The latest report by IMARC, titled “Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global industrial wearable devices market reached US$ 9.1 Billion in 2021. Industrial wearable devices refer to functional tools that help enhance workplace safety, productivity, and efficiency of companies in numerous industry verticals, such as healthcare, logistics, manufacturing, and lifestyle. These devices are made from highly sophisticated components, which track activities, collect data and offer customized experiences based on the needs and desires of consumers. In recent years, industrial wearable devices have gained traction as they assist workers in performing assigned tasks easily and minimize work related accidents.
Global Industrial Wearable Devices Market Trends:
One of the primary factors driving the market is the numerous advantages offered by industrial wearable devices, such as convenience, portability, and operational efficiency. Additionally, enhancements in bio-sensing technology in these devices assist in measuring health parameters, including heart rate, temperature, and blood oxygen levels, thereby creating a positive market outlook. Furthermore, these parameters are also used by companies to track the health of their employees and are linked to their employee welfare programs, consequently minimizing healthcare costs. Other than this, industrial wearable devices are utilized for workforce authentication, real-time data monitoring, corporate wellness, field management, and mobile workforce management. Besides this, the constant research and development (R&D) activities and integration of virtual reality and augmented reality in these devices are leading to their extensive utilization for training new employees to recover motor functions during rehabilitation, thus positively influencing the market growth. Looking forward, IMARC Group expects the market value to reach US$ 20.1 Billion by 2027, expanding at a CAGR of 14.2% during the forecast period (2022-2027).
- Based on the product type, the market has been divided into fitness tracker, smart glasses, smart watches, wearable camera, and others. Currently fitness tracker dominates the market.
- On the basis of the application, the market has been segregated into warehouse management, training and simulation, service and maintenance, and others.
- Based on the industry, the market has been segmented into transport and logistics, retail, manufacturing, healthcare, and others.
- Region-wise, North America exhibits a leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being Apple Inc., Seiko Epson Corporation (Epson), Fujitsu Limited, Google Inc., Microsoft Corpoartion, Vuzix, ASUS TeK Computer Inc., Fitbit, Garmin Ltd., Honeywell International Inc., Jawbone, Motorola Mobility LLC, Nike Inc., Pebblecart.com, Samsung GGroup, SAP SE, Sony Corporation, Xiomi Group, and Eurotech S.p.A.
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