Report Ocean has released a research study titled “Industrial Wearables Market .” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Industrial Wearables Market is valued approximately at USD 3.79 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.4% over the forecast period 2020-2027. Industrial Wearables are those devices which are developed for human body to improve productivity, safety, and efficiency at their respective workplaces in various sectors like manufacturing, logistics, mining, aerospace & defense through real time information which can be stored on cloud and also be tracked. These wearables comprise of sensors, controllers, and monitoring platform. These devices help the workers to communicate and transmit data through cellular technologies and helps in improving day by day as they can be connected with mobile devices.
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Further, increasing investment by the manufacturers in AR and VR technology, for Instance: as per the company source, in 2019, Magic Leap collaborated with Sketchfab (US), to to create extended reality (XR) content with javascript for 3D, VR, and AR content, has increased the market share. To improve the efficiency of workers and the advancements in Internet-of-Things, Artificial Intelligence, big data analytics and cloud computing has led the adoption of Industrial Wearables across the forecast period. Also, in 2018, according to the company source, Epson launched Epson Moverio Assist, a remote assistance and inspection solution for the field tasks using Moverio’s smart glasses,which will enable the workers to inspect the solutions without harming themselves. However, high manufacturing costs because of advanced research & development and short life of smart wearable devices impedes the growth of the market over the forecast period of 2020-2027. Also, Opportunity with the investment for Industry 4.0 on interconnectivity, automation, and real-time data, the adoption & demand for Industrial Wearables is likely to increase.
Major market player included in this report are:
Microsoft Corporation
Honeywell International Inc.
Samsung Electronics Co. Ltd.
Seiko Epson Corporation
Fujitsu Ltd.
IMEC
RealWear
Sony Corporation
Vuzix Corporation
Proglove
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MARKET OVERVIEW
Here are key takeaways from a deep analysis of the industrial wearables market:
- Technological Advancements: The market for industrial wearables has seen rapid technological advancements, including the integration of sensors, augmented reality (AR), virtual reality (VR), artificial intelligence (AI), and machine learning. These innovations enhance the capabilities of wearables, making them more sophisticated and versatile for industrial use.
- Worker Safety and Health: A primary driver for the adoption of industrial wearables is the focus on worker safety and health. Wearable devices such as smart helmets, smart glasses, and body-worn sensors help monitor vital signs, detect hazardous conditions, and provide real-time alerts to prevent accidents and injuries in hazardous work environments.
- Operational Efficiency and Productivity: Industrial wearables are being increasingly used to improve operational efficiency and productivity in manufacturing, logistics, construction, and other industries. Devices like smart gloves, exoskeletons, and RFID-enabled wearables optimize workflow, streamline processes, and reduce errors, leading to increased productivity.
- Remote Assistance and Training: AR and VR-enabled wearables facilitate remote assistance and training for field technicians and workers. These devices provide real-time guidance, overlaying instructions or schematics onto the worker’s field of view, enabling remote experts to assist in complex tasks and troubleshooting.
- Data Collection and Analysis: Industrial wearables generate a vast amount of data related to worker activities, environmental conditions, equipment performance, and more. The collection and analysis of this data using AI and analytics tools enable companies to derive valuable insights, optimize operations, predict maintenance needs, and enhance decision-making processes.
- Regulatory and Privacy Concerns: The adoption of industrial wearables raises concerns regarding data privacy, security, and regulatory compliance. Companies must navigate regulations related to data collection, storage, and usage while ensuring the protection of sensitive information collected by these devices.
- Market Fragmentation and Competition: The industrial wearables market is highly fragmented, with numerous companies offering diverse wearable solutions catering to specific industry needs. Competition among wearable device manufacturers, software developers, and service providers remains intense, driving innovation and diverse product offerings.
- Integration with IoT and Industry 4.0: Industrial wearables are a part of the larger ecosystem of the Internet of Things (IoT) and Industry 4.0 initiatives. Integration with IoT platforms and systems enables seamless connectivity, interoperability, and data exchange, contributing to more efficient and interconnected industrial processes.
- Cost and ROI Considerations: While the benefits of industrial wearables are significant, organizations also consider the initial investment costs and return on investment (ROI). Factors such as deployment costs, training requirements, maintenance, and the actual impact on productivity and safety play a crucial role in decision-making.
- Future Trends: Anticipated future trends in the industrial wearables market include advancements in miniaturization, longer battery life, improved connectivity (5G, Wi-Fi 6), increased adoption of AI-driven analytics, and the development of more specialized wearables tailored to specific industry needs.
The detailed segments and sub-segment of the market are explained below:
By Type:
Smart Watches
Glasses
Headsets
Smart Bands
By Component:
Sensors
Displays
Connectivity
Others
By Industry Vehicle:
Manufacturing
Automotive
Aerospace and Defense
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
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