Enterprise Wearable Market Size, Share & Trends Analysis Report By Product (Footwear, Wristwear, Arm wear, Eyewear, Headwear, Ohers), By Component, By Technology, By Applications, By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global enterprise wearable market size was valued at USD 147.85 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.9% from 2024 to 2030. One of the key growth driving factors for this market includes increasing adoption of wearable products to enhance efficiency, improve safety at work, and optimize business workflows. The growing integration of the Internet of Things (IoT) across diverse industries has created a foundation for the seamless integration of wearable technology. IoT ensures real-time data collection and analysis to provide useful insights for performance improvements. Increasing availability and accessibility, rising focus on research & development, and new product launches backed by innovation are expected to fuel the growth of the global enterprise wearable market during the forecast period.

U.S. enterprise wearable market

The advent of wearable digital assistants has transformed productivity across various industries. These innovative devices empower employees with health and safety benefits. From healthcare, IT services, sports, and adventure to retail and hospitality, enterprise wearables streamline and foster a responsive work environment. Ease of use, flexibility, and convenience are more factors anticipated to propel the adoption of enterprise wearable devices in the coming years.

Enterprise wearables integrate hardware and software components to offer convenient solutions to augment workplace efficiency and productivity. From a hardware perspective, these devices have features like long-lasting batteries, ruggedized designs for withstanding harsh environments, and integrated sensors for capturing real-time data. This data encompasses everything from biometric information for safety monitoring to environmental readings to optimize workflows. In industries such as shipping and fleet management, construction, facility management, and manufacturing, enterprise wearables are increasingly utilized to monitor employee’s common body symptoms and prevent events such as over-exertion, heat stress, falls, spillage, drowsiness, unfriendly customer encounters on remote locations and more.

The software aspect is equally crucial in this industry, often incorporating functionalities such as voice-activated assistants for hands-free communication and application integration for seamless access to critical business data. While the technological landscape is evolving, demand for these devices continues to increase at a rapid rate to empower a mobile workforce with the tools to navigate a data-driven environment and achieve the desired outcome.

Component Insights

Based on component, the hardware segment dominated the global industry and held revenue share of 56.5% in 2023. Hardware components such as processors, sensors, and batteries lay the foundation for these wearables' capabilities. Powerful processors enable features such as real-time data processing and complex calculations. Sophisticated sensors empowered with biometrics and environmental monitors provide raw data that fuels insights and drives further operations. Battery life directly influences the practicality and adoption rates for these devices.

The software segment is projected to grow at the fastest CAGR during the forecast period. The software offers a high degree of scalability and adaptability to wearable devices. New functionalities and integrations with existing enterprise systems can be implemented through software updates, enabling wearables to keep pace with the ever-changing needs of businesses and the evolving technological landscape. The software segment presents a lower barrier to entry compared with hardware development. It fosters innovation and the emergence of a diverse range of solutions in software applications tailored to address specific industry needs. Consequently, the software segment experiences a more dynamic growth trajectory than the hardware segment.

Product Insights

The wristwear products segment accounted for the largest revenue share in 2023. The wristwear offers an inherent advantage for user comfort and ergonomics. Wristwear provides easy access and constant visibility, minimizing disruption to workflow and fostering seamless interaction.  Furthermore, advancements in design have enabled the development of powerful and multifunctional wrist-based wearables that integrate seamlessly with existing enterprise technology. These devices house many sensors, from biometrics for health monitoring to environmental monitors for safety assessments, generating valuable real-time data streams for improved decision-making. Increasing adoption of wristwear in various industries such as healthcare, aerospace & defense, retail & hospitality, manufacturing, and others is expected to drive growth for this market during the forecast period.

The eyewear segment is expected to grow at the fastest CAGR over the forecast period. Advancements in augmented reality (AR) technology are demonstrably converging with the eyewear segment of enterprise wearables. AR overlays can provide workers with real-time data visualization, step-by-step instructions, and remote assistance capabilities directly within their field of vision. Additionally, the design and functionality of enterprise eyewear wearables are undergoing continuous refinement. Manufacturers are developing lighter, more comfortable form factors that seamlessly integrate with existing safety equipment such as prescription glasses. In addition, the advancements in battery technology are extending operational life and enhancing user adoption.

