The industrial wearable devices market is expected to grow by USD 3.44 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Industrial Wearable Devices Market 2020-2024 (Graphic: Business Wire)
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 also created new channels to add 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 common industrial wearables that are used by industrial workers across various end-user industries. Thus, the growth of the global IoT market is a major driver of the global industrial wearable devices market.
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As per Technavio, the customization of industrial wearable devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Industrial Wearable Devices Market : Customization of Industrial Wearable Devices
A key trend that is expected to pick up during the forecast period is the ability of vendors to customize industrial wearable devices as per the requirements of end-users. Vendors are designing and developing products that focus on utility rather than hardware specifications, which could be standardized across products in the future. For instance, Atheer, a software platform provider, offers customized software for integration with smart glasses. The major customers of Atheer include Epson, and Vuzix. Apart from smart glass manufacturers, other device manufacturers are expected to cater to this trend and offer customized devices based on requirement.
“Factors such as the emergence of Industry 4.0, and the augmented use of wearable scanners across industries will have a positive impact on the growth of the industrial wearable devices market value during the forecast period,” says a senior analyst at Technavio.
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Industrial Wearable Devices Market: Segmentation Analysis
This market research report segments the industrial wearable devices market by product (wrist computers, ring scanners, smart terminals and smart glasses), application (warehouse management, training and simulation and service and maintenance), end-user (transportation and logistics, retail, manufacturing, healthcare and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the industrial wearable devices market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increase in the number of construction activities and the introduction of barcode scanners in warehousing and storage facilities.
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Some of the key topics covered in the report include:
- Wrist computers
- Ring scanners
- Smart terminals
- Smart glasses
- Warehouse management
- Training and simulation
- Service and maintenance
- Transportation and logistics
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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