SOURCE: Compass Intelligence

Compass Intelligence

June 23, 2015 11:00 ET

Compass Intelligence Forecasts Wearables in the Enterprise to Grow Exponentially; U.S. Device Revenue to Exceed $8.5 Billion by 2019

Early Adoption From Verticals Such as Industrial, Field Services, Oil & Gas and Healthcare/Medical to Drive Growth for Enterprise Wearable Devices

SAN ANTONIO, TX--(Marketwired - June 23, 2015) - Compass Intelligence announced today the release of two new reports that cover the emerging enterprise wearables market. Reports include Enterprise Wearables Market: 2Q 2015 Survey Results & Analysis and US Enterprise Wearables Market: 5-Year Forecast, 2014-2019, both available on Wearable devices are proving to be the defining technology of 2015. The initial trickle of niche devices has turned into a steady stream with a tidal wave expected over the next five years. Growth for wearables in the enterprise will be driven by early adoption from verticals such as industrial, field services, oil & gas and healthcare. In addition, as employers focus more on employee health & wellness, Compass Intelligence anticipates an increase in fitness or wellness-based wearable devices to be adopted to incorporate into existing corporate wellness programs. The terms wearable technology, wearable devices, and wearables all refer to electronic technologies or computers that are incorporated into items of clothing and accessories, which can comfortably be worn on the body including implantables. These wearable devices can perform many of the same computing tasks as mobile phones and laptop computers.

The survey report contains the results of a survey on wearable devices conducted online in June 2015 using the Compass Intelligence Thought Leaders Research panel. This presentation report shares insights on who the device and software developers are in the market, what are the benefits of wearables in the enterprise, and what are the major trends driving growth in enterprise wearables. Read this report to understand why wearables are taking off and what it means for businesses (SMB & Enterprises), including:

  • The value of wearables to employees and customers
  • How wearables create new work scenarios
  • Predications and considerations for implementation
  • 5-year U.S. enterprise wearables market forecast.

The forecast report contains 5-year forecasts for enterprise wearable device revenues from 2014 to 2019 in the U.S. Included in this report are both unit sales and revenue forecasts, annual growth rates, and Compound Annual Growth rates for the total market including breakouts by vertical market (11 industries) for both units and revenues. In addition, there is a 5-year forecast by form factor including bands/wrist worn, smart watches, goggles/VR, smart glasses (HUD), wearable cameras, smart clothing, medical, and other. Enterprise wearables (workplace wearables) include any and all wearables purchased by businesses or sold for the purposes of workplace use, which includes fitness/health devices purchased for the use of Corporate wellness programs.

Clients may purchase one of our annual service plans (ASPs) which will provide access to all of these reports and future quarterly forecasts for a period of 12 months. Details about our ASPs can be found here. In addition to access to these timely and vital data sets, clients can enjoy access to business decision-maker and consumer surveys, analyst inquiry and briefings or workshops with our senior research team.

"Enterprise wearable devices is the next battleground for mobile device vendors," states Heather Taylor, Sr. Analyst, Compass Intelligence. "Consumer wearable devices have showcased the potential for this technology over the past 2 years. However, with purpose-built devices for enterprise customers, vendors are targeting vertical-specific needs and solving real business challenges with these devices."

Key Findings

  • Of 610 surveyed, only 14% say they currently own or use smart glasses, while 26% say they have a watch or wristband (fitness bands)
  • Smart watches show the strongest interest with 45% saying they are likely to purchase within the next 12 months
  • Of the various form factors, 32% believe smart watches will be the most beneficial for work purposes, followed by fitness trackers and smart glasses
  • Hands-free appears to be a driver with 41% saying the ability to access information, perform google searches, and initiate applications hands-free would be useful for daily work activities
  • Most useful features for work include voice automation (48%) and hands free automation (45%)

For additional details on the Annual Service Plans, please click here.

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About Compass Intelligence
Compass Intelligence, a market analytics and consulting firm, specializes in deep-level market segmentation and actionable research for the high-tech and telecom industries while delivering metrics-driven intelligence and insights. Compass Intelligence provides executive insights, market sizing/modeling, competitive analysis, strategic consulting, and expert recommendations on multiple markets. Visit us at Follow Compass Intelligence on Twitter at @CompassIntel.

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Contact Information

  • For inquiries and interview requests, contact:
    Dilip Sarangan
    Director of Marketing & Operations
    Compass Intelligence
    (214) 550-0145