Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global IoT-Enabled Industrial Wearables Market Was Estimated At US$1.3 Billion In The Year 2022, Growing At A CAGR Of 23.8% Over The Analysis Period. The report gives an up-to-date look at the current state of the global market, the latest trends and drivers, and the market as a whole. The market is driven by the rise of Industry 4.0 and the rise of digitalization and automation in industries. The growth of the market is also expected to be helped by a rise in digitization and automation in the industry.
Request Sample Copy of Report “IoT-Enabled Industrial Wearables Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- In August 2019: Honeywell Helps Transform Mexican Petrochemical Leader's Operations
Honeywell announced today that Braskem Idesa has implemented a hands-free, wearable solution for linked technologies at its Veracruz, Mexico facility. Honeywell's Intelligent Wearables will enable Braskem Idesa to increase productivity and compliance with process processes, capture the expertise of experienced workers, and efficiently give key insights and information to trainees and field support staff.
Segmentation Analysis:
In the report, portable wearables are categorised as one of the submarkets that are forecast to grow at a compound annual growth rate (CAGR) of 24.5% and reach USD 3 billion by the end of the analysis period. The growth in the sector of head-mounted wearables has been rebalanced at a revised 24.8% CAGR over the next seven years after an initial review of the commercial impact of the pandemic and the subsequent economic crisis.
Regional Outlook:
During the time period covered by the prediction, growth in the North American market will account for 42% of the total. The United States of America is an essential market for the market in the rest of North America. The market in this region is expected to expand at a rate that is higher than the overall growth of the market in the region.
The expansion of the market in North America during the period covered by the forecast will be driven in large part by the rising demand for goods featuring extended battery life in this area. The purpose of this market research report is to assist vendors in the development of an efficient business plan by providing specific information on competitor intelligence, marketing gaps, and geographical prospects.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 23.8% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 1.3 Billion |
| By Type | Smart Eyewear, Head-mounted Wearables, Hand-worn Wearables, Portable Wearables, Other |
| By Component | Cases and Frames, Connectivity Components, Touchpads and Sensors, Camera, Optical Systems and Displays, Processors and Memory Modules, Others |
| By Application | Medical Industry, Manufacturing Industry, Energy Industry, Oil and Gas Industry, Metal and Mining Industry, Other |
| By Companies | Ekso Bionics Holdings Inc., EUROTECH Spa, Fujitsu General Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Intellinium, Microsoft Corp., RealWear Inc., Seiko Epson Corp., Vuzix Corp. |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
A big factor in the growth of the Internet of Things (IoT) enabled industrial wearables market is the rise of digitization and automation in industry. In the industrial sector, people are using their capacity to its fullest, keeping an eye on plant assets, and making sure the workplace is safe. Both the companies that sell IoT solutions and the people who use them have put more money into digitization and automation. Many countries are investing more in automation because they want to improve accuracy and efficiency. Other countries, like Japan and Germany, are adopting automation because they don't have enough people to do the work. Most of the people in both countries are over the age of 60. As globalisation makes supply chains more complex, suppliers are being pushed to automate their process lines. North America and Europe have put a lot of money into automation and digitization because the regulatory environment is good and end users have a lot of money to spend. For example, the KDDI subsidiary teamed up with Vuzix Corp. in January 2021 to offer smart glasses to customers.
Market Trend:
The growth of the Internet of Things (IoT) enabled industrial wearables market has been fueled in large part by the desire to make batteries last longer. Batteries in devices that you wear are a problem. The batteries used in wearables aren't as good when they have to hold heavy equipment. This is because batteries take up a lot of space in devices that run on batteries. Industries that use wearables to collect a lot of data and have long run times can't afford to have problems with batteries. Some vendors are redefining battery life by using low-power-consumption technologies like Bluetooth 5.0 and focusing on reducing power by combining system-level and circuit-level innovations. This helps them get around the problems that come with limited battery life. Low amounts of energy harvesting are needed for the battery to be a real source of power. The focus of vendors is also on making IoT-Enabled industrial wearables that don't need batteries. Innovations in these power-harvesting technologies help suppliers deal with the problems of limited battery life in industries that use a lot of resources, like mining and oil.
Key Segments Covered:
Top Market Players:
Ekso Bionics Holdings Inc., EUROTECH Spa, Fujitsu General Ltd., Generalscan Electronics Co. Ltd., Honeywell International Inc., Intellinium, Microsoft Corp., RealWear Inc., Seiko Epson Corp., Vuzix Corp., and others.
By Type:
- Smart Eyewear
- Head-mounted Wearables
- Hand-worn Wearables
- Portable Wearables
- Other
By Application:
- Medical Industry
- Manufacturing Industry
- Energy Industry
- Oil and Gas Industry
- Metal and Mining Industry
- Other
By Component:
- Cases and Frames
- Connectivity Components
- Touchpads and Sensors
- Camera
- Optical Systems and Displays
- Processors and Memory Modules
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
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- Wearable Sensors Market - The global Wearable Sensors Market was valued at US$ 854.53 Million in 2022 and is projected to reach USD 6675.99 Million by 2030, growing at a CAGR of 29.3% from 2023 to 2030. During the time frame of the forecast, North America is likely to remain the most important area. North America is expected to have more than 30% of the market by 2030.
- Blockchain IoT Market- The Blockchain IoT Market is expected to exceed USD 124.58 million by the end of 2030, at a CAGR of 93.4% during the forecast period. IoT and blockchain are in high demand in the area. Incorporating technology also makes operations run more smoothly. People will want to live in North America.
- Internet of Things (IoT) in Healthcare Market - The Internet of Things (IoT) in Healthcare Market is projected to grow from USD 89.07 Billion in 2022 to USD 446.52 Billion in 2030 at a CAGR of 25.9% during the 2022-2030 period. In 2018, North America led the market. The growth is due to the increasing demand for healthcare IT solutions, the presence of large companies, government initiatives like the HITECH Act of 2009, and the fact that the region has a complex healthcare IT infrastructure.
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