Technology Insights

Based on technology, the IoT technology segment dominated the market in 2023. IoT-enabled wearables offer seamless integration and effortlessly connect with a network of sensors and devices, fostering a unified data collection and analysis ecosystem. It improves operational visibility and facilitates real-time decision-making. By leveraging built-in sensors and facilitating communication with external IoT devices, wearables generate a continuous stream of valuable data to optimize workflows, improve safety through real-time monitoring, and even automate repetitive tasks, ultimately enhancing efficiency.

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

The Wi-Fi segment is expected to grow significantly over the forecast period. Wi-Fi is known for its ability to facilitate robust and reliable data transmission. While Bluetooth offers convenience for short-range communication, Wi-Fi excels in environments that demand high bandwidth with seamless access to enterprise networks. This capability becomes particularly advantageous for applications that need real-time data exchange, such as remote monitoring in industrial settings or complex data visualization for field service personnel. Additionally, Wi-Fi connectivity is more robust and establishes secure connections than cellular networks, which may be crucial for organizations prioritizing data privacy and security within their wearable ecosystem. As a result, the widespread availability and established infrastructure of Wi-Fi technologies contribute significant growth opportunities.

Application Insights

Based on application, the healthcare segment accounted for the largest market revenue share in 2023. The growth is attributed to the nature of healthcare delivery, which requires constant monitoring and data collection. Wearable technology, equipped with sophisticated sensors, empowers medical professionals to gather real-time patient physiological data, facilitating more informed clinical decisions and potentially improving patient outcomes. The rise of remote patient monitoring (RPM) through wearables facilitates improved patient engagement and extends the reach of medical care beyond traditional clinical settings. It translates to cost reduction for healthcare institutions and enhanced quality of life for patients. Furthermore, the ability of wearables to track vital signs and physical activity levels empowers healthcare providers to proactively intervene in potential health concerns, aiding in preventative care initiatives and potentially reducing the burden on acute care facilities.

The manufacturing segment is anticipated to grow significantly during the forecast period. This growth is driven by wearables technology’s ability to integrate with existing manufacturing management systems to enhance performance and productivity without developing major process changes. It allows real-time data collection and analysis, facilitating process optimization, improved inventory control, and, ultimately, enhanced production efficiency. Additionally, the integration of various sensors within wearables stores provides valuable data. Biometric sensors monitor worker well-being and prevent potential fatigue-related accidents. Environmental sensors track temperature and air quality, optimizing worker safety and comfort.

Regional Insights

North America enterprise wearable market held largest revenue share of 36.0% of the global market in 2023. The growth is attributed to the early adoption of innovation-based wearables, which allow businesses to experiment and refine the implementation strategies. Companies in this region are prioritizing research and development efforts to fuel the innovation in this industry. This drives a wider variety of functionalities and solutions tailored to address the specific needs of regional industries. Additionally, the strong presence of prominent wearable technology companies within the region has contributed to the growth of this market in recent years.

U.S. Enterprise Wearable Market Trends

The U.S. Enterprise wearable market dominated the regional industry in 2023. A well-established technology infrastructure in the country has developed a ground for innovation and development in the wearable technology sector as well. Growing adoption by multiple industries, increasing product launches, and the presence of multiple key players of this industry in the U.S. has fueled the growth of this market. In addition, growing innovation, ease of use, ease of accessibility and availability, and inclusion of advanced technologies in wearable products are expected to generate an upsurge in demand for this market during the forecast period.

Europe Enterprise Wearable Market Trends

Europe enterprise wearable market held significant revenue share of global industry in 2023. A robust manufacturing sector and a highly skilled workforce enable a strong demand for innovative solutions that enhance worker productivity and safety in often complex industrial environments. Stringent regulations on worker safety drive the adoption of technologies that monitor and mitigate potential hazards. Additionally, a growing focus on worker well-being across Europe creates favorable market conditions for wearables that promote ergonomic practices and reduce musculoskeletal disorders.

