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Industrial Wearable Devices Market by Product, Application, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 169
  • SKU: IRTNTR40545
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The industrial wearable devices market share is expected to increase by USD 1.99 billion from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 27%.

This industrial wearable devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial wearable devices market segmentations by product (wrist computers, ring scanners, smart terminals, and smart glasses), end-user (transportation and logistics, retail, manufacturing, healthcare, and others), application (warehouse management, training and simulation, and service and maintenance), and Geography (North America, Europe, APAC, South America, and MEA). The industrial wearable devices market report also offers information on several market vendors, including Alphabet Inc., DAQRI LLC, EUROTECH Spa, Fujitsu Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., and OM Digital Solutions Corp. among others.

What will the Industrial Wearable Devices Market Size be During the Forecast Period?

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Industrial Wearable Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The augmented growth of IoT is notably driving the industrial wearable devices market growth, although factors such as using more than one wearable device may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial wearable devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Industrial Wearable Devices Market Driver

One of the key factors driving the industrial wearable devices market growth is the augmented growth of IoT. IoT is one such avenue that captures data from the surrounding stimuli and ensures that various products are connected. IoT and smart products have created revolutionizing expectations about data and connectivity while opening new channels of business value. One such channel is the creation of industrial wearable devices . Industrial wearable devices include the use of connected devices such as smart glasses, wrist computers, ring scanners, and wearable scanners that are used by industrial workers across various end-user industries. The growth of the global IoT market is a major driver of the global industrial wearable devices market. The prices of hardware and electronics are continuing to fall in the global market. As a result, connectivity costs and embedded sensors no longer deter companies from adopting the smart technology. Many companies are adopting sensors and IoT connectivity to yield greater value not only by promising data but also by providing better safety and long-term cost savings through active prevention of accidents. Though these products measure and react, they ultimately protect the individual and prevent health issues and tragic situations in a broader sense.

Key Industrial Wearable Devices Market Trend

Another key factor driving the industrial wearable devices market growth is the market scope for HMDs as industrial wearable. Apart from the conventional industrial wearable devices such as smart glasses, ring scanners, wrist computers, and smart terminals, there is a large scope for introduction of head-mounted display (HMDs) into the market. Key vendor DAQRI used to offer smart helmets that were used in industries including construction and manufacturing. Similarly, Cinoptics offers a wide variety of HMDs that are used across applications, including medical, defense and security, and aviation industries. Moreover, RealWear offers a series of HMDs, which are rugged and best suited for industrial applications. The RealWear HMT-1 is a powerful, fully-rugged Android computer that is worn on the head and replaces the touch screen with an articulated micro-display, giving the appearance of a 7-inch tablet screen. This device takes care of the productivity, safety, and human factor needs of industrial workers in rugged and loud environments. However, vendors such as Cinoptics and RealWear, which have introduced their products specific to industrial applications, imply that there is scope for various other vendors to offer HMDs, specific to industrial applications.

Key Industrial Wearable Devices Market Challenge

Usage of more than one wearable device is one of the key challenges hindering the industrial wearable devices market growth. With the evolution of Industry 4.0, several opportunities are laid out for the adoption of wearables. Workers can be equipped with numerous devices that assist in making quicker decisions and reducing cycle time for processes. For instance, wrist computers can assist in maintaining logs of inventory, while smart glasses help in resolving operational issues. The objective of wearable devices is to essentially make operations easier and quicker. Workers in industries can sport numerous smart devices while carrying out operations. However, with multiple smart devices, it will not be practical for an individual to maintain all devices simultaneously and ensure that they are all charged. The battery of the smartphone also drains faster, with increased use of Bluetooth or pairing application. Therefore, with the challenges that are prevalent in managing more than the connected device, end-users prefer one industrial wearable device that can manage both notifications and physical tracking. This would hinder the adoption of few industrial wearable devices among end-users during the forecast period.

This industrial wearable devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global industrial wearable devices market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial wearable devices market during the forecast period.

