Home Technology Enterprise Wearable Market Size, Growth Strategy, Analysis Forecast to 2026

Enterprise Wearable Market

Enterprise Wearable Market Size, Share & Trends Analysis Report By Technology (Bluetooth, IoT, BLE), By Product (Wristwear, Footwear, Eyewear, Others), By Application (Infotainment, Healthcare, IT & Telecom, Manufacturing, Retail, Aerospace & Defense, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRTE195DR
Study Period 2020-2032 CAGR 11.8%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Asia Pacific

Market Overview

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.

Wearable technology encompasses computer and advanced electronic technologies used in accessories and clothing. Wearables include fitness trackers and bands, smart glasses, smart watches, smart clothing, and others. With the growing sophistication of wearable technology, products such as the 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.

 

Market Dynamics

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.,

  • 23% of companies are using wearables for workplace security access.
  • 20% for employee time management, and
  • 20% for employee communication.

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 and the 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 market.

Regional Analysis

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 where in 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 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 market.

Report Scope

Report Metric Details
Segmentations
By Technology
  1. Bluetooth
  2. IoT
  3. BLE
By Product
  1. Wristwear
  2. Footwear
  3. Eyewear
  4. Others
By Application
  1. Infotainment
  2. Healthcare
  3. IT & Telecom
  4. Manufacturing
  5. Retail
  6. Aerospace & Defense
  7. Others
Company Profiles Alphabet Inc. Fitbit Inc. Samsung Electronics Co. Ltd. Adidas AG Xiaomi Inc. Eurotech S.p.A Apple Inc. Seiko Epson Corporation
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

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 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.

Market Size By Technology

Top Key Players

Enterprise Wearable Market Share of Key Players

Alphabet Inc. Fitbit Inc. Samsung Electronics Co. Ltd. Adidas AG Xiaomi Inc. Eurotech S.p.A Apple Inc. Seiko Epson Corporation

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the enterprise wearable market?
The market size is growing at a CAGR of 11.8% from 2019 to 2026.
North America has the largest share of this market.
The rising demand for virtual reality and augmented reality is the key driver for the growth of this market.
The key players in this market are Alphabet Inc.,Fitbit Inc.,Samsung Electronics Co., Ltd.Adidas AGXiaomi Inc.,Eurotech S.p.,AApple Inc.,Seiko Epson Corporation


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