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May 21, 2020, 4:56 p.m. EDT

Need for Immersive Customer Experience Boosts Growth in the Enterprise Wearable Market – Arizton

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May 21, 2020 (AB Digital via COMTEX) -- The global enterprise wearables marke size is expected to grow at a CAGR of over 41% during the period 2019–2025.

Some of the automotive companies like Audi, BMW, Volkswagen, and Daimler are considered to be the forerunner in the industry to adopt wearables in the workspace. However, the core purpose of the wearables is being adopted in the logistics and warehousing, where it is used to reduce the production time and improve precision. Saudi Aramco and BP are some of the renowned petroleum companies adopting the wearable technology to reduce the workplace hazards.

Arizton’s recent market research report considers the present scenario of the enterprise wearables market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Enterprise Wearables Market – Dynamics

Here are the list of trends and drivers that are impacting the revenues and profitability in the global enterprise wearables market:

  • Growth in Bring Your Own Wearable

  • Growth in Smart Clothing

  • Need for Tracking Workplace Wellness

  • Growth in Wearable Technology Solutions

  • Rise in Adoption of IoT in Enterprises

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Enterprise Wearables Market – Segmentation

This research report includes a detailed segmentation by product type, end-user, connectivity, and geography.

  • Eyewears, which predominantly comprise smart glasses, stood after wristwear in terms of revenue in 2019. These glasses are more prevalent in oil & gas, mining, logistics, IT & telecom, automotive, and retail industries. APAC is expected to be the fastest-growing market for the segment due to the high concentration of IoT-based industries in China, South Korea, Japan, and other emerging countries such as India and Indonesia.

  • The logistics and warehousing segment is estimated to grow at a CAGR of over 40% due to the wide adoption of smart glasses and wrist wears to promote operational excellence. While retail industries utilize wearable technology for enhancing the customer experience, the real-time order management among enterprises is expected to drive the growth.

  • Wi-Fi-based connectivity is ideal for employees being deployed at remote workplaces as it facilitates high-speed integration and seamless engagement. Wi-Fi is the preferable connectivity mode for oil, gas, mining and other large warehousing enterprises, Europe contributed over 34% to the total market in 2019; however, the APAC region is expected to grow at the fastest CAGR during the forecast period in terms of revenue.

Market Segmentation by Product Type

  • Wrist Wear

  • Eyewear

  • Arm wear

  • Headwear

  • Others

Market Segmentation by Connectivity

  • Bluetooth

  • WIFI

  • Cellular & NFC

Market Segmentation by End-users

  • Healthcare

  • Retail

  • IT & Telecom

  • Oil & Gas and Mining

  • Logistics & Warehousing

  • Construction

  • Automotive

  • Transportation & Hospitality

  • Others

Enterprise Wearables Market – Geography

The wearable adoption in the enterprises and industries is more prevalent in the western countries whereas the customer centric adoption of wearables is more likely to enforce the organizations to implement the adoption in APAC and Latin America during the forecast period. Further, smart manufacturing, introduction of smart cities, investment in IoT, introduction of 5G, rise in LPWAN connectivity, growth of BYOW policy, increasing corporate wellness plans, the stringent regulations with terms of data collection and integration, the rise in number of solution & software based provider are expected to fuel the growth of the market globally that is also more likely to encourage new vendors in the market.

Market Segmentation by Geography

  • Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

  • US

  • Canada

  • China

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