Who are the Major Industrial Wearable Devices Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Alphabet Inc.
  • DAQRI LLC
  • EUROTECH Spa
  • Fujitsu Ltd.
  • Generalscan Electronics Co. Ltd.
  • Honeywell International Inc.
  • Lenovo Group Ltd.
  • Magic Leap Inc.
  • Microsoft Corp.
  • OM Digital Solutions Corp.

This statistical study of the industrial wearable devices market encompasses successful business strategies deployed by the key vendors. The industrial wearable devices market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies to compete in the market.

Product Insights and News

  • Alphabet Inc. - The company offers industrial wearable devices such as GLASS ENTERPRISE EDITION 2 that intuitively fits into the workflow and helps to remain engaged and focused on high value work by removing distractions.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The industrial wearable devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Industrial Wearable Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the industrial wearable devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Industrial Wearable Devices Market?

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42% of the market’s growth will originate from North America during the forecast period. US is the key market for industrial wearable devices in North America. Market growth in this region will be faster than the growth of the market in other regions.

Increase in the adoption of industrial wearable devices  in operational activities will facilitate the industrial wearable devices market growth in North America over the forecast period. For instance, Ford uses Microsoft’s HoloLens to design AR-based cars. Vendors witness accelerated demand from the region and are manufacturing advanced wearable devices to cater to the rising demand. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Owing to COVID-19, the vehicle sales plummeted in North America in 2020. Many countries in North America, such the US and Canada, have set 2020-2021 as the year to promote the mass adoption of EVs and the development of EV charging infrastructure. However, the COVID-19 pandemic created a dent in the buying power of consumers. Many automotive OEMs shut down and shifted their focus to manufacturing personal protective equipment (PPE) during the first quarter of 2020 after the pandemic broke out. However, after June 2020, the market started regaining its momentum.

What are the Revenue-generating Product Segments in the Industrial Wearable Devices Market?

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The industrial wearable devices market share growth by the wrist computers will be significant during the forecast period. Wrist computers help enhance mobility among workers, mainly in the logistics industry. The driving factor for their increased adoption is the automation and the need for reducing human intervention in the industry.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial wearable devices market size and actionable market insights on post COVID-19 impact on each segment.

 

Industrial Wearable Devices Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 27%

Market growth 2021-2025

USD 1.99 billion

Market structure

Fragmented

YoY growth (%)

34.47

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 42%

Key consumer countries

US, China), Germany, UK, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., DAQRI LLC, EUROTECH Spa, Fujitsu Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., and OM Digital Solutions Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Industrial Wearable Devices Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive industrial wearable devices market growth during the next five years
  • Precise estimation of the industrial wearable devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the industrial wearable devices industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of industrial wearable devices market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Consumer electronics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Wrist computers - Market size and forecast 2020-2025
      • Exhibit 17: Wrist computers - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Wrist computers - Year-over-year growth 2020-2025 (%)
    • 5.4 Ring scanners - Market size and forecast 2020-2025
      • Exhibit 19: Ring scanners - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Ring scanners - Year-over-year growth 2020-2025 (%)
    • 5.5 Smart terminals - Market size and forecast 2020-2025
      • Exhibit 21: Smart terminals - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Smart terminals - Year-over-year growth 2020-2025 (%)
    • 5.6 Smart glasses - Market size and forecast 2020-2025
      • Exhibit 23: Smart glasses - Market size and forecast 2020-2025 ($ million)
      • Exhibit 24: Smart glasses - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by Product
      • Exhibit 25: Market opportunity by Product

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 26: Application - Market share 2020-2025 (%)
    • 6.2 Comparison by Application
      • Exhibit 27: Comparison by Application
    • 6.3 Warehouse management - Market size and forecast 2020-2025
      • Exhibit 28: Warehouse management - Market size and forecast 2020-2025 ($ million)
      • Exhibit 29: Warehouse management - Year-over-year growth 2020-2025 (%)
    • 6.4 Training and simulation - Market size and forecast 2020-2025
      • Exhibit 30: Training and simulation - Market size and forecast 2020-2025 ($ million)
      • Exhibit 31: Training and simulation - Year-over-year growth 2020-2025 (%)
    • 6.5 Service and maintenance - Market size and forecast 2020-2025
      • Exhibit 32: Service and maintenance - Market size and forecast 2020-2025 ($ million)
      • Exhibit 33: Service and maintenance - Year-over-year growth 2020-2025 (%)
    • 6.6 Market opportunity by Application
      • Exhibit 34: Market opportunity by Application

