Enterprise Wearable Market Share, Growth, Opportunities 2030

Report Description

The global enterprise wearable market size was valued at USD 6,058 million in 2020 and is estimated to expand at a  CAGR of 27.4% during the forecast period, 2021–2028. The growth of the market is attributed to the increased use of wearable devices in different industries such as healthcare, IT & telecom, and manufacturing.

Digital support solutions that are worn directly on the body are known as enterprise wearables. These body-worn electronic gadgets allow users to share data using a business network and in the so-called pick-by-vision system. These gadgets are used for various applications such as mobile workforce management, workforce authentication, field management, and corporate wellness.

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Additionally, bio-sensing technology advancements are allowing the healthcare industry to broaden their operational scope as it provides reliable measuring of health factors such as blood oxygen levels, heart rate, body temperature, and others. Furthermore, by exploiting user-centric data, the integration of Internet of Things (IoT) with wearable technologies aid in the development and deployment of next-generation value-added services in organizations.

The COVID-19 outbreak had forced governments worldwide to shutdown manufacturing units, resulting in the limitations of industrial activities. The electronics industry has been seriously impacted, with huge disruption for its supply chain and manufacturing facilities. During February and March, the electronic production in China and Taiwan came to a halt, affecting many OEMs around the world.

Market Trends, Drivers, Restraints, and Opportunities

• Integration of advanced sensor technology and their implementation in wearable devices are projected to drive the market growth during the forecast period.
• Growing demand for IoT technologies across industries especially in the electronics sector is expected to propel the market growth rate during the forecast period.
• Using innovative mixed reality technologies help to create a next-generation computing environment for businesses. This factor drives the market growth.
• Growing concerns among businesses about data security as well as the increased complexities in IT as a result of incorporating wearable devices into workplace systems are major restraining factors that can hinder the market expansion.
• Increasing need in emerging market to provide robust facilities for health and wellness of patients are creating lucrative opportunities for market growth.

Scope of Enterprise Wearable Market Report

The report on the global enterprise wearable market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Enterprise Wearable Market Segment Insights

IT & telecom segment to expand at a considerable CAGR

On the basis of applications, the enterprise wearable market is segmented into healthcare, IT & telecom, infotainment, and others.

The IT & telecom segment is projected to expand at a considerable CAGR during the forecast period. Wearable technology is widely adopted in the IT and telecom industries for its wide applications such as employee time management, security access, e-mails, customer interaction, real-time staff communications, and workplace productivity. On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period due to its capacity to stockpile and retain a large amount of healthcare data on hand for emergency use.

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Wrist-wear segment to hold significant share of the market

In terms of products, the market is divided into footwear, eyewear, arm-wear, wrist-wear, and headwear.

The wrist-wear segment is expected to hold significant share of the market ascribed to rising demand for health monitoring, mobile payments, activity tracking, authentication, and identification. However, the headwear segment is projected to account for a key market share owing to the increased use of virtual reality and augmented reality (VR/AR) technology in various industries to improve employee and consumer interaction.

Bluetooth segment to grow at a high rate

Based on technology, the enterprise wearable market is segregated into Bluetooth, Bluetooth low energy (BLE), and IoT.

The Bluetooth segment is expected to grow at a high rate during the projected period as Bluetooth technology enables for connecting to other electronic devices such as tablets and smartphones for medium-range communication at modest data rates.

North America is anticipated to constitute a key market share

In terms of regions, the enterprise wearable market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is expected to constitute a key share of the market during the projected period owing to the rising smartphone demand, and increasing IoT applications across a variety of industries. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Moreover, the wide prevalence of diseases such as heart condition, inconsistent glucose level, sleeping problems, rising temperature, and others among a large number of the regional population present another key drivers of the market expansion in the region.

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