DUBLIN--(BUSINESS WIRE)--The "Industrial Wearables Market by Device Type, Component and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global industrial wearables market size is expected to reach $8.40 billion by 2027 from $3.79 billion in 2019, growing at a CAGR of 12.4% from 2020 to 2027.
Electronics that are manufactured to be worn on a consumer's body with intelligent operation performing capabilities are termed as wearable devices. Wearable electronics consist of intelligent devices such as smart watches, smart bands, headsets, and others. The industrial wearable devices find application in automotive, military & defense, manufacturing, energy & power, and others.
Major players such as Microsoft Corporation, Honeywell International Inc., Samsung Electronics Co., Ltd. and others, adopt various strategies to develop and upgrade the technology that boosts the market demand. In addition, wearable are the electronic devices that are equipped with artificial intelligent algorithms and IoT for smart connection for human assistance, monitoring, and other intelligent functions.
The prominent factor that drives the industrial wearables market growth include rise in the adoption of wearable devices. The demand for wearable has surpassed that of smartphones in the consumer electronics segment. From checking notifications to tracking physical activity, these devices provide novel means to accomplish routine tasks. Rise in the adoption of these devices in industrial sector create lucrative growth demand for industrial wearable market.
However, one of the major restraints is the short life of smart wearable devices. On the contrary, a rise in technology adoption in wearable devices and increase in investment in wearable devices are anticipated to provide lucrative opportunities for the expansion of the industrial wearables industry during the forecast period.
The global industrial wearables market is segmented into device type, component, industry vertical, and region. On the basis of device type, the market is classified into smart watches, glasses, headsets, and smartbands. By component, it is categorized into sensors, displays, connectivity, processors, and others. Depending on industry vertical, the market is fragmented into manufacturing, automotive, aerospace & defense, oil & gas, power & energy, and other. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Market Dynamics
Drivers
- Rising adoption of wearable devices
- Surging demand for workplace safety
- Growing adoption of industrial wearable's in Automotive sector
Restraint
- Short life of smart wearable's
Opportunities
- Technology adoption in wearable devices
- Increasing investment in wearable devices
Key Market Players
- Microsoft Corporation
- Honeywell International Inc.
- Samsung Electronics Co. Ltd.
- Seiko Epson Corporation
- Fujitsu Ltd.
- IMEC
- RealWear
- Sony Corporation
- Vuzix Corporation
- Proglove
For more information about this report visit https://www.researchandmarkets.com/r/px7lqb
