In a recently published report, Global Industrial Wearables Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Industrial Wearables Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Industrial Wearables Market is valued approximately at USD 3.79 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.4% over the forecast period 2020-2027. Industrial Wearables are those devices which are developed for human body to improve productivity, safety, and efficiency at their respective workplaces in various sectors like manufacturing, logistics, mining, aerospace & defense through real time information which can be stored on cloud and also be tracked. These wearables comprise of sensors, controllers, and monitoring platform. These devices help the workers to communicate and transmit data through cellular technologies and helps in improving day by day as they can be connected with mobile devices.
Further, increasing investment by the manufacturers in AR and VR technology, for Instance: as per the company source, in 2019, Magic Leap collaborated with Sketchfab (US), to to create extended reality (XR) content with javascript for 3D, VR, and AR content, has increased the market share. To improve the efficiency of workers and the advancements in Internet-of-Things, Artificial Intelligence, big data analytics and cloud computing has led the adoption of Industrial Wearables across the forecast period. Also, in 2018, according to the company source, Epson launched Epson Moverio Assist, a remote assistance and inspection solution for the field tasks using Moverio’s smart glasses,which will enable the workers to inspect the solutions without harming themselves.
However, high manufacturing costs because of advanced research & development and short life of smart wearable devices impedes the growth of the market over the forecast period of 2020-2027. Also, Opportunity with the investment for Industry 4.0 on interconnectivity, automation, and real-time data, the adoption & demand for Industrial Wearables is likely to increase.
The regional analysis of global Industrial Wearables Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of leading market players in the region, high demand for smart devices coupled with the well-established Information Technology infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising labor productivity consequently rising demand for safety devices, adaptation of digitization along with the government initiatives would create lucrative growth prospects for the Industrial Wearables Market across Asia-Pacific region.
Major market player included in this report are:
Microsoft Corporation
Honeywell International Inc.
Samsung Electronics Co. Ltd.
Seiko Epson Corporation
Fujitsu Ltd.
IMEC
RealWear
Sony Corporation
Vuzix Corporation
Proglove
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Smart Watches
Glasses
Headsets
Smart Bands
By Component:
Sensors
Displays
Connectivity
Others
By Industry Vehicle:
Manufacturing
Automotive
Aerospace and Defense
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Industrial Wearables Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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