REVENUE from enterprise wearable devices is expected to reach $60 billion in 2022, a compounded annual growth rate of 41 percent from an estimated $10.6 billion this year, according to a study by market consultancy firm ABI Research.
“Companies are always looking innovative ways to improve productivity, and wearables are well placed to do so,” the company said, citing wearables such as smartwatches, smart glasses and scanners.
Providing workers hands-free access to information and communication is a big factor driving the market.
ABI Research noted the increasing popularity of wearables would raise security concerns and demand for enterprise mobility management (EMM) solutions to make sure that all data is secure.
“Enterprise wearables have access to large amounts of company and customer data, that employees need to access when they’re away from the office,” said Stephanie Lawrence, research analyst at ABI Research.
“EMM solutions provide several layers of security to the devices, applications and data to ensure that if the device is lost, stolen, or hacked, sensitive company and customer information is not put at risk,” Lawrence added.
ABI Research company said EMM is the “overall term for mobile management software solutions” which makes it possible for companies to manage employees’ mobile devices, including wearables.
Employees need to be re-educated about threats in cyberspace when wearables are deployed. If a company has an EMM platform for its workers’ smartphones, it must sustain a number of devices including wearables.
“Without a strong EMM in place, a company risks data being hacked or accessed via an unsecure, lost, or stolen device, which can have potentially catastrophic results for both the company and the consumer,” Lawrence said.