Global Industrial Wearable Devices Market Size To Grow At A CAGR Of 9.5% In The Forecast Period Of 2023-2028
Industrial Wearable Devices Market Size, Share, Price, Trends, Growth, Report, Forecast 2023-2028
The ‘Global Industrial Wearable Devices Market Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global industrial wearable devices market, assessing the market on the basis of its segments like product, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Table of Contents
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 9.5%
The major factors driving the growth of the global industrial wearable devices market include the rising incorporation of augmented reality and virtual reality in apps and the increasing demand from various end use industries. Furthermore, the growing adoption of advanced technologies like IoT and AI and increased investments in automation is projected to grow this market in the forecast timeline.
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The prominent use of smart glasses due to their advanced sensor and imaging technologies has led to its wide deployment and increased applications in industries like communication services, consumer electronics, and repair field services. The growing research and development activities are further leading to the widespread growth of this market. The smart watch products of industrial wearable devices are forecasted to witness a steady growth owing to features like access to real-time information and performance tracking from anywhere.
Meanwhile, warehouse management applications of industrial wearable devices are expected to register significant growth as these are well equipped with smart sensors and automation systems, thus assisting in visualising and reporting inventory on-the-go. The healthcare end uses are particularly likely to witness a boom owing to the increasing usage of smart health-tracking wearables that record patients’ vital health records, bolstering the industrial wearable devices market.
Industrial Wearable Devices Industry Definition and Major Segments
Industrial wearable devices are the devices that help in collecting data and tracking activities in real time, and at the same time providing use-specific customised data and functionalities. These are designed to enhance the overall efficiency and improve the workplace safety of various industry verticals, by linking them to the enterprise systems.
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On the basis of product, the market is segmented into:
• Fitness Tracker
• Smart Glasses
• Smart Watch
• Wearable Camera
Based on application, the market is classified into:
• Warehouse Management
• Training and Simulation
• Service and Maintenance
On the basis of end use, the market is divided into:
• Transport and Logistics
Based on region, the market is differentiated into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Industrial Wearable Devices Market Trends
The emergence of industry 4.0 is fuelling the growth of the global industrial wearable devices market. The key trends observed in this market include the growing deployment of barcode scanners in storage and warehousing facilities and the thriving e-commerce sector. The lucrative discounts offered by these e-commerce websites coupled with the rising celebrity endorsements have further expanded this market.
The growing usage of renewable sources and rising environmental awareness are predicted to lead to the integration of renewable energy sources into wearables technology with the potential inclusion of features like solar charging. The prevalence of high-speed data transfer and the flourishing miniatured microprocessor industry have impacted the industrial wearable devices market positively. The increasing usage of smart wearables have significantly reduced the need to remember passwords or carry keys, due to their biometric scanning features.
Additionally, industrial wearable devices significantly aid in management of warehouses, reducing the need for manpower while optimising operations. Besides, the blood pressure monitoring, and advanced air purification features of these wearables have surged their demand particularly among the population suffering from cardiovascular and respiratory diseases.
Key Market Players
The major players in the global industrial wearable devices market report are
- Apple Inc
- Fitbit, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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