The internet of things (IoT) enabled industrial wearables market is expected to grow by USD 2.29 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Internet of Things Enabled Industrial Wearables Market 2020-2024 (Graphic: Business Wire)
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Digitization and automation have been gaining immense popularity in various industries with a decrease in the cost of technology, focus on increasing efficiency in the workplace, and a rise in the penetration of wireless devices. Players in the industrial sector are opting for complex automation processes to maximize their capacity use, monitor plant assets, and improve workplace safety. There has been an increase in investment in digitization and automation, both from vendors that provide IoT solutions and end-users who are adopting these solutions. While investments in automation have been on the rise in many countries owing to the focus on increasing precision and efficiency, countries such as Japan and Germany, are also implementing automation solutions due to the dearth of skilled employees. This increase in the adoption of automation will necessitate the use of IoT-enabled industrial wearables, which will drive market growth.
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As per Technavio, the growing adoption of smart sensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence IoT enabled industrial wearables market growth over 2020-2024.
Internet Of Things Enabled Industrial Wearables Market: Growing Adoption of Smart Sensors
Smart sensors have been driving the adoption of wireless monitoring systems. Unlike analytical sensors, the maintenance of smart sensors is relatively easy with minimal downtime. Smart sensors provide system data as well as information on their status. They increase the reliability of systems by decreasing the repair cost and minimizing the time for sensor replacement. Smart sensor manufacturers are constantly focusing on offering new and advanced solutions. For instance, in September 2019, BehrTech announced the launch of the MYTHINGS Smart Sensor, which uses Telegram Splitting technology to provide robust, power-efficient, and long-range communication within IIoT networks. The development of smart sensors and their implementation in IIoT have resulted in an increase in the adoption of IoT-enabled industrial smart wearables by companies.
“Factors such as the emergence of Industry 4.0, and the rapid digitization and adoption of connected industrial devices will have a significant impact on the growth of the IoT enabled industrial wearables market value during the forecast period,” says a senior analyst at Technavio.
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Internet Of Things Enabled Industrial Wearables Market: Segmentation Analysis
This market research report segments the internet of things enabled industrial wearables market by product (smart eyewear, head-mounted wearables, and hand-worn wearables) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the internet of things enabled industrial wearables market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the rising adoption of smart wearables in highly regulated industries, such as oil and gas and mining, and the incorporation of smart sensors in the devices.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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