Industrial Wearable Market to Garner $8.40 Billion, Globally, by 2027 at 12.4% CAGR: Allied Market Research

PORTLAND, Ore., Feb. 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Industrial Wearables Market By Device Type (Smart Watches, Glasses, Headsets, and Smart Bands), Component (Sensors, Displays, Connectivity, Processors, and Others), and Industry Vertical (Manufacturing, Automotive, Aerospace & Defense, Oil & Gas, Power & Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global industrial wearable industry was pegged at $3.78 billion in 2019, and is projected to reach $8.40 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.

Major determinants of the market growth

Increase in adoption of wearable devices, rise in demand for workplace safety, and surge in adoption of industrial wearables in the automotive sector drive the growth of the global industrial wearable market. However, the short life of smart wearable hampers the market growth. On the contrary, increase in investment in wearable devices and technological innovation & adoption in wearable devices are expected to open lucrative opportunities for the market growth in the future.

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Covid-19 scenario:

    --  Due to the Covid-19 pandemic, the world experienced economic
        uncertainty. Thus, new projects throughout the world were temporarily
        suspended, which declined the demand for industrial wearable devices.
    --  The prolonged lockdown resulted in disruption of the supply chain and
        created a gap in supply and demand. However, post-pandemic, the demand
        for industrial wearable is expected to increase as market players would
        resume production and increase R&D to improve existing products.
    --  However, health & fitness became a priority for people, which boosted
        the demand for fitness bands and smartwatches.

The smartwatches segment dominated the market growth

By device type, the smartwatches segment held the lion's share in 2019, accounting for more than one-third of the global industrial wearable market, due to rise in advancement and innovations in smartwatches and increase in awareness about health & fitness among people in the industrial sector. However, the glasses segment is expected to register the highest CAGR of 14.5% during the forecast period, owing to increase in investment from the leading manufacturers to develop innovative technologies.

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The automotive segment to manifest the highest CAGR through 2027

By industry vertical, the automotive segment is estimated to manifest the highest CAGR of 14.3% from 2020 to 2027, due to rise in investments from leading automotive companies such as Ford and demand for next-generation of advanced technology. However, the manufacturing segment held the largest share in 2019, contributing to around one-fourth of the global industrial wearable market, owing to increase in need of making critical decisions while achieving accuracy in less time and cost.

North America held the lion's share

By region, the market across North America accounted for the largest share in 2019, holding nearly one-third of the market, due to increase in the adoption of smartwatches, surge in demand for smart helmets and headsets, and rise in sale of wearable devices in North America. However, the global industrial wearable market across Asia-Pacific is projected to portray the highest CAGR of 14.6% during the forecast period, owing to integration and advancement of the internet of things and artificial intelligence technologies.

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Major market players

    --  Microsoft Corporation
    --  Samsung Electronics Co. Ltd.
    --  Honeywell International Inc.
    --  Seiko Epson Corporation
    --  IMEC
    --  Fujitsu Ltd.
    --  RealWear
    --  Vuzix Corporation
    --  Sony Corporation
    --  Proglove

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