The global industrial wearables market was valued at $ 1,473.1 million in 2020 and is anticipated to grow at a CAGR of 13.76% from 2021 to 2027. This growth is attributed to several macro and micro economic factors such as
- Increasing health awareness among people
Health awareness is a crucial to live a healthier life. The improvement of physical and mental health includes various practices such as exercising, cycling, walking, a strict diet schedule, yoga, and fixed sleeping duration, among others. In the early days, the monitoring of these activities was done manually or through doctors, but nowadays smart devices like smartwatches or bands are used for monitoring purposes. Smartwatch or band has several features like heart rate monitoring, and blood oxygen monitoring to seek better working condition. These types of devices and features along with the increasing awareness regarding workplace safety is expected to fuel the demand for Industrial Wearable market.
- Advancement of technology
The advancement in technology has changed the lifestyle of people forever. The industrial revolution in mobile devices has resulted in the invention of smart devices like smartphones, smartwatches, and others. Smartwatches have replaced the tedious process of monitoring health conditions significantly. Smartwatches feature includes health monitoring such as heart rate monitoring, blood oxygen monitoring, and others. Further, the device offers GPS tracking, drinking water cycle, steps tracker, and helps communicating without a smartphone. This factor is expected to increase the industrial wearable market growth.
Further several factors restraining the market growth include
- Restraining 1
- Restraining 2
Collaborations and Alliances in the Industrial Wearables market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Industrial Wearables market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Industrial Wearables market report also includes following data points:
- Impact on Industrial Wearables market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Industrial Wearables market
Key Insight in the report:
The global Industrial Wearables market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Industrial Wearables market is analyzed across below-mentioned different segments:
- Smart Watches
- Smart Bands
- Oil and Gas
- Aerospace and Defense
- Power and Energy
Industrial Wearables market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
The key players in of Industrial Wearables market include:
- KONINKLIJKE PHILIPS N.V.
- APPLE INC.
- SEIKO EPSON CORPORATION
- LG ELECTRONICS
- FOSSIL GROUP
- SAMSUNG ELECTRONICS
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Industrial Wearables market estimates for 2020 and forecast from 2021 to 2027
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Industrial Wearables market