Enterprise Wearable Market Analysis By Technology (IoT, Bluetooth, BLE), By Product (Wrist-Wear, Foot Wear, Eye Wear), By Application (Infotainment, Healthcare, IT & Telecom), By Region, And Segment Forecasts, 2018 - 2025

Report Overview

The global enterprise wearable market size was valued at over USD 276.0 million in 2015 and is expected to gain traction over the forecast period. The growing use of wearable devices in various verticals such as IT & telecom, healthcare, and manufacturing is expected to boost the growth over the forecast period. These devices have potential application in corporate wellness, mobile workforce management, workforce authentication, and field management, thereby increasing the demand for these devices.

U.S. enterprise wearable market, by application, 2014 - 2025 (USD Million)

Advancements in the sensor technology and its application in wearable devices are expected to further accelerate the industry growth. For instance, improvement in the bio-sensing technology is helping industry players to expand their scope in the healthcare application to measure vital health parameters, such as heart rate, body temperature, blood oxygen levels, and others.

The increasing demand for the Internet of Thing (IoT) technology in different sectors would help in driving the enterprise wearable market. The combination of IoT and wearable technology would help in the development and deployment of the next-generation value-added services in enterprises by utilizing user-centric data.

However, the growing concern among companies regarding data security and the increased complexities in IT due to the addition of wearable devices in enterprise systems are limiting the growth of these devices.

Technology Insights

The market is classified based on technology, into IoT, Bluetooth, and Bluetooth Low Energy (BLE). The Bluetooth segment dominated the enterprise wearables industry in 2015, accounting for over USD 129 million. The segment is anticipated to grow at a CAGR of over 50.8% from 2016 to 2025. Most of the products are available in the market support Bluetooth technology for connection with other electronic devices such as smartphones and tablets for the medium-range communication at the low data rate.

Product Insights 

The market can be categorized by product, into wrist-wear, footwear, eyewear, arm wear, and headwear. The wrist-wear segment was valued at over USD 124 million in 2015 and is expected to grow at a CAGR of 54% over the forecast period. Wrist-wear devices are used applications for activity tracking, health monitoring, mobile payments, identification, and authentication.

The demand for headwear devices is anticipated to exhibit a significant growth at a CAGR of 57% over the forecast period. The growing application of VR and AR technologies in different industrial sectors to increase enterprises’ interaction with employees and consumers would provide impending growth opportunities for head-mounted devices.

Application Insights

The industry is further segregated into four reportable segments with respect to applications, which include infotainment, healthcare, IT & telecom, and others. The IT & telecom application segment dominated the industry in 2015, accounting for over USD 135 million. The segment is anticipated to grow at a CAGR of over 55% from 2016 to 2025.

U.S. enterprise wearable market, by product, 2015 (USD Million)

The growing adoption of wearable technology in the IT & telecom sector for applications such as security access, employee time management, e-mails, and staff communications on real-time, customer engagement, and workplace productivity is supporting the growth of wearable products.

Healthcare is expected to capture the fastest growth at a CAGR of over 58% over the forecast period. Multiple uses of wearable devices for proactive and preventative care through remote patient monitoring, chronic disease management, and senior citizen care is supporting the high growth of enterprise wearable technology. Its capability to store and keep a tract of healthcare to use at the necessary moments also triggered the growth in the market.

Regional Insights

North America dominated the market with over 45% revenue share in 2015. This growth is attributed to the growing demand for smartphones, accompanied by the rise in applications of IoT across various industrial fields, which is significant to the growth in the region.

Asia Pacific is expected to emerge as the fastest-growing region over the forecast period. The region has seen a substantial increase in the count of adopters for wearable devices among patients for monitoring body parameters such as heart condition, glucose level, sleep, temperature, and others. In addition to this, the aging population and rising chronic diseases, such as coronary heart diseases and diabetes, in countries such as China, India, and Japan are driving growth across the region.

Key Companies & Market Share Insights

Prominent players dominating the enterprise wearable industry include Alphabet Inc., Xiaomi Inc., Fitbit Inc., Apple Inc., Samsung Electronics Co. Ltd., Adidas AG, Eurotech S.p.A, and Seiko Epson Corporation.

Key competitors are using both inorganic and organic strategies such as new product innovation, acquisition collaboration, and partnership to expand their footprint in the enterprise wearable ecosystem. For instance, in December 2016, Google, a subsidiary of Alphabet Inc., acquired Cronologics, a wearable startup company, which developed a smartwatch OS and device named CoWatch. This acquisition would help Google enhance its smartwatch business.

Enterprise Wearable Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth on the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global enterprise wearable market on the basis of technology, product, application, and region:

• Technology Outlook (Revenue, USD Million; 2014 - 2025)

  • IoT

  • Bluetooth

  • Bluetooth Low Energy (BLE)

• Product Outlook (Revenue, USD Million; 2014 - 2025)

  • Wrist-wear

  • Footwear

  • Eyewear

  • Arm wear

  • Headwear

• Application Outlook (Revenue, USD Million; 2014 - 2025)

  • Infotainment

  • Healthcare

  • IT & telecom

  • Others

• Regional Outlook (Revenue, USD Million; 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)