Industrial wearable devices are functional tools designed to upgrade workplace productivity, safety and efficiency of the companies in sectors such manufacturing, logistics, healthcare, lifestyle, etc. These devices are made up of highly-sophisticated electronic components which collect data, track activities, and provide customized experiences depending on the users’ needs and desires. Moreover, they are geared to aid a worker to perform the assigned task at hand with greater ease and reduce accidents related to work. According to the latest report by IMARC Group, titled "Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global industrial wearable devices market reached a value of US$ 1.5 Billion in 2017.
Industrial wearable devices are rapidly gaining prevalence due to their numerous advantages, such as portability, convenience, operational efficiency, etc. In addition, improvement in bio-sensing technology in these devices helps in measuring health parameters such as body temperature, heart rate and blood oxygen levels. These parameters are further used by companies to track the employees’ health and are linked to their employee welfare programs, thereby reducing the healthcare costs. Further, industrial wearable devices can be used for real time data monitoring, workforce authentication, field management, corporate wellness and mobile workforce management. This is projected to increase their usage in different verticals, such as healthcare, IT & telecom, and manufacturing. On account of these factors, the market value is projected to exceed US$ 2.6 Billion by 2023, expanding at a CAGR of 9.6% during 2018-2023.
Based on product type, the market has been segmented as fitness tracker, smart glasses, smart watches, wearable camera, etc. Currently, smart watches dominate the market, holding the largest share.
On the basis of application, the market has been segmented into warehouse management, training & simulation, service & maintenance, and others.
On the basis of industry, the market has been segmented into transport & logistics, retail, manufacturing, healthcare and others.
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players being Apple, Epson, Fujitsu, Google, Microsoft, Vuzix, ASUS, Fitbit, Garmin, Honeywell, Jawbone, Motorola, Nike, Pebble, Samsung, SAP, Sony and Eurotech.
This report provides a deep insight into the global industrial wearable devices market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the industrial wearable devices market in any manner.
Key questions answered in this report:
- How has the global industrial wearable devices market performed so far and how will it perform in the coming years?
- What are the key regions in the global industrial wearable devices market?
- Which are the popular product types in the global industrial wearable devices market?
- What are the major application segments in the global industrial wearable devices market?
- What are the key end-use segments in the global industrial wearable devices market?
- What are the various stages in the value chain of the global industrial wearable devices market?
- What are the key driving factors and challenges in the global industrial wearable devices market?
- What is the structure of the global industrial wearable devices market and who are the key players?
- What is the degree of competition in the global industrial wearable devices market?
- How are industrial wearable devices manufactured?