IMARC Group’s latest study, entitled “Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global industrial wearable devices market reached a value of US$ 1.64 Billion in 2018. Wearable devices, also known as wearables, refer to electronics that can be worn on the body as a part of clothing or as an accessory. The major advantage offered by these devices is their ability to connect to the internet and facilitate real-time data exchange. In recent years, the ubiquity of smartphones and internet connectivity has led to the proliferation of wearable device technology in both the consumer and industrial markets. In the industrial segment particularly, these devices offer huge opportunities for reducing error rate, improving work efficiency and enhancing safety of the workers. As a result, these devices are witnessing rapid uptake in various industry verticals ranging from retail to manufacturing.
Global Industrial Wearable Devices Market Trends:
Wearable devices incorporate various sensors that can track data related to the user's vital signs, fitness or location. The increasing R&D activities and integration of virtual reality and augmented reality in these devices have led to their usage in applications ranging from training of new employees to recovering motor functions during rehabilitation. Keeping this in view, the industry players are introducing wearables for industry specific applications. For instance, smart glasses are being developed for the healthcare sector so as to facilitate expert consultation, knowledge sharing and hands-free access to patient information. Similarly, health monitors are being used by companies for employees who work in hazardous environments such as mines, construction sites and various manufacturing facilities. Several companies are also providing fitness monitors as a part of their wellness programs where these monitors offer insights about the health status of an employee along with customized health advice. This is expected to enhance productivity and reduce the number of sick days. Looking forward, the market is projected to expand at a CAGR of 9.2% during 2019-2024, reaching a value of US$ 2.78 Billion by 2024.
Global Industrial Wearable Devices Market Segmentation:
- On the basis of product type, smart watches represent the largest segment, accounting for majority of the market share. Other segments include smart glasses, fitness tracker and wearable camera.
- Based on application, the market has been segregated as training and simulation, warehouse management, service and maintenance, and others.
- On the basis of industry, the market has been segmented into transport and logistics, retail, manufacturing, healthcare and others.
- On a geographical front, North America dominates the market, holding the largest share. Other major regions analyzed in the report include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The key players operative in the market include Epson, Apple, Fujitsu, Microsoft, Google, ASUS, Vuzix, Fitbit, Honeywell, Garmin, Jawbone, Nike, Motorola, Samsung, Pebble, Sony, SAP, Eurotech and Xiaomi.
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