Enterprise Wearable Market is anticipated to reach 22.3 billion by 2025 owing to the increasing use of wearable devices by geriatric population due to chronic disorders and growing demand from emerging economies of Asia Pacific region. Enterprise wearables are the wearable consumer gadgets used in industries like healthcare and medical, wellness and fitness, infotainment, industrial & military, etc. In healthcare and medical segment, they monitor vital body signs for probable disorder, in military and industrial purposes, they monitor activities & augment senses. They are also used for advanced lifestyle purposes or entertainment.
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The key driving factors responsible for the growth of Enterprise
Wearable market :
Enterprise wearable market is
witnessing growth due to the introduction of modern technologies like
non-invasive glucose monitoring devices for medical, smart glasses &
watches, and wide availability of products from leading manufacturers. The
adoption of consumer medical devices is growing due to increasing awareness
about health, which increases the demand for enterprise wearables, thereby
encouraging enterprise wearable industry. Also, the growing demand of
enterprise wearables for heads-up displays in production areas, hand-worn
terminals in warehousing & logistics, smart clothing for tracking location,
and detecting industrial gases is stimulating the market growth of enterprise
wearable.
However, factors like lack of
efficient products, poor user compliance, and lack of enhanced experience are
hampering enterprise wearables market. High energy consumption and limited
battery life are another restraining factors of the market. Device protection
and need for thermal consideration are few challenges for enterprise wearables
industry.
Enterprise wearable market is
categorized on the basis of product type, technology, end user, and geography.
On the basis of product type, the market is divided into eye wear, wrist wear
and head wear, and others. Head wear segment is projected to register
significant growth due to its increasing use in progressing technologies like
AR and VR. Based on technology, enterprise wearable industry is divided into
IoT (Internet of Things) and Bluetooth technology. IoT segment holds larger
market share of enterprise wearable due to growing expected applications of
real-time IoT in various technologies.
On the basis of end user,
enterprise wearables market is divided into healthcare, retail, manufacturing,
defense, aerospace, and others. Owing to the increasing spending power of
consumers and growing healthcare awareness, healthcare segment is expected to
dominate the market of enterprise wearables in terms of revenue in the coming
years.
Geographically, enterprise
wearable industry is segmented as North America, Latin America, Europe, Asia
Pacific and Middle East & Africa. Asia Pacific is predicted to lead the
market of enterprise wearable owing to the increasing adoption of wearable
devices for healthcare purposes. The prominent players in enterprise wearables
industry are Apple Inc., Adidas AG, Samsung Electronics Co. Ltd, Alphabet Inc.,
Xiaomi Inc. Seiko Epson Corporation, Misfit Inc., Eurotech S.p.A, Fitbit Inc.
and Sony Corporation.
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