Technavio market research analysts forecast the global industrial wearable devices market to grow at a CAGR close to 11% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global industrial wearable devices market from 2018-2022. (Graphic: Business Wire)
This market research report segments the global industrial wearable devices market into the following four major products (wrist computers, ring scanners, smart terminals, and smart glasses), three major end-users (transport and logistics, retail, and manufacturing), and three major regions (the Americas, APAC, and EMEA).
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Technavio highlights augmented growth of IoT as one of the key drivers in the market
The growing need to remain connected has led to an increase in demand for more connected products. IoT is one such avenue that captures data from the surrounding stimuli and ensures that various products are connected. IoT and smart products have created revolutionizing expectations about data and connectivity while opening new channels of business value. One such channel is the creation of industrial wearables. Connected devices such as smart glasses, wrist computers, ring scanners, and wearable scanners are types of industrial wearables that are used by industrial workers across various end-user industries.
Connectivity costs and embedded sensors no longer deter companies from adopting the smart technology as the prices of hardware and electronics are falling in the global market. Connectivity solutions such as Wi-Fi, mobile networks, and broadband communication are ubiquitous and capable of supporting large volumes of IoT connectivity at a little incremental cost to companies and consumers.
According to a senior analyst at Technavio, "By promising data and by providing better safety and long-term cost savings through active prevention of accidents, a large number of companies are adopting sensors and IoT connectivity to yield greater value. Though these products measure and react, they ultimately protect the individual and prevent health issues and tragic situations in a more broader sense."
The growth of the IoT market is creating opportunities for the integration of electronics and sensors in various products. Industrial wearable devices are one such channel of integration of sensors and technology, used to increase efficiency and productivity in industrial processes.
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Global industrial wearable devices market segmentation
Of the four major products, the wrist computers segment held the largest market share in 2017, accounting for nearly 44% of the market. However, the market share for this application is expected to decrease nearly 15% by 2022. The fastest growing product is smart glasses, which will register a growth of 23% by 2022.
The Americas was the leading region for the global industrial wearable devices market in 2017, accounting for a market share of 43%. By 2022, the region's market share is expected to increase approximately by 5%.
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