The global enterprise wearable market is expected to reach USD 22.3 billion by 2025. The high demand for enterprise wearable devices in the Asia Pacific region is anticipated to drive the industry growth over the next decade. The aging population and rising chronic diseases, such as coronary heart diseases and diabetes, in countries such as China, India, and Japan would drive the demand for wearable technology in the region.
Industry players are investing a significantly in research & development activities for product innovation, thus catering to the specific needs of the enterprise industry. They are using strategies such as acquisition, partnerships, and collaborations to maintain market competencies.
The rising enterprise applications of Virtual Reality (VR) and Augmented Reality (AR) in the following years is expected to fuel the demand for wearable devices, such as smart eye wear and head mounted devices. This growth in demand may be attributed to advancements in the VR and AR technologies, which would help increase their connectivity and enterprises' interaction with employees and consumers.
The rising demand for IoT technology, owing to its wide application in various sectors such as healthcare, manufacturing, retail, and others, is foreseen to drive the growth of the enterprise wearable market. The IoT technology, along with wearable devices, would help organizations in the development and deployment of the future generation value-added services by utilizing user-centric data.
The IoT technology segment is expected to surpass the Bluetooth segment and dominate the market after 2022 as well. This growth may be attributed to the expected rise of widespread real-time applications of IoT technology in different industries globally over the next decade.
The demand for head wear devices is expected to gain momentum over the forecast period owing to their prospective applications in highly developing technologies such as VR and AR.
The Asia Pacific region is predicted to emerge as the fastest growing market owing to a significant rise in the number of adopters of medical wearable devices for monitoring bodily conditions, such as glucose level, heart condition, temperature, sleep, and others, in countries such as China and India.