Industrial Wearables - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Industrial Wearables Market is accounted for $1.10 billion in 2019 and is expected to reach $25.05 billion by 2027 growing at a CAGR of 47.8% during the forecast period. Some of the key factors propelling the market growth include High requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology, especially in the production area and VR technology specifically in training domain, and technological advancements and automation in manufacturing plants. However, data security and privacy issues are likely to hamper the market.
Industrial wearables are functional tools designed to improve the productivity, safety, and efficiency of the businesses in sectors such as manufacturing, logistics, healthcare, lifestyle, etc. These devices are composed of highly sophisticated electronic components that collect data, track activities, and provide customized experiences according to the needs and desires of the users. Also, they are geared towards helping a worker perform the assigned task at hand more efficiently and reducing work-related accidents. Employers can collect data, track activities, and provide tailor-made experiences, depending on needs and desires.
By device type, AR glasses segment is expected to grow at the significant rate during the forecast period, due to growing adoption of these glasses in varieties of industries, including automotive, aerospace, and other manufacturing industries. AR glasses facilitate real-time remote assistance to workers by an expert or a supervisor, thereby boosting productivity, reducing downtime, ensuring quality, and improving customer satisfaction. The use of AR devices also decreases the technician's training time with increased support of an expert. All these advantages offered by AR glasses would increase their demand in the industrial market in the coming years.
On the basis of geography, North America region is anticipated to have considerable market growth during the forecast period, owing to the presence of leading industrial wearables market players and growing trends of smart manufacturing and Industrial IoT (IIOT). As industries in North America are among the early adopters of digitization and connected technologies to improve productivity, the region is expected to hold high growth opportunities for market. The automotive industry in North America is focused on implementing AR glasses to automate vehicle model setup, configuration, calibration, and quality checkup, which in turn will highly benefit the industrial wearables market.
Some of the key players in Industrial Wearables Market include Vuzix, Magic Leap, Honeywell, Oculus VR (Facebook), Asus, Microsoft, Samsung Electronics Co., Ltd., Fitbit, Apple Inc., Fujitsu, Olympus, Optinvent, Google, Epson, Fossil, HTC, Zepcam, and RealWear.
• Touchpads and Sensors
• Connectivity Components
• Processors and Memory Modules
• Optical Systems and Displays
• Electromechanicals, Cases, and Frames
• Camera Modules
Device Types Covered:
• Smart Bands
• AR Glasses
• VR Headsets
• Other Device Types
• Warehouse Management
• Emergency Response
• Field Repair Services
• Operation and Assembly
• Employee Monitoring
• Employee Training
End Users Covered:
• Power & Energy
• Aerospace & Defense
• Oil & Gas
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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