Industrial Wearable Market Growth Report | 2021 to 2031
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.
Industrial Wearable Market Analysis
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 Wearable Market Overview
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
Market Size Value in US$ 2.89 Billion in 2019 Market Size Value by US$ 8.63 Billion by 2027 Growth rate CAGR of 15.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Industrial Wearable Market: Strategic Insights
| Market Size Value in | US$ 2.89 Billion in 2019 |
| Market Size Value by | US$ 8.63 Billion by 2027 |
| Growth rate | CAGR of 15.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Industrial Wearable Market Drivers and Opportunities
Escalating Need for Employee Monitoring and Workplace Safety is Driving the Market
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.
Increasing Demand for Technologically Advanced Products - An Opportunity in the Industrial Wearable Market
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.
Industrial Wearable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial wearable market analysis are product, component, and end-user industry.
- Based on product, the industrial wearable market is divided into AR glasses, VR headsets, smartwatches and smart bands, patches, and others. The AR glasses segment held a larger market share in 2023.
- On the basis of component, the industrial wearable market is divided into processors and memory modules, optical systems and displays, electromechanical components, touchpads and sensors, connectivity components, camera modules, and others. The optical systems and displays segment held a larger market share in 2023.
- In terms of end-user industry, the industrial wearable market is categorized as automotive, aerospace, manufacturing, oil & gas, energy & power, and others. The automotive segment held a larger market share in 2023.
Industrial Wearable Market Share Analysis by Geography
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.
Industrial Wearable Market Report Scope
Industrial Wearable Market News and Recent Developments
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:
- In April 2024, Vuzix Corporation received additional orders for Vuzix M400 smart glasses from a Fortune 100 global retailer to primarily support the warehousing and logistics needs of this customer. Vuzix smart glasses are now being used in multiple locations globally, including the US, Canada, Mexico, and throughout EMEA, and this customer continues to expand across an increasing number of their company locations since the start of 2024. (Source: Vuzix Corporation, Press Release, 2024)
Industrial Wearable Market Report Coverage and Deliverables
The “Industrial Wearable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; End-User Industry ; Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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