This Industrial Wearable market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Industrial Wearable market.
Industrial Wearable Market: An Overview
Wearable device is usually known as wearable technology or wearable gadgets. The device work independently or can be connected to a smartphone. The wearable device consist five main function that are interface, communication, data management, integrated circuits and energy management.
Industrial wearable are lightweight computing devices designed to address the unique needs and to upgrade the workplace safety, productivity, efficiency of the organizations in sectors such as healthcare, logistics, manufacturing among others. The industrial wearable device are made up of highly sophisticated electronic component which tracks the activity, collects the data of the user.
The industrial wearable can be designed to assist the worker in performing specific task or to measure the health parameters for working in dangerous environment. Industrial wearable can be used for workforce authentication, field management, real time data monitoring. The industrial wearable devices are gaining more traction due to their advantages, such as operational efficiency, and portability.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Industrial Wearable Market: Drivers and Restraints
Adoption of HMT (head mounted tablet) is increasing demand of industrial wearable market
HMT is the hands-free wearable computer and is used to play video, augment the worker’s environment in real time, and look at work instructions. HMT is head wearable having the voice recognition system that swiftly respond to all commands, from recording video to contacting the control room. HMT is used to display work instruction, feed video to a remote trainer, play video of previous repair, data visualization. The HMT is also used to locate the injured workers and provide emergency evacuation procedures. Industries such as oil and gas industries is adopting the HMT for the training and for safety of the employee.
Increasing use of wearable devices by organization to engage employees in wellness program
Organizations are providing the wearable device to their employees so that the employees can measure how many steps taken and calories burned and also to measure the heart health, posture, stress and metabolism. The wearable devices help the employees get fit, healthy, and productive. Organizations are looking forward to new ways that can help to improve the wellness initiatives. The wellness program help reduce company healthcare cost and drive productivity and engagement.
Eye tracking glasses for improving performance and safety
Eye tracking glasses helps to record the eye position and movement by analyzing the eye movement and gaze position in 2D and 3D environment. Eye tracking glasses is used to measure attention, interest, and arousal. Eye tracking glasses is used in various sectors such as marketing, medicine, education, engineering, psychology and gaming. Eye tracking glasses can help marketing professional for consumer research, psychologist to study behavior, doctors to diagnose illness.
Data Security Concern
Industrial wearable have transformed the traditional working process as it improves performance and safety of the employees. The wearable device has potential to track not only work information of employee but also the private information. This gives rise to privacy issues because the wearable device track the information to which the organization are not entitled.
High cost of wearable device and low battery life is restricting the growth of industrial wearable market
The high cost of wearable devices is one of major restraints that is restricting the growth of industrial wearable market. Manufacturers of wearable devices are selling the devices in the premium product category. Due to this reason the small and medium enterprises are unable to adopt the wearable device. Battery life is another challenge in the industrial wearable device. As the battery space is limited wearable device requires effective power management. Due to this issue many people connect the device with Bluetooth instead of Wi-Fi.
Industrial Wearable Market: Competition Landscape
Some of the prominent players in industrial wearable market are Epson, FitBit, Apple, Honeywell, Samsung, and Sony among others.
Industrial Wearable Market: Regional Overview
Based on geography, North America, Europe holds significant market share, owing to factors such as health concern, employee safety. Moreover, Asia Pacific industrial wearable market is expected to grow due to factors such as tech-savy population and increasing awareness. Middle East & Africa are creating opportunities for industrial wearable market due to rising internet mobility.
The Industrial Wearable market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Industrial Wearable Market Segments
- Industrial Wearable Market Dynamics
- Industrial Wearable Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Rest of Western Europe)
- Eastern Europe (Russia, Poland, Rest of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, South Korea, ASEAN, Australia & New Zealand, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
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Industrial Wearable Market: Segmentation
Industrial Wearable Market segmentation on basis of product:
- Head Wear
- Wrist Wear
- Eye Wear
Industrial Wearable Market segmentation on basis of Application:
- Fitness & Sport
- Consumer applications
Industrial Wearable Market segmentation on basis of device
- Smart Watches
- Smart Glasses
- Fitness band
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth segmentation of the market
- Historical, current, and projected size of the market, regarding volume and value
- Recent industry trends and developments
- Competitive landscape in the market
- Strategies for key players operating in the market and products offered by them
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on performance of the market
- Must-have information for market players to sustain and enhance their market footprint.
Frequently Asked Questions
What research methodology is used to develop the Industrial Wearable Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Industrial Wearable Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Industrial Wearable Market report?
In addition to up-to-date market figures and customized of the Industrial Wearable Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.