Industrial Wearable Devices Industry Opportunities, Growth Drivers and Future Demand
Global industrial wearable devices market is anticipated to witness an exponential growth in the
forecast period. Wearable devices that are used for industrial applications are
termed as “Industrial wearable”. Industrial wearable devices are functional
tools designed to upgrade workplace efficiency, safety, and productivity of the
companies in segments such as lifestyle, logistics, manufacturing, healthcare,
etc.
The factors that propel
the growth of the market include rise in disposable income coupled with rise in
health concerns among consumers, higher acceptance of smart wearable devices in
the healthcare sector, and increasing standard of living. On the other hand, a
factor may hamper the growth of the market including high prices associated
with wearable technology. Industrial wearable devices market is anticipated to
expand at a significant CAGR of 10.52% in the upcoming period as the scope,
product types, and its applications are increasing across the globe.
The new trend with
respect to industrial wearable devices is that of acquiring patents. There are
numerous vendors in the market for industrial wearable devices that have filed
patents for their products. These vendors are beginning to patent their
technological discoveries about the market. One of the signs of technical
growth is the number of patents approved in the field.
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Market could be explored by product
type, industry type, application, and geography. Market could be explored by
product type as a fitness tracker, wearable camera, smart glasses, and smart
watches, etc. The “Smart Watches” segment led the industrial wearable devices
market in 2017 and will continue to lead in the forecast period.
Based on industry type, market could
span healthcare, transport & logistics, manufacturing, retail, and others.
The “Healthcare” segment led the Wearable Technology Market in 2014 and is
anticipated to maintain its dominance by 2022. The key factors that may be
attributed to the growth of the market include increasing client base for
wearable electronic gadgets and an increase in demand for wearable technology
owing to social and medicinal insurance. The key applications that could be
explored in the market include service & maintenance, training &
simulation, warehouse management, and others.
North America accounted for the major
share of the industrial wearable devices market in 2017 and will continue to
lead in the forecast period. The factors that could be attributed to the growth
include high product usage, increasing use of wrist wear and fitness wear among
the fitness enthusiasts, industrial innovations and growing health
consciousness. North America is followed by Asia-Pacific and anticipated to
show significant growth in the forecast period owing to the development of
technological innovations in developing regions.
Some of the key players that fuel the
growth of the industrial wearable devices market comprise Epson, Apple, Google,
Fujitsu, Vizux, Microsoft, Fitbit, ASUS, Honeywell, Garmin, Motorola, Jawbone,
Pebble, Nike, SAP, Samsung, Eurotech, Sony. The leading companies are taking up
partnerships, mergers and acquisitions, and joint ventures in order to boost
the inorganic growth of the industry.
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