Enterprise Wearables Market Could Total $6.3B By 2020

By Ally Kutz, contributing writer

The enterprise wearables market is set to hit $6.3 billion by 2020 according to a report from Tractica. The report details wearables as including smart watches, fitness trackers, smart glasses, saying these devices will be used more and more for corporate wellness, workflow improvement, identification and authentication, and mobile workforce management.

The report from Tractica also tells that early pilots have generated strong ROI in most cases, driving the interest in enterprise adoption higher among industry leaders. The report also predicts that, thanks to the growing interest, the annual worldwide revenue will skyrocket to $6.3 billion by 2020, up from just $218 million in 2015.

“An entire industry is taking shape to provide wearable platforms and integration services for enterprise end-user organizations,” says Tractica research director Aditya Kaul. “Companies in a variety of sectors are working through challenges related to technology selection, software customization, user experience, reporting capabilities, and integration with existing IT systems.”

Kaul added that the successes of the early programs are moving enterprises to find well-suited solutions to challenges that fit the needs of their specific industries and processes.

The data from Tractica shows that wearables are being used for many different enterprise and industrial applications today, with further expansion to come over the next several years in the following areas including warehouse/logistics applications; 3D and computer-aided design (CAD) modeling; and manufacturing shop floor inspection.

An executive summary of the report is available at no cost on the Tractica’s website.