Germany enterprise wearable market is expected to experience substantial growth during forecast period. This market is primarily driven by factors such as the presence of a robust manufacturing industry in the region, growing adoption by the aerospace and defense industry, increasing product launches, entry of multiple technology and innovation-based organizations in the area, ease of availability and accessibility through online platforms, and others.

Asia Pacific Enterprise Wearable Market Trends

Asia Pacific enterprise wearable market is anticipated to witness the fastest CAGR during the forecast period. Significant growth experienced by multiple industries in the region, entry of numerous manufacturers from several sectors in countries such as Japan, India, China, and others, increasing availability of innovative wearable technology devices designed for enterprise use, and rapid industrial growth have driven demand for enterprise wearable devices in this region.

India enterprise wearable market is anticipated to experience a noteworthy CAGR during forecast period. A large and rapidly growing workforce with increasing disposable income has fueled the growth for this market in recent years. This signifies a greater potential customer base for wearable technology, both on a consumer and enterprise level. Production and design-linked incentive schemes (PLI and DLI) by the government create a climate that encourages innovation and facilitates the widespread integration of wearables within the workplace, propelling the market forward.

Key Companies & Market Share Insights

Some key companies in the enterprise wearable market include Alphabet, Apple Inc., Fitbit (Google LLC), Fossil Group, and others. To address the growing competition, the key industry participants are adopting strategies such as increased focus on research and development, enhanced product portfolios, innovation, collaborations, and expansion across regions.

• Fitbit, acquired by Google in 2021, offers a variety of wearable devices, including fitness trackers (Charge, Luxe, Inspire series), smartwatches (Sense, Versa, Pixel series), and smart scales. Their product range caters to different needs and budgets. Fitbit offers mobile applications compatible with both Android and iOS.

• Garmin, known for its expertise in GPS navigation and wearable technology, offers a variety of fitness trackers and smartwatches that monitor activity levels, sleep patterns, heart rate, and other health metrics. The key products provided by the company are marine industry wearables such as GPSMAP 67, GPSMAP 79s, D2 Mach 1 series smartwatches, Venu, vívosmart 4, Descent Mk1 and others.

Recent Developments

• In August 2024, Huawei Technologies Co., Ltd. introduced the HUAWEI TruSense System. With enhanced research in electrical, material science, and optical technology, the company has launched systems that can measure more than 60 fitness indicators associated with six major systems in the body while including the emotional well-being aspect of human health. Wearable products from the company’s portfolio powered with the newly launched HUAWEI TruSense System are expected to enter markets in September 2024.

• In April 2024, SKLZ, one of the prominent brands in the sports technology and training products industry, launched SKLZ Hyper Speed, a newly developed wearable product that assists players and individuals by measuring and monitoring speed, agility, and vertical jump.

Enterprise Wearable Market Report Scope

Global Enterprise Wearable Market Report Segmentation

This report forecasts revenue growth at global, regional, & country levels, and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the enterprise wearable market report based on product, component, technology, application, and region.

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Footwear

  • Wrist wear

  • Arm wear

  • Eyewear

  • Headwear

  • Others

• Component Outlook (Revenue, USD Million; 2018 - 2030)

  • Hardware           

    • Sensors

    • Processors

    • Batteries

    • Displays

    • Others (actuators, controllers)

  • Software            

    • Operating Systems

    • Applications

  • Services              

• Technology Outlook (Revenue, USD Million; 2018 - 2030)

  • IoT

  • Wi-Fi

  • Bluetooth

  • Bluetooth Low Energy (BLE)

  • Others

• Applications Outlook (Revenue, USD Million; 2018 - 2030)

  • Infotainment

  • Sports & Adventure

  • Healthcare

  • IT and Telecom

  • Manufacturing

  • Retail & Hospitality

  • Aerospace and Defense

  • Others

• Regional Outlook (Revenue, USD Billion; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • Japan

    • India

    • China

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE