Dublin, April 28, 2020 (GLOBE NEWSWIRE) -- The "Enterprise Wearables Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The wide adoption of Bring Your Own Devices (BYOD), which have successfully been adopted by IT companies, is likely to increase the demand for smart wearables. Several progressive organizations are utilizing wearable devices in the professional space, which is expected to improve operational effectiveness. Watches, glasses, and body monitors tend to serve as effective devices for workplace applications. The trend to enable the employee to bring their own wearables to the workplace will eventually lead to the overall boost productivity. A few IT organizations are promoting the use of customized devices along with BYOW, which further leads to market growth.
The increased awareness of smart apparel to improve working conditions and safety levels among workers is driving the market. Oil & gas industries serve as the forerunner and the ideal end-users for the use of smart clothing. For instance, BP is making efforts to develop a wearable jacket with sensors to monitor the physical movement of the employee and train the personnel through remote guidance features. By leveraging wireless connectivity, sensors, AI technology, and wearing enhancements, the smart clothing segment is expected to witness a surge in demand from oil & gas, mining industries. Therefore, the growing responsiveness to the safety and security of workers will serve as a major factor driving demand for smart clothing for enterprises.
The following factors are likely to contribute to the growth of the enterprise wearables market during the forecast period:
- Growth in Bring Your Own Wearable
- Development of Smart Clothing
- Growth in Need for Tracking Workplace Wellness
- Increased Adoption of IoT in Enterprises
The study considers the present scenario of the enterprise wearables market and its market dynamics for the period 20192025. 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.
This research report includes a detailed segmentation by Product Type, End-user, Connectivity, and Geography. Wrist wears were the dominant segment in the enterprise wearables market in 2019, and the segment expected to sustain its position during the forecast period. As wristwatches and fitness trackers are utilized to monitor health, fitness, heart rates, attendance, authorization, and biometric procedures, the scope and potential for the end-user are high across industries. Further, the presence of a significant number of players with affordable products is fueling the demand in the market. As the gadget is no longer seen as a fashion statement, the competition is gaining momentum based on the technological edge. North America was estimated as the largest wristwear market in 2019, which is closely followed by Europe and APAC.
With wearables being adopted in public safety, military, and aerospace industries, the North America region offers immense opportunities. The rise in the number of solutions and technology providers in the region can aid in the adoption. The tech companies are implementing digital and IoT-based wearable solutions in several industries, such as healthcare, construction, manufacturing, and retail sectors. Moreover, the presence of recognized IoT-based enterprises such as Canvass Analytics, Raven Telemetry, and Terrene, making efforts to digitize the manufacturing process through IoT based solutions, is driving the growth of the enterprise wearables market. Most automotive industries are increasing the application of wearable technology such as smart glasses, which are expected to grow the market in the coming years.
Europe is expected to generate incremental revenue of over $10 billion in the next five years. With the UK and Germany being the forerunners in the adoption of medical wearables, the automotive industry in Italy, Spain, and Portugal serve as the hotspot for smart glasses and wrist wears. The digital transformation in the oil & gas and mining industries is set to dominate the enterprise wearables market further. As tech-oriented countries in the region are more focused on artificial intelligence, and virtual reality technology, the expensive high-end devices such as HoloLens and Google Glass have a higher success ratio. With Germany being the largest IoT investor in 2019 by spending over $35 billion, the spending on IoT solutions in the European region is expected to reach over $255 billion by 2025.
The APAC region is likely to grow at the fastest CAGR during the forecast period. China, Japan, South Korea, Australia, India, Indonesia, Singapore, and Thailand are considered untapped markets with a wide window of opportunity. As the region is highly industry-oriented, wearable tech companies can target the petroleum mining, automotive, and logistics industries based on the risk imposed by the working environment. The digital revolution, industry 4.0, smart manufacturing, and growth in wearable device policy can influence growth. With the aging people in countries such as Japan and South Korea, they can serve as the hotspot for innovations in the healthcare segment.
Key Vendors
- Samsung
- Microsoft
- Vuzix
- Apple
Other Prominent Vendors
- Xiaomi
- Seiko Epson
- Pico
- RealWear
- Recon
- Optivent
- Osterhout Design Group (ODG)
- North
- Nymi
- SmartCap
- DAQRI
- Dynabook Inc.
- Pro Glove
- Motorola
- Sony
- Pivothead
- Wisewear
- Zebra Technologies
- Withings
- Ellice Healthy
- Fujitsu
Key Market Insights
- Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
- Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of The Study
4.4 Market Segments
4.4.1 Market Segmentation by Product Type
4.4.2 Market Segmentation by End User
4.4.3 Market Segmentation by Connectivity
4.4.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Covid-19 Impact
9 Market Opportunities & Trends
9.1 Bring Your Own Wearable (BYOW)
9.2 Growth in Smart Clothing
10 Market Growth Enablers
10.1 Need for Tracking Workplace Wellness
10.2 Growth in Wearable Technology Solutions
10.3 Rise in Adoption Of IoT In Enterprises
11 Market Restraints
11.1 Data Privacy And Security In Workplace
11.2 High Cost Of Wearables
11.3 Safety Regulations On Wearable Technology
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Revenue & Unit Shipment
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Product Type
13.1 Market Snapshot & Growth Engine (Revenue)
13.2 Market Snapshot & Growth Engine (Unit Shipment)
13.3 Market Overview
13.4 Wrist Wear
13.4.1 Market Overview
13.4.2 Market Size & Forecast (Revenue & Unit Shipment)
13.4.3 Market by Geography (Revenue & Unit shipments)
13.4.4 Pricing Analysis
13.5 Eye Wear
13.5.1 Market Overview
13.5.2 Market Size & Forecast (Revenue & Unit Shipment)
13.5.3 Market by Geography (Revenue & Unit shipments)
13.5.4 Pricing Analysis
13.6 Head Wear
13.6.1 Market Overview
13.6.2 Market Size & Forecast (Revenue & Unit Shipment)
13.6.3 Market by Geography (Revenue & Unit shipments)
13.6.4 Pricing Analysis
13.7 Arm Wear
13.7.1 Market Overview
13.7.2 Market Size & Forecast (Revenue & Unit Shipment)
13.7.3 Market by Geography (Revenue & Unit shipments)
13.7.4 Pricing Analysis
13.8 Others
13.8.1 Market Overview
13.8.2 Market Size & Forecast (Revenue & Unit Shipment)
13.8.3 Market by Geography (Revenue & Unit shipments)
13.8.4 Pricing Analysis
14 End User
14.1 Market Snapshot & Growth Engine (Revenue)
14.2 Market Snapshot & Growth Engine (Unit Shipment)
14.3 Market Overview
14.4 Healthcare
14.5 IT & Telecom
14.6 Retail
14.7 Logistics & Warehousing
14.8 Oil & Gas, Mining
14.9 Construction
14.10 Automotive
14.11 Transportation & Hospitality
14.12 Other Industries
15 Connectivity
15.1 Market Snapshot & Growth Engine (Revenue)
15.2 Market Snapshot & Growth Engine (Unit Shipment)
15.3 Market Overview
15.4 Bluetooth
15.5 Wi-Fi
15.6 Cellular & NFC
16 Geography
16.1 Market Snapshot & Growth Engine (Revenue)
16.2 Market Snapshot & Growth Engine (Unit Shipment)
16.3 Geographic Overview
17 North America
17.1 Market Overview
17.2 Market Size & Forecast
17.2.1 Revenue & Unit Shipment
17.3 Product Type
17.3.1 Market Size & Forecast (Revenue & Unit Shipments)
17.3.2 Pricing Analysis
17.4 End User
17.4.1 Market Size & Forecast (Revenue & Unit Shipments)
17.4.2 Pricing Analysis
17.5 Connectivity
17.5.1 Market Size & Forecast (Revenue & Unit Shipments)
17.5.2 Pricing Analysis
17.6 Key Countries
17.6.1 US: Market Size & Forecast
17.6.2 Canada: Market Size & Forecast
18 Europe
19 APAC
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
22.1 Competition Overview
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
25.1 Key Takeaways
25.2 Strategic Recommendations
26 Quantitative Summary
26.1 Market By Geography
26.2 Product Type
26.3 End User
26.4 Connectivity
26.5 North America
26.6 Europe
26.7 APAC
26.8 Latin America
26.9 Middle East & Africa
27 Appendix
27.1 Abbreviations
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