Industrial Wearables Market Outlook – 2027
The global industrial wearables market size is expected to reach $8.40 billion by 2027 from $3.79 billion in 2019, growing at a CAGR of 12.4% from 2020 to 2027.
Industrial wearable devices are designed to improve workplace productivity, safety, and efficiency in sectors such as manufacturing, logistics, mining, and aerospace & defense. Industrial wearables are products that can be fitted on the human body with ease and through which real-time information can be obtained or tracked. These wearables comprise various sensors, controllers, and monitoring platforms, which track data and store it on the cloud.
Wearable devices are used for various purposes such as maintaining fitness and health and improving performance in sports. Thus, the industrial workforce has started using wearables as it collaborates data from various activities and devices into a single compact device. Several such devices are expected to increase in the future as communication and transmission of data through cellular technologies is improving day by day and these wearables can be connected to mobile devices as well.
Integration of wearable technology with management systems such as CRM and facial recognition is on the rise for effective communication. In addition, organizations involved in the production are adopting AR and VR technology in the training domain such as knowledge transfer for front-line workers in the manufacturing industry, which majorly drives the industrial wearables market growth. Apart from this, automation in manufacturing plants and advancements in technologies such as IoT, AI, and cloud drive the market. Contrarily, investments in automation, launches of new and advanced products, and trends of wearable devices provide new pathways for the industry.
The prominent factor that drives the market growth includes the rising adoption of wearable devices. From checking notifications to tracking physical activity, these devices provide novel means to accomplish routine tasks. A rise in the adoption of these devices in the industrial sector would create lucrative growth demand for the industrial wearables market. The surge in demand for workplace safety; and growing adoption of industrial wearables in the automotive sector.
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. Wearable technology adds a new layer of safety to the automotive industry by extending the driver’s ability to monitor vital health parameters and take action in the case of an emergency, as well as providing notification and information immediately and viscerally rather than relying on warning lights or chimes.
By Device Type
Glasses segment is projected to be the most lucrative segment
However, one of the major restraints is the short life of smart wearable devices. On the contrary, rise in technology adoption of 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.
By Component
Sensors segment will maintain the lead with a highest CAGR of 14.1%
The global industrial wearables market is segmented into device type, component, industry vertical, and region. Based on device type, the market is classified into smartwatches, glasses, headsets, and smart bands. By component, it is categorized into sensors, displays, connectivity, processors, and others.
By Industry Vertical
Manufacturing segment will secure the leading position throughout the forecast period
Depending on the industry vertical, the market is fragmented into manufacturing, automotive, aerospace & defense, oil & gas, power & energy, and others. Region-wise, the industrial wearables market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
By Region
Asia-Pacific region would exhibit the highest CAGR of 14.60% during 2020 - 2027
Top Impacting Factors
The prominent factors that drive the growth of the industrial wearables market include the rising adoption of wearable devices, surging demand for workplace safety, and the growing adoption of industrial wearables in the automotive sector. However, the short life of smart wearables devices restricts the market growth. Conversely, the rise in technology adoption of wearable devices and increasing investment in wearable devices have created lucrative opportunities for the global market.
Competitive Analysis
Competitive analysis and profiles of the major market players such as Microsoft Corporation, Honeywell International Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, Fujitsu Ltd., IMEC, RealWear, Sony Corporation, Vuzix Corporation, and Proglove are provided in the research report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the 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 significantly increase.
The impact of COVID-19 on this market is temporary as just production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are expected to gradually increase. The current scenario is expected to provide opportunities for companies to think about ways to increase their production, research technologies, and improve current products.
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the global industrial wearables market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall industrial wearables market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and industrial wearables market opportunities with a detailed impact analysis.
- The current industrial wearables market forecast is quantitatively analyzed from 2019 to 2027 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the industrial wearables market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Industrial Wearables Market Report Highlights
| Aspects | Details |
 By Device Type |
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 By Component |
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 By Industry Vertical |
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 By Region |
|
 Key Market Players | SAMSUNG ELECTRONICS CO. LTD., FUJITSU LIMITED, Seiko Epson Corporation, IMEC, SONY CORPORATION, Proglove, HONEYWELL INTERNATIONAL INC., RealWear, MICROSOFT CORPORATION, Vuzix Corporation |
Analyst Review
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.
The report focuses on the growth prospects, restraints, and trends of the industrial wearables market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the industrial wearables market.
The Industrial Wearables Market is estimated to grow at a CAGR of 12.4% from 2020 to 2027.
The Industrial Wearables Market is projected to reach $8.40 billion by 2027.
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Rising adoption of wearable devices, surging demand for workplace safety, and growing adoption of industrial wearables in automotive sector drives the growth of Industrial Wearables Market.
The key players profiled in the report include Microsoft Corporation, Honeywell International Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Industrial Wearables Market is segmented on the basis of device type, component, industry vertical, and region.
The key growth strategies of Industrial Wearables market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Glasses segment is projected to be the most lucrative segment.
Sensors segment will grow at a highest CAGR of 14.1% during 2020 - 2027.
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