The industrial wearable market size is projected to reach US$ 13.51 billion by 2031 from US$ 5.42 billion in 2023. The market is expected to register a CAGR of 12.1% in 2023–2031. The evolution of Industry 4.0 and growing industrial automation are likely to remain a key industrial wearable market trends.
The industrial wearable market is growing at a rapid pace due to the escalating need for employee monitoring and workplace safety and an increasing number of manufacturing plants worldwide. The market is expanding steadily, driven by the increasing demand for a collaborative working environment. Moreover, increasing demand for technologically advanced products and growing demand for smart manufacturing are providing lucrative opportunities for market growth.
Industrial wearables are useful devices specifically designed to improve workplace safety, productivity, and efficiency in industries including automotive, aerospace, manufacturing, oil & gas, energy & power, and others. These devices are comprised of extremely advanced electronic components to track actions, gather data, and offer personalized experiences based on the preferences and needs of their users. Additionally, they are designed to eliminate work-related hazards and let an employee do the task at hand more easily. Increasing workplace accidents across the globe increase the demand for industrial wearables among industries, thus creating significant growth opportunities for the market.
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Industrial Wearable Market: Strategic Insights
Many industries use robust machinery, complex systems, and powerful equipment throughout their production and manufacturing sites. These machinery and equipment are highly used physically by numerous industries such as mining, material processing, steel manufacture, and construction to effectively perform day-to-day activities. These industries are particularly vulnerable to damage from unforeseen errors and accidents, which increases the demand for effective monitory systems to enhance workplace safety is driving the market. Moreover, the rising occurrence of unplanned errors and accidents increases the demand for industrial wearables to promote workers' safety. These unplanned workplace mishaps can be prevented with the use of industrial wearables or other solutions that can monitor workers continuously. Additionally, the adoption of these items in this industry has been supported by the rapidly rising workplace-related safety requirements and laws.
The rapid improvements in technology and the increased emphasis on innovation and miniaturization are creating opportunities in the market. Organizations from a variety of industries are attempting to further consumerize IT by concentrating on wearables instead of smartphones and tablets. Industrial wearable support industries to keep an eye on critical health indicators and respond quickly in an emergency, which increases its adoption in industries. Moreover, IoT, AI, and cloud-based industrial wearables also deliver notifications and information instantly and viscerally, negating the need for warning lights or chimes.
Key segments that contributed to the derivation of the industrial wearable market analysis are product, component, and end-user industry.
The geographic scope of the industrial wearable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the North America market accounted for the largest industrial wearable market share, due to the presence of leading players such as Vuzix Corporation, Blackline Safety Corp., and Kenzen, Inc. These players are engaged in technologically advanced wearables to offer enhanced safety to workers. The players are concentrating on creating a variety of wearables, particularly AR glasses and VR headsets, in order to satisfy the demands of diverse end-user industries. The market in North America is projected to grow during the forecast period, growing adoption of connected and digital technology by industries to improve operational productivity. Moreover, increasing demand for AR glasses in the automotive industry to automate car model setup, configuration, calibration, and quality inspection is boosting the market in North America.
The regional trends and factors influencing the Industrial Wearable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Wearable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.42 Billion |
| Market Size by 2031 | US$ 13.51 Billion |
| Global CAGR (2023 - 2031) | 12.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Industrial Wearable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Wearable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The industrial wearable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for industrial wearable and strategies:
The “Industrial Wearable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global industrial wearable market during the forecast period is US$ 8.08 billion.
The global industrial wearable market is expected to reach US$ 13.51 billion by 2031.
The key players holding majority shares in the global industrial wearable market are Blackline Safety Corp., Kenzen, Inc., Kinetic, MaKusafe, and Modjoul, Inc.
The evolution of Industry 4.0 and growing industrial automation to play a significant role in the global industrial wearable market in the coming years.
The escalating need for employee monitoring and workplace safety and an increasing number of manufacturing plants worldwide are the major factors that propel the global industrial wearable market.
The global industrial wearable market was estimated to be US$ 5.42 billion in 2023 and is expected to grow at a CAGR of 12.1% during the forecast period 2023 - 2031.