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 35: End user - Market share 2020-2025 (%)
    • 7.2 Comparison by End user
      • Exhibit 36: Comparison by End user
    • 7.3 Transportation and logistics - Market size and forecast 2020-2025
      • Exhibit 37: Transportation and logistics - Market size and forecast 2020-2025 ($ million)
      • Exhibit 38: Transportation and logistics - Year-over-year growth 2020-2025 (%)
    • 7.4 Retail - Market size and forecast 2020-2025
      • Exhibit 39: Retail - Market size and forecast 2020-2025 ($ million)
      • Exhibit 40: Retail - Year-over-year growth 2020-2025 (%)
    • 7.5 Manufacturing - Market size and forecast 2020-2025
      • Exhibit 41: Manufacturing - Market size and forecast 2020-2025 ($ million)
      • Exhibit 42: Manufacturing - Year-over-year growth 2020-2025 (%)
    • 7.6 Healthcare - Market size and forecast 2020-2025
      • Exhibit 43: Healthcare - Market size and forecast 2020-2025 ($ million)
      • Exhibit 44: Healthcare - Year-over-year growth 2020-2025 (%)
    • 7.7 Others - Market size and forecast 2020-2025
      • Exhibit 45: Others - Market size and forecast 2020-2025 ($ million)
      • Exhibit 46: Others - Year-over-year growth 2020-2025 (%)
    • 7.8 Market opportunity by End user
      • Exhibit 47: Market opportunity by End user

    8 Customer landscape

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 49: Market share by geography 2020-2025 (%)
    • 9.2 Geographic comparison
      • Exhibit 50: Geographic comparison
    • 9.3 North America - Market size and forecast 2020-2025
      • Exhibit 51: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 52: North America - Year-over-year growth 2020-2025 (%)
    • 9.4 Europe - Market size and forecast 2020-2025
      • Exhibit 53: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 54: Europe - Year-over-year growth 2020-2025 (%)
    • 9.5 APAC - Market size and forecast 2020-2025
      • Exhibit 55: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 56: APAC - Year-over-year growth 2020-2025 (%)
    • 9.6 South America - Market size and forecast 2020-2025
      • Exhibit 57: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 58: South America - Year-over-year growth 2020-2025 (%)
    • 9.7 MEA - Market size and forecast 2020-2025
      • Exhibit 59: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 60: MEA - Year-over-year growth 2020-2025 (%)
    • 9.8 Key leading countries
      • Exhibit 61: Key leading countries
    • 9.9 Market opportunity by geography
      • Exhibit 62: Market opportunity by geography

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • Exhibit 63: Impact of drivers and challenges
      • 10.3 Market trends

        11 Vendor Landscape

        • 11.1 Vendor landscape
          • Exhibit 64: Vendor landscape
        • 11.2 Landscape disruption
          • Exhibit 65: Landscape disruption
          • Exhibit 66: Industry risks
        • 11.3 Competitive Scenario

