Enterprise wearables market to reach $6.3 Billion by 2020, according to Tractica
Enterprise and industrial organisations in a wide range of sectors are increasingly turning to wearable devices as an extension of their technology toolkits. Pioneering companies across a number of industries have found that wearables including smart watches, fitness trackers, and smart glasses can provide meaningful advantages in terms of productivity, efficiency, and cost savings.
According to a recent report from Tractica, early pilot programs have yielded strong return on investment (ROI) in many cases, which is driving greater interest in enterprise adoption of wearables among industry leaders and fast followers alike. The market intelligence firm forecasts that, as a result of this growing focus, annual worldwide revenue from enterprise wearables will reach $6.3 billion by 2020, up from $218 million in 2015.
“An entire industry is taking shape to provide wearable platforms and integration services for enterprise end-user organisations. Companies in a variety of sectors are working through challenges related to technology selection, software customisation, user experience, reporting capabilities, and integration with existing IT systems,” says research director Aditya Kaul of Tractica
Kaul adds that the early successes of pilot programs are motivating enterprises to find solutions to these challenges that are well-suited to the needs of their particular industries and operational processes.
Tractica’s analysis indicates that wearable devices are being utilised for a number of enterprise and industrial applications today, with further growth expected over the next several years in the following key areas, among others:
- Fitness Bands and Smart Watches for Corporate Wellness Programs
- Warehouse/Logistics Applications
- Manufacturing Shop Floor Inspection
- Workflow Improvement
- 3D and Computer-Aided Design (CAD) Modeling
- Authentication in the Workplace
- Mobile Workforce Management