Business Wearables: A High Growth Segment in a Fast-Expanding Market

Executive Summary

• The business wearables segment will grow even faster than the already-high-growth wearables market in the coming years, according to market-measurement firm Gartner. The total number of wearables shipped worldwide is forecast to grow by a compound annual growth rate (CAGR) of 17.9% between 2015 and 2017, according to Gartner. But the number of business-use wearables shipped is forecast to grow by a CAGR of 75.1% between 2015 and 2021, based on our analysis of Tractica data.
• The global enterprise wearables market value is expected to grow from $198.5 million in 2015 to $12.7 billion in 2021, and the number of units shipped will climb from 2.3 million to 66.4 million, according to market-intelligence firm Tractica.
• The use of smart glasses in work environments is expected to grow faster than any other category in the coming years. Underpinning this will be Google’s planned relaunch of its Google Glass product with a focus on business use.
• Consumers are more willing to adopt wearable technology if an institution pays for the device, noted professional services company PwC. But, multiple surveys find consumers have concerns over privacy if their employers start deploying wearable technology.