprise wearable market. With the expanding aging population and increasing prevalence of chronic diseases, the acceptance of medical wearables to monitor bodily conditions such as glucose level, heart condition, temperature, and sleep in countries such as China and India is steadily increasing. Among all regions, LAMEA accounts for the least share of the enterprise wearable market.
Alphabet Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Adidas AG, Xiaomi Inc., Eurotech S.p.A, Apple Inc., and Seiko Epson Corporation are among the noteworthy players operating in the enterprise wearable market.
Enterprise Wearable Market Segmentation
Why Buy This Report?
This report offers key insights pertaining to the enterprise wearable market with an emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.