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The internet of things (IoT) enabled industrial wearables market is estimated to decline at a CAGR of 23.58% between 2022 and 2027. The size of the market is forecast to increase by USD 3,345.57 million. The growth of the market depends on several factors, including a rise in digitalization and automation within industries, the emergence of Industry 4.0, and the growing adoption of smart sensors.
This report extensively covers market segmentation by product (hand-worn wearables, head-mounted wearables, and smart eyewear), end-user (automotive, manufacturing, aerospace, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global IoT-enabled industrial wearables market as a part of the global electronic equipment and instruments market within the overall electronics market. The parent global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rise in digitalization and automation within industries is notably driving the market growth, although factors such as the high cost of wearable devices and technology may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Internet Of Things (IoT) Enabled Industrial Wearables Market Driver
The rise in digitalization and automation within industries is the major driver of the growth of the internet of things (IoT) enabled industrial wearables market. The market players are opting for complex automation processes to maximize their capacity use, monitor plant assets, and improve workplace safety. There has been an increase in investments in digitization and automation, both from vendors that provide IoT solutions and end-users who are adopting these solutions. While investments in automation have been on the rise in many countries, owing to the focus on increasing precision and efficiency, some of the nations, such as Japan and Germany, are employing automation due to employee shortages.
The age group in which the majority of the population falls in both countries is above 60 years. With supply chains becoming increasingly global, vendors are being encouraged to use automation in their process lines. At present, there have been heavy investments in automation and digitization in North America and Europe due to the conducive regulatory environment and high purchasing power of end-users in these regions. These factors will facilitate market growth during the forecast period.
Significant Internet Of Things (IoT) Enabled Industrial Wearables Market Trend
The rising focus on increasing battery life is the major driver fueling the growth of the internet of things (IoT) enabled industrial wearables market. The battery in wearable devices poses a challenge. The accommodation of heavy equipment in wearables compromises the quality of the battery used. This is because batteries occupy a considerable amount of space in battery-operated devices. Industries in which a high amount of data is collected from wearables and where the operating period is high cannot afford to face problems related to batteries. In order to overcome issues related to limited battery life, certain vendors are focusing on redefining the battery life by using low-power consumption technologies, such as Bluetooth 5.0, along with a combination of system-level and circuit-level innovations to reduce the power consumption to a low level of energy harvesting, to make the battery a genuinely viable power source.
Moreover, vendors are also focusing on developing battery-free IoT-enabled industrial wearables. Such innovations in power harvesting technologies are helping the vendors to resolve the concerns related to the availability of limited battery life in resource-intensive industries such as mining and petroleum industries. Such factors will increase the market growth during the forecast period.
Major Internet Of Things (IoT) Enabled Industrial Wearables Market Challenge
The high cost of wearable devices and technology is the major hindrance to the growth of the internet of things (IoT) enabled industrial wearables market. The high cost remains one of the major factors that has been hindering the adoption of IoT-connected smart wearable devices in industrial facilities. Not only do smart wearables in industries cost more than those used in the consumer sector, but they also require additional infrastructure to support their functioning. The cost of IoT-enabled industrial wearables depends on the complexity of the devices used and the need for network connections. Industrial IoT wearables are, by default, more complex than other IoT wearables.
The complexities of the IoT-enabled Industrial wearables affect additional costs, such as the cost of the development of software and the cost of networking solutions. Moreover, the wearable device is frequently used in conjunction with technology, such as AR or VR, which is already an expensive technology. While the price of consumer wearable devices has reduced significantly, the cost of IoT-connected industrial wearable devices remains high, which is hindering the adoption of these devices across end-users with a lower budget.
Key Internet Of Things (IoT) Enabled Industrial Wearables Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Internet of Things (IoT) Enabled Industrial Wearables Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
eurotech.com - The company offers Internet of Things-enabled industrial wearables such as wrist-worn computers including Zypad WL1500, Zypad WR 11xx, and Zypad WL1100.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hand-worn wearables segment will be significant during the forecast period. Hand-worn wearables comprise smart wearables that are worn on the hands, such as smart gloves, smart rings, and smart wrist-worn devices. The number of vendors offering hand-worn smart wearables is limited. These hand-worn wearables are primarily targeted at logistics companies for administrative purposes, such as scanning, scheduling, and inventory management. Hand-worn devices are also used in industries to assist workers in production processes that involve substantially high hand movement activities.
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The hand-worn wearables segment was valued at USD 440.56 million in 2017 and continued to grow by 2021. Hand-worn devices are used in industries to assist workers in production processes that involve substantially high hand movement activities. The growing adoption of Industry 4.0 architecture among manufacturing industries globally, as well as the advances in sensors and scanning technologies, are driving the adoption of hand-worn devices during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is a leading region in the global IoT-enabled industrial wearables market, with the US and Canada as the leading revenue-generating countries. North America is home to many prominent vendors, such as Alphabet, Microsoft, and Vuzix, which have significant financial resources and expertise in advanced technologies. Many technology firms have gained recognition in the market in focus. End-user industries are also supporting market growth by collaborating with hardware and software providers to incorporate wearable devices in their manufacturing facilities. End-users, such as GE Electric Co. (GE Electric) and Ford Motors Co. (Ford Motors), are increasingly using smart wearables in their production plants. These factors will facilitate market growth during the forecast period.
However, due to a decline in the number of COVID-19 cases, various businesses are recovering. However, in June 2020, the Brazilian government eased restrictions associated with COVID-19 due to vaccination drives. Hence, electronic shops and malls got reopened in the country. In April 2020, Samsung announced the reopening of its smartphone plant in North America. These are some of the factors that have positively influenced the sales of IoT-enabled industrial wearables in the region. Moreover, with the lifting of lockdown restrictions and the initiation of vaccination drives, the IoT-enabled industrial wearables market recovered in 2021 and is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Hand worn wearables, Head-mounted wearables, and Smart eyewear), End-user (Automotive, Manufacturing, Aerospace, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Internet Of Things (IoT) Enabled Industrial Wearables Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 23.58% |
Market growth 2023-2027 |
USD 3,345.57 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
34.77 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
EUROTECH Spa, Fujitsu General Ltd., Generalscan, Hitachi Ltd., Honeywell International Inc., Intellinium, Iristick NV, Magic Leap Inc., Microsoft Corp., Optinvent, RealWear Inc., SAP SE, Seiko Epson Corp., ThirdEye Gen Inc., Vuzix Corp., WESTUNITIS Co. Ltd., Workaround GmbH, WORKERBASE GmbH, ASUSTeK Computer Inc., and Samsung Electronics Co. Ltd. |
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, and the market condition analysis for the 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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