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

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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