Industrial Wearables Market size is projected to reach $8.40 billion by 2027

According to a new report published by Report Ocean, titled, “Industrial Wearables Market By Device Type, Component, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027”, the global industrial wearables market size was valued at $3.79 billion in 2019 and is projected to reach $8.40 billion by 2027, to register a CAGR of 12.4% during the forecast period.

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Industrial wearables are designed to aid a worker in performing specific tasks or to measure health parameters for working in dangerous environments. The industrial wearables market is flourishing, due to IoT being widely used across these sectors. The implementation of wearables devices is the next technological step to make that level of connectedness as accessible as possible. In addition, industrial wearables also designed for workers in several industries which have emerged from the wide range of consumer devices that brought to market in the last 15 years.

The prominent factor that drives the industrial wearables market growth include rising adoption of wearable devices. The demand for wearable technology has surpassed that of smartphones in the consumer electronics segment. From checking notifications to tracking physical activity, these devices provide novel means to accomplish routine tasks. Rise in adoption of these devices in industrial sector is anticipated to create lucrative growth demand for industrial wearable market.

Surge in demand for workplace safety and rise in adoption of industrial wearable in the automotive sector. However, one of the major restraints is the short life of smart wearable devices. On the contrary, rise in technology adoption in wearable devices and increase in investment in wearable devices are anticipated to provide lucrative opportunities for the expansion of the industrial wearables industry during the forecast period.

Smart watches segment was the largest contributor of revenue in 2019 and is expected to grow at a CAGR of 10.7% from 2020 to 2027. Factor such as advancement and innovations in smart watches by the key players help drive the industrial wearables market. Glasses is the second largest contributor of revenue in 2019 and consumes 30.0% market share. Surge in adoption of wearable devices such as smart watches, band, headsets, gloves in manufacturing industry is one of the major factors for this growth.

The global industrial wearables market is segmented into device type, component, industry vertical, and region. On the basis of device type, the market is classified into smart watches, glasses, headsets, and smart bands. By component, it is categorized into sensors, displays, connectivity, processors, and others. Depending on industry vertical, the market is fragmented into manufacturing, automotive, aerospace & defense, oil & gas, power & energy, and other. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

By region, the market have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The industrial wearables market analysis had showed that North America contributed maximum revenue in 2019. The market share in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factor such as rapid technological advancements & innovations and transformation from automated devices to autonomous devices due to the integration and advancement of IoT and AI technologies increases the demand for industrial wearable industry.

COVID-19 Impact Analysis

The global industrial wearables market size has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have been stalled which, in turn has declined the market growth. In the present pandemic scenario, health has become an utmost priority for people so demand for wearable products related to health and fitness such as fitness bands and smartwatches is expected to increase significantly.

Key Findings of the Study

In 2019, the smart watches segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 10.7% during the forecast period.
The glasses segment accounted for more than 30% of the industrial wearables market share in 2019.
The sensors segment witness highest growth rate during the forecast period.
U.S. was the major shareholder in the North America industrial wearables market, accounting for approximately 55% share in 2019.
The key players profiled in the report include Microsoft Corporation, Honeywell International Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, Fujitsu Ltd., IMEC, RealWear, Sony Corporation, Vuzix Corporation, and Proglove. These Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition, to expand their foothold in the industrial wearables industry.

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This release was published on openPR.