B2B Enterprise & Industrial Wearables Market 2021 Advancement Outlook – Oculus VR LLC (Facebook), Alphabet Inc., Samsung Electronics Co. Ltd., Sony Corporation
The report presents an in-depth assessment of the B2B Enterprise & Industrial Wearables including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for B2B Enterprise & Industrial Wearables investments from 2020 till 2025.
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The B2B Enterprise & Industrial Wearables Market is expected to grow at a CAGR of 27.5% over the forcasted period (2021- 2026).
The B2B Enterprise & Industrial Wearables market is highly competitive and consists of a number of major players: Oculus VR LLC (Facebook), Alphabet Inc., Samsung Electronics Co. Ltd., Sony Corporation, HTC Corporation, Apple Inc., Fitbit Inc., Xiaomi Inc., Seiko Epson Corporation, Microsoft Corporation, Texas Instruments Inc., Toshiba Corporation
Scope of the Report
The growth of B2B wearables are expected to be hamstrung by technical challenges like longer operating time, currently restricted by battery life and the limitations of other power sources, the balance between faster data transmission (for real-time operations) and low power consumption, weight saving, and biocompatibility. Data Privacy concerns might slow down the adoption of wearables in the B2B setup, where sensitive data is to be circulated through a network of wearables.
Key Market Trends
Demand for Smart Factory Set-Ups are Expected to Aid Growth of Wearables
- Industrial wearables are being increasingly used due to the steady decline in component costs and improvements in functionality driven by learnings from the consumer sector. Industrial wearables are being used to increase efficiency, improve safety, shorten communication loops, accelerate onboarding and training processes, and enable remote experts to confer on technical issues.
- Unfortunately, training is very hands-off by nature, especially in the manufacturing sector. This is because inexperience can lead to severe equipment damage, injuries or poor performance all around. Employers can leverage wearable technology to make this age-old process modern and efficient. General Motors, for instance, leveraged Google Glass, an augmented reality glasses to provide a unique, improved training process for its employees.
- According to the International Labor Organization every 15 seconds, 151 workers have work-related accident. ILO further divulged that each year at least 317 million workers have non-fatal occupational accidents worldwide. With wearable and embedded sensors, workers can be tracked to prevent injury from falls, heavy machinery or overexertion. Going forward, manufacturing units are expected to leverage the rise of Iot and connected machinery to make workplaces safer. Smart glasses with Augmented Reality (AR) are expected to be the next big thing in manufacturing facilities.
- IBM is working with North Star BlueScope Steel, a steel producer for global building and construction industries to develop a cognitive platform to ensure employees stay safer at workplaces. The system uses IBM Watson IoT for wearable safety technology. The technology, a part of the IBM Employee Wellness and Safety Solution, gathers data collected from sensors embedded in helmets and wristbands, analyzes it to alert employees and their managers in real-time.
- Further, the use of wearable devices for hands-free instructions and communication is a clear, practical application of the technology. Workers in the oil, gas and automotive industries, for instance, often need to give complicated, documented instructions. Since there is no audit trail for these kinds of instructions, with paper, its difficult to know whether instructions had been followed correctly or not. The software product that Intoware now has WorkfloPlus, that allows employees using apps on different devices (wearables, smartphones, tablets, etc.) to provide reliable information to show that a process has been followed properly.
North America is Expected to hold the Major Market Share for B2B & Industrial Wearables
- North America is expected to hold the largest market share for B2B & Industrial Wearables on account of the adoption of the technology, penetration of internet, and government expenditure on research leading to the development of technology for high-end applications like the military.
- According to CISCO, in the United States, there are expected to be 317 million total Internet users (94% of the population) by 2022, up from 298 million (92% of the population) in 2017. Further, 23% of all networked devices are expected to be mobile-connected by 2022.
- The future of military combat is expected to be high-tech as scientists create use the Internet of Things for combat gear integrated with biometric wearables to help soldiers identify the enemy, perform better in battle, and access devices and weapons systems using edge computing. The United States Army Research Lab recently awarded USD 25 million to the Alliance for the Internet of Battlefield Things Research on Evolving Intelligent Goal-driven Networks (IoBT REIGN) to develop new predictive battlefield analytics. The US Govt remains one of the largest investors and consumers of such technology leading to the proliferation of technology in the region.
- Further, multiple forward-thinking companies operating in the United States have been leveraging wearable technology for their operations. BMW in the United States, for instance, has been using smart glasses for inspection checking and quality assurance of its cars. The pilot that the company ran allowed inspectors to take data through photos and videos to document potential deviations in production quality, allowing BMW to get rid of paper-based quality assurance checks, made the checks efficient, and provided more contextual information related to the checks.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: B2B Enterprise & Industrial Wearables Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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