          12 Vendor Analysis

          • 12.1 Vendors covered
            • Exhibit 67: Vendors covered
          • 12.2 Market positioning of vendors
            • Exhibit 68: Market positioning of vendors
          • 12.3 Alphabet Inc.
            • Exhibit 69: Alphabet Inc. - Overview
            • Exhibit 70: Alphabet Inc. - Business segments
            • Exhibit 71: Alphabet Inc. - Key offerings
            • Exhibit 72: Alphabet Inc. - Segment focus
          • 12.4 DAQRI LLC
            • Exhibit 73: DAQRI LLC - Overview
            • Exhibit 74: DAQRI LLC - Product and service
            • Exhibit 75: DAQRI LLC - Key offerings
          • 12.5 EUROTECH Spa
            • Exhibit 76: EUROTECH Spa - Overview
            • Exhibit 77: EUROTECH Spa - Business segments
            • Exhibit 78: EUROTECH Spa - Key offerings
            • Exhibit 79: EUROTECH Spa - Segment focus
          • 12.6 Fujitsu Ltd.
            • Exhibit 80: Fujitsu Ltd. - Overview
            • Exhibit 81: Fujitsu Ltd. - Business segments
            • Exhibit 82: Fujitsu Ltd. – Key news
            • Exhibit 83: Fujitsu Ltd. - Key offerings
            • Exhibit 84: Fujitsu Ltd. - Segment focus
          • 12.7 Generalscan Electronics Co. Ltd.
            • Exhibit 85: Generalscan Electronics Co. Ltd. - Overview
            • Exhibit 86: Generalscan Electronics Co. Ltd. - Product and service
            • Exhibit 87: Generalscan Electronics Co. Ltd. - Key offerings
          • 12.8 Honeywell International Inc.
            • Exhibit 88: Honeywell International Inc. - Overview
            • Exhibit 89: Honeywell International Inc. - Business segments
            • Exhibit 90: Honeywell International Inc. – Key news
            • Exhibit 91: Honeywell International Inc. - Key offerings
            • Exhibit 92: Honeywell International Inc. - Segment focus
          • 12.9 Lenovo Group Ltd.
            • Exhibit 93: Lenovo Group Ltd. - Overview
            • Exhibit 94: Lenovo Group Ltd. - Business segments
            • Exhibit 95: Lenovo Group Ltd. – Key news
            • Exhibit 96: Lenovo Group Ltd. - Key offerings
            • Exhibit 97: Lenovo Group Ltd. - Segment focus
          • 12.10 Magic Leap Inc.
            • Exhibit 98: Magic Leap Inc. - Overview
            • Exhibit 99: Magic Leap Inc. - Product and service
            • Exhibit 100: Magic Leap Inc. - Key offerings
          • 12.11 Microsoft Corp.
            • Exhibit 101: Microsoft Corp. - Overview
            • Exhibit 102: Microsoft Corp. - Business segments
            • Exhibit 103: Microsoft Corp. - Key offerings
            • Exhibit 104: Microsoft Corp. - Segment focus
          • 12.12 OM Digital Solutions Corp.
            • Exhibit 105: OM Digital Solutions Corp. - Overview
            • Exhibit 106: OM Digital Solutions Corp. - Product and service
            • Exhibit 107: OM Digital Solutions Corp. - Key offerings

          13 Appendix

          • 13.1 Scope of the report
            • 13.2 Currency conversion rates for US$
              • Exhibit 108: Currency conversion rates for US$
            • 13.3 Research methodology
              • Exhibit 109: Research Methodology
              • Exhibit 110: Validation techniques employed for market sizing
              • Exhibit 111: Information sources
            • 13.4 List of abbreviations
              • Exhibit 112: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            The industrial wearable devices market market growth will increase by $$ 1.99 bn during 2022-2025.
            The industrial wearable devices market market is expected to grow at a CAGR of 27% during 2022-2025.
            Technavio has segmented the industrial wearable devices market market by product (Wrist computers, Ring scanners, Smart terminals, and Smart glasses) ,end user (Transportation and logistics, Retail, Manufacturing, Healthcare, and Others) , and geography (North America, Europe, APAC, South America, and MEA).
            Alphabet Inc., DAQRI LLC, EUROTECH Spa, Fujitsu Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., OM Digital Solutions Corp. are a few of the key vendors in the industrial wearable devices market market.
            North America will register the highest growth rate of 42% among the other regions. Therefore, the industrial wearable devices market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the industrial wearable devices market market growth are:
            • augmented growth of IoT
            • market scope for HMDs as industrial wearable
            The industrial wearable devices market market vendors should focus on grabbing business opportunities from the wrist computers segment as it accounted for the largest market share in the base year.
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