Report : Industrial Wearable Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Product (AR Glasses, VR Headsets, Smartwatches and Smart Bands, Patches, Others); End-User Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Energy & Power, and Others); Component (Processors and Memory Modules, Optical Systems and Displays, Electromechanical Components, Touchpads and Sensors, Connectivity Components, Camera Modules, and Others)
According to the new research report published by The Insight Partners, titled “Industrial Wearable Market - Global Analysis and Forecast to 2027”, the global industrial wearable market is expected to reach US$ 8.63 billion in 2027, registering a CAGR of 15.0% during the forecast period 2020-2027.
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. High demand for effective communication and collaborative work environment, increased interests of companies in the use of AR technology, particularly in the area of production and VR technology specifically in the area of training, and technological advancements and automation in manufacturing plants among the driving factors of the industrial wearables market.
Besides, industrial wearable devices are gaining rapid prevalence because of their numerous advantages, such as portability, convenience, operating efficiency, etc. Also, improving the bio-sensing technology in these devices helps to measure health parameters such as body temperature, heart rate, and levels of blood oxygen. Company’s further use these parameters to track the employees’ health and are linked to their employee welfare programs, thereby reducing the healthcare costs. Common market challenges include power consumption management on devices with limited battery space and long operating requirements. The form factor also presents challenges related to communication. Wearables have to communicate data audibly, through light indicators, or a small screen, which might lead to miscommunication. The user must receive concise, actionable intelligence in a manner that can be easily interpreted. Given the limited interface options, meeting the accessibility requirements for wearables is a critical issue. Visual interfaces are complicated because of variable lighting conditions, and voice interfaces on wearable devices may fail because of vocal accents or speech impairment. Further, data privacy and security issues might also hamper the market growth during the forecast period.
North America includes developed economies, including the United States, Canada, and Mexico. The significant share of this region is mainly due to high customer awareness and greater acceptance of innovative wearable technologies in this region. The presence of developed internet infrastructure and key established wearable devices market players and start-ups also support the more significant proliferation of industrial wearable devices in North America. The industrial wearable devices are increasingly being used in high-risk environments, such as mining operations, oil and gas recovery, and construction sites, among others. In addition, the increasing technological advances in these tools, such as bio-sensing, have allowed workers/employees to monitor health conditions like blood oxygen levels, body temperature, and heart rate. The industrial wearable devices are also employed for real-time data monitoring, field management, corporate wellness, mobile workforce management, and authentication.
Source: The Insight Partners Analysis
The report segments the global drain cleaning equipment market as follows:
Global Industrial Wearable Market – By Product
Global Industrial Wearable Market – By Component
Global Industrial Wearable Market – By End-user Industry
Global Industrial Wearable Market – By Geography