PORTLAND, Ore., Feb. 4, 2021
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.
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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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.
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
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