IoT-Enabled Industrial Wearables Market Size, Share & Trends Estimation Report By Type(Smart Eyewear, Head-mounted Wearables, Hand-worn Wearables),By Application(Medical Industry, Manufacturing Industry, Energy Industry),By Component(Cases and Frames, Connectivity Components, Touchpads and Sensors), By Region, And Segment Forecasts, 2023 - 2030
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.
IoT-Enabled Industrial Wearables Market Overview:
The report provides an up-to-date analysis of the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increase in digitization and automation within industries and the emergence of Industry 4.0. Moreover, an increase in digitization and automation within the industry is expected to boost the growth of the market as well.
One of the segments analyzed in the report, portable wearables is projected to register a CAGR of 24.5% and reach USD 3 billion by the end of the analysis period. After an initial analysis of the business impact of the pandemic and the resulting economic crisis, growth in the head-mounted wearables segment is rebalanced at a revised 24.8% CAGR over the next seven years.
IoT-Enabled Industrial Wearables Market size, estimates, and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global IoT-Enabled Industrial Wearables Market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- The US market is estimated at $390.7 million, and China is expected to grow at a CAGR of 23.2%.
- The market for IoT-enabled industrial wearables in the United States is estimated at USD 390.7 million in 2020. China, the world's second-largest economy, is projected to have a market size of US$ 1 billion by 2027. During the analysis period 2020-2027, the CAGR is 23.2%. Other notable regional markets include Japan and Canada, which are expected to grow by 21.4% and 20.2%, respectively, over the 2020-2027 period. Within Europe, Germany is expected to grow at around 16.6% CAGR.
- The smart eyewear sector recorded a CAGR of 20.9%
- In the global smart eyewear segment, the US, Canada, Japan, China and Europe will drive the segment with an expected CAGR of 20.8%. With a total market size of USD 243.9 million in 2020, the regional market will reach a projected size of USD 916.7 million by the end of the analysis period. China will remain one of the fastest-growing countries in this regional market cluster. The Asia-Pacific market, driven by countries such as Australia, India, and South Korea, is expected to reach USD 684 million by 2027.
Major Market Segments Covered in IoT-Enabled Industrial Wearables Market Industry Research:
Market Key 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.
- Smart Eyewear
- Head-mounted Wearables
- Hand-worn Wearables
- Portable Wearables
- Medical Industry
- Manufacturing Industry
- Energy Industry
- Oil and Gas Industry
- Metal and Mining Industry
- Cases and Frames
- Connectivity Components
- Touchpads and Sensors
- Optical Systems and Displays
- Processors and Memory Modules
42% of the market growth will occur in North America during the forecast period. The United States is a key market for the North American market. The growth of the market in this region will be faster than the growth of the regional market.
Increasing demand for products with long battery life in this region will propel the market growth in North America during the forecast period. This market research report contains detailed information on competitive intelligence, marketing gaps, and regional opportunities for vendors to help develop an effective business plan.
Significant Market Dynamics:
Increasing digitization and automation within industry is a major driver for the growth of the Internet of Things (IoT) enabled industrial wearables market. Players in the industrial sector are maximizing capacity usage, monitoring plant assets and ensuring workplace safety. Investment in digitization and automation has increased, both by vendors providing IoT solutions and by end users adopting these solutions. While investments in automation are increasing in many countries, with a focus on increasing accuracy and efficiency, some countries, such as Japan and Germany, are adopting automation due to staff shortages. In both countries, the majority of the population is over the age of 60. As supply chains become increasingly global, suppliers are being encouraged to use automation in their process lines. Currently, North America and Europe have invested heavily in automation and digitization due to a favorable regulatory environment and high purchasing power of end users. For example, in January 2021, the KDDI subsidiary partnered with Vuzix Corp. to provide smart glasses solutions to customers.
Growing interest in increasing battery life has been a major driver fueling the growth of the Internet of Things (IoT) enabled industrial wearables market. Batteries in wearable devices pose a problem. Accommodating heavy equipment in wearables reduces the quality of the batteries used. This is because batteries take up a significant amount of space in battery-powered devices. Industries that collect large amounts of data from wearables and have long run times cannot afford to face battery-related challenges. To overcome the challenges associated with limited battery life, certain vendors are redefining battery life using low-power consumption technologies such as Bluetooth 5.0 and focusing on reducing power by combining system-level and circuit-level innovations. Consuming low levels of energy harvesting to make the battery a truly viable power source. Vendors are also focusing on developing IoT-enabled industrial wearables that do not require batteries. Innovations in these power-harvesting technologies help suppliers address the challenges associated with limited battery life availability in resource-intensive industries such as mining and oil industries. .
The high cost of wearable devices and technology is a major obstacle to the growth of the Internet of Things (IoT) enabled industrial wearables market. High cost is one of the major factors hindering the adoption of IoT-connected smart wearable devices. in industrial facilities. Smart wearables in the industrial sector are not only more expensive than those used in the consumer sector, but also require additional infrastructure to support their capabilities. The cost of an IoT-enabled industrial wearable depends on the complexity of the device used and the need for network connectivity. Industrial IoT wearables are inherently more complex than other IoT wearables. The complexity of IoT-enabled industrial wearables impacts additional costs such as software development costs and networking solution costs. already expensive technology. Although the price of consumer wearable devices has come down significantly, the cost of IoT-connected industrial wearable devices remains high, impeding the adoption of these devices by end users with tight budgets.
IoT-Enabled Industrial Wearables Market report scope:
|Units||Value (USD Billion)
|Growth Rate||CAGR of 23.8% from 2023 to 2030|
|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., And Others.|
|Reasons to Purchase this Report||
Crucial Points from this IoT-Enabled Industrial Wearables Market Report
- Estimate IoT-Enabled Industrial Wearables Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the IoT-Enabled Industrial Wearables Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.