A recent report published by Infinium Global Research on the industrial wearable market provides an in-depth analysis of segments and
sub-segments in the global as well as regional industrial wearable market. The
study also highlights the impact of drivers, restraints, and macro indicators
on the global and regional industrial wearable market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecasts, and dollar values of the global industrial wearable market. According to
the report, the global industrial wearable market is projected to grow at a
CAGR of 36.5% over the forecast period of 2020-2026.
The industrial wearable is the device designed to improve workplace
productivity, safety, and efficiency in industries such as manufacturing,
logistics, and mining. These devices collect real-time data, track systems,
provide alerts, and provide customized experiences depending on the users'
requirements and helps in fulfilling organizational needs. Hence, industrial
wearable includes the use of connected devices such as smart glasses and
wearable scanners, head-mounted devices, and wrist bands ahead of large demand.
Further, industrial wearable helps in improving operational efficiency along
with a reduction in human intervention. In addition, performing a specific
function, the devices can be linked to enterprise systems and can be accessed
anytime. Wearable devices also offer a wide range of industrial applications
which include assessing fatigue, strengthening protection, and productivity
and efficiency improvement.
Additionally, the current concerns over the spread of coronavirus
are creating a strong demand for Industrial Wearable’s in the global market. As
the spread of COVID-19 is accelerating, the manufacturing industries have
slowdown the production until the pandemic subside. However, to reduce or avoid human interference in the work environment, industrial wearable devices
will gain demand from various industry verticals. Further, an increase in the adoption
of IoT in the workforce, changing preferences, and rising need for connected devices
will favor the development of the market in the near future. However, over the
long term, growth is likely to remain stable.
Rapid technological advancements in manufacturing industries,
increasing automation, and rising demand for wireless technology are the key
driving factors for the industrial wearable market. The growing adoption of augmented
reality in the manufacturing and automotive industry fuels the growth of the
market. Further, increasing incidences at the workplace and rising need for a safe
work environment provide openings to increasing the use of digital devices. However, the high cost of industrial wearables is expected to hamper the market growth. The growing adoption of digitization and the implementation of IoT devices in the manufacturing sector will upsurge the demand for the industrial wearable
market. Automation and the need for reducing human intervention in the industry
have become an essential factor in many industries that will propel the demand for
industrial wearable devices in the forecast period.
Among the geographies, North America region held the largest share
in the industrial wearable market. The US is the major market driver in the
North America region accounted for a significant share in the market. Recent
technological advancements and the introduction of digital devices for warehouse
management increase the demand for industrial wearables. The presences of
leading market players such as Google, Magic Leap, and Microsoft in this region
are anticipated to drive market growth. However, Asia Pacific will witness rapid growth in the market owing to rapid industrialization in the region.
Moreover, the growing adoption of automation in Asian countries is expected to
escalate the demand for Industrial Wearables over the forecast period.
The report on the global industrial wearable market covers segments
such as device type, component, and industry verticals. On the basis of device
type, the sub-markets include AR glasses, VR headsets, smartwatches, smart
bands, and other. On the basis of component, the sub-markets include processors
and memory modules, optical systems and displays, camera modules, touchpads and
sensors, connectivity components, and other. On the basis of industry
verticals, the sub-markets include automotive, aerospace & defense,
manufacturing, oil & gas, chemicals, and others.
The report provides profiles of the companies in the market such
as Seiko Epson Corporation, Magic Leap, Inc., Samsung Electronics Co., Ltd.,
Microsoft Corporation, Vuzix Corp., AsusTek Computer Inc., Honeywell
International Inc., Fujitsu Ltd., Oculus VR, and Olympus Corporation.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the industrial
wearable market. Moreover, the study highlights current market trends and
provides forecast from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.