Industrial Wearable Market Competitive Analysis by 2027 - Fatigue Science, Kenzen, Kinetic, Proglove and Vuzix Corporation

According to the new research report published by The Insight Partners, titled "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 Wearable had almost taken off when the economies across the world got a major hit by the coronavirus outbreak. And now with economies lockdowns manufacturing, mining and logistic sectors are severely impacted that were probably the major source of business for industrial wearables. But the growth is expected to be moderate beyond COVID-19 pandemic with safety-conscious millennials and generation Z taking over the workplaces.

Industrial wearable's including AR glasses, VR headsets, smart watches, and patches are mainly aimed at enhancing workplace efficiency, productivity & safety by continuous monitoring of individuals to avoid any damage to life and industrial assets in manufacturing, logistics, & mining sectors. These are constantly been tracked for fatigue & unanticipated health conditions of workers or other probably dangerous conditions at the workplace. 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.

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However, now with the coronavirus outbreak has significantly impacted the growth of the market not only for this year but for upcoming years as well. COVID-19 pandemic is an unavoidable crisis that the players across the globe will have to cope up with, hence the market will experience moderate year on year growth in forthcoming years. The massive global lockdown to avoid the spread of novel virus has disrupted the entire supply chain, also halted the activities in manufacturing and mining facilities.

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.

In a nutshell, all the small and big manufacturers thought will limit their budgets for any additional costs at least until there is a treatment for the virus. But probably after 2020 the companies across the market will start witnessing moderate growth with millennials and generation Z taking over at maximum workspaces. Blackline Safety Corp., Fatigue Science, Kenzen, Inc., KINETIC, MkuSafe, Modjoul, Inc., PROGLOVE, Reactec Ltd., Valencell Inc and Vuzix Corporation

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