“Increasing adoption of AR and VR devices in automotive industry to drive growth of industrial wearables market”
The industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024, recording a CAGR of 50.2%. Growth of the industrial wearables market includes a high requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology especially in the production area and VR technology in specifically in training domain, and technological advancements and automation in manufacturing plants are driving the growth of the industrial wearables industry. However, constraints such as data security and privacy issues may hinder the market growth.
“Based on industry, automotive industry captured largest market share in 2018”
Vehicle manufacturing is an important phase in automotive wherein industrial wearables play a vital role. Manufacturing involves the assembly of hundreds or thousands of individual components appropriately and as fast as possible in a precisely coordinated sequence. Assembling such components is a tedious task that requires numerous instructions to be followed. Using AR, instructions can be projected onto a display. In repair and maintenance, wearables can be used to troubleshoot repairs and execute real-time communication with engineers. The adoption of industrial wearables in the automotive industry not only reduces the production time and decreases the development cost but also ensures efficient production planning, accurate production, and quality improvement & assurance. The aforementioned factors drive the demand for industrial wearables in the automotive industry.
“APAC to record highest growth rate in industrial wearables market during the forecast period”
APAC is expected to be the fastest-growing market for industrial wearables owing to the factors such as government initiatives including Made in China 2025 that support the adoption of industrial IoT and smart manufacturing technologies, government support for the adoption of advanced communication technologies including 5G, and use of AR glasses and other wearables in automotive and other critical industries to increase productivity while reducing operational costs. Investments by Chinese players in AR technology is also expected to drive the industrial wearables market in APAC. For instance, in 2016, Magic Leap (US) raised USD 794 million in a Series C round of funding, which was led by Alibaba (China). Moreover, players in the industrial wearables market invest significantly in R&D activities. For instance, in 2018, Huawei published a patent?Eyeglass Frame, which shows that the pair of AR glasses can be connected to a smartwatch, in the database of the World Intellectual Property Organization (WIPO).
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial wearables marketplace.
- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-Level Executives = 40%, Directors = 35%, and Managers = 25%
- By Region: North America = 45%, APAC = 25%, Europe = 20%, and RoW = 10%
Major players in the industrial wearables market include Microsoft Corporation (US), Google (US), Seiko Epson Corporation (Japan), Vuzix (US), Magic Leap, Inc. (US), Apple Inc. (US), Fujitsu Ltd. (Japan), Honeywell International Inc. (US), Oculus VR (US), Samsung Electronics Co., Ltd. (South Korea), AsusTek Computer Inc. (Taiwan), Fitbit, Inc. (US), Fossil Group, Inc. (US), HTC Corporation (Taiwan), Olympus Corporation (Japan), Optinvent (France), RealWear (US), ThirdEye (US), Workerbase (Germany), and Zepcam (Netherlands).
The study includes an in-depth competitive analysis of these key players in the industrial wearables market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the industrial wearables market based on device type, component, industry, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial wearables market. It also analyzes competitive developments such as product launches &developments, expansions, agreements, partnerships, collaborations, and acquisitions carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall industrial wearables market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.