IMARC Group’s latest study, entitled “Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-25”, finds that the global industrial wearable devices market reached a value of US$ 7.5 Billion in 2019. 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.
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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 to exhibit strong growth during 2020-2025.
Market Breakup by Product Type:
- Smart Watches
- Smart Glasses
- Fitness Tracker
- Wearable Camera
On the basis of product type, smart watches represent the largest segment, accounting for majority of the total market share.
Market Breakup by Application:
- Training and Simulation
- Warehouse Management
Market Breakup by Industry:
- Transport and Logistics
Market Region Summary:
On a geographical front, North America dominates the market, holding the largest global 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:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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