LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global IoT-enabled industrial wearables market to grow at a CAGR of over 10% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global IoT-enabled industrial wearables market for 2017-2021. An IoT-enabled industrial wearable is a device that has IoT incorporated to make operations in industrial manufacturing and production facilities smooth.
The rise in automation and IoT connected devices has significantly contributed to the growth of the global IoT-enabled industrial wearables market. Although companies in the industrial segment are apprehensive about including IoT-enabled devices in their product lines, they are steadily adopting these devices to support operations. The growth of the market is also being aided by the integration of new age technologies, such as augmented reality (AR), virtual reality (VR), Artificial Intelligence (AI), and Big Data with IoT-enabled industrial smart wearables.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global IoT-enabled industrial wearables market:
- Rising mega trends in digitalization and automation
- Increased focus on workplace safety and efficiency
- Growing adoption of smart sensors
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Rising mega trends in digitalization and automation
Digitization and automation have slowly been progressing in industries with a decrease in the cost of technology, increase in penetration of wireless devices, and rise in focus on increasing efficiency in the workplace. Players in the industrial sector are opting for complex automation processes to maximize their capacity use, monitor plant assets, and improve workplace safety.
Kalle Deepak, a lead automation research analyst at Technavio, says, “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 shortage. The age group in which the majority of the population fall into in both the countries is above 60 years. This has led to the shortage of the working population.”
Increased focus on workplace safety and efficiency
The increase in efficiency and productivity is one of the major drivers for the rise in the adoption of IoT connected wearable devices in industries. Wearable devices, such as smart glasses, use AR view of the plant site and machinery. The AR gives a view of the physical, real-world object whose elements are supplemented by computer-generated sensory input, such as graphics, video, sound, and GPS.
“Wearable devices are also used to improve the workplace safety. Smart wearables are being used in industries, such as the construction and mining, which are prone to frequent accidents. Using smart wearables will eliminate the need for a worker to carry electronic equipment, such as tablets, smartphones, and cameras,” adds Deepak.
Growing adoption of smart sensors
Smart sensors have been driving the adoption of wireless monitoring systems. The development of smart sensors and their implementation in IIoT have resulted in the increase in the adoption of IoT-enabled industrial smart wearables by companies. Unlike analytical sensors, the maintenance of smart sensors is relatively easy, and the latter has minimum downtime.
Smart sensors provide system data as well as information on their status. They increase the reliability of systems by decreasing the repair cost and minimizing the time for sensor replacement. The fall in the price of smart sensors, combined with their ability to supply reliable and real-time data, has increased their demand.
Top vendors:
- Alphabet
- DAQRI
- Epson
- Fujitsu
- Microsoft
- Vuzix
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