Industrial Wearables Market Anticipated to Grow $8.40 Billion By 2027 at 12.4% CAGR | Emerging Trends and Growth Opportunities [Customization Available - 2032]

Allied Market Research published a report, titled, "Industrial Wearables Market By Device Type (Smart Watches, Glasses, Headsets, and Smart Bands), Component (Sensors, Displays, Connectivity, Processors, and Others), and Industry Vertical (Manufacturing, Automotive, Aerospace & Defense, Oil & Gas, Power & Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027".

As per the report, the global industrial wearables market was pegged at $3.78 billion in 2019, and is projected to reach $8.40 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.

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Increase in adoption of wearable devices, rise in demand for workplace safety, and surge in adoption of industrial wearables in the automotive sector drive the growth of the global industrial wearable market. However, the short life of smart wearable hampers the market growth. On the contrary, increase in investment in wearable devices and technological innovation & adoption in wearable devices are expected to open lucrative opportunities for the market growth in the future.

COVID-19 Scenario:
1. Due to the COVID-19 pandemic, the world experienced economic uncertainty. Thus, new projects throughout the world were temporarily suspended, which declined the demand for industrial wearable devices.
2. The prolonged lockdown resulted in disruption of the supply chain and created a gap in supply and demand. However, post-pandemic, the demand for industrial wearable is expected to increase as market players would resume production and increase R&D to improve existing products.
3. However, health & fitness became a priority for people, which boosted the demand for fitness bands and smartwatches.

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).

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According to leading companies the smart wearables are gaining wide acceptance and their market share is on the rise, due to their advancements with decline in cost. Although the smart watch segment dominated the global market. Furthermore, the demand for these types of wearable devices is experiencing growth due to investments in IoT technology and rise in disposable income in developing and developed countries. In addition, increase in advanced activities in the industry vertical across the globe is expected to fuel the growth of the industrial wearables market.

The prominent factor that drives the industrial wearables market growth include rising adoption of wearable devices. Rise in adoption of wearable devices in industrial sector would create lucrative growth demand for industrial wearable market. Rapid advancements in technology and reinforced emphasis on innovation and miniaturization, enterprises across industries are seeking to further consumerize IT by shifting focus from mobile phones and tablets, to wearable devices.

However, one of the major restraints is the short life of smart wearable's devices. On the contrary, rise in technology adoption in wearable devices and increasing investment in wearable devices are anticipated to provide lucrative opportunities for the expansion of the industrial wearables industry during the forecast period.

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Major Market Players:
1. Microsoft Corporation
2. Samsung Electronics Co. Ltd.
3. Honeywell International Inc.
4. Seiko Epson Corporation
5. IMEC
6. Fujitsu Ltd.
7. RealWear
8. Vuzix Corporation
9. Sony Corporation
10. Proglove

By device type, the smartwatches segment held the lion's share in 2019, accounting for more than one-third of the global industrial wearable market, due to rise in advancement and innovations in smartwatches and increase in awareness about health & fitness among people in the industrial sector. However, the glasses segment is expected to register the highest CAGR of 14.5% during the forecast period, owing to increase in investment from the leading manufacturers to develop innovative technologies.

By industry vertical, the automotive segment is estimated to manifest the highest CAGR of 14.3% from 2020 to 2027, due to rise in investments from leading automotive companies such as Ford and demand for next-generation of advanced technology. However, the manufacturing segment held the largest share in 2019, contributing to around one-fourth of the global industrial wearable market, owing to increase in need of making critical decisions while achieving accuracy in less time and cost.

By region, the market across North America accounted for the largest share in 2019, holding nearly one-third of the market, due to increase in the adoption of smartwatches, surge in demand for smart helmets and headsets, and rise in sale of wearable devices in North America. However, the global industrial wearable market across Asia-Pacific is projected to portray the highest CAGR of 14.6% during the forecast period, owing to integration and advancement of the internet of things and artificial intelligence technologies.

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