Industrial Wearable Market Size, Trends and Growth Analysis by 2027

The global market for industrial wearables was valued at approximately US$ 2.89 billion in 2019 and is projected to experience a compound annual growth rate (CAGR) of 15.0% from 2020 to 2027, reaching an estimated US$ 8.63 billion by 2027.

Several factors are contributing to the growth of the industrial wearable market globally, including the rising demand for enhanced workplace safety and personnel monitoring, as well as the increasing acceptance of wearable technology. However, challenges such as price sensitivity in emerging economies and limited accessibility for small and medium-sized enterprises (SMEs) are hindering market expansion. Despite these challenges, the anticipated growth in the manufacturing sector is expected to create significant opportunities for players in the industrial wearable market throughout the forecast period. This sector is witnessing substantial investments aimed at integrating various automated and intelligent industrial solutions. Furthermore, the adoption of data-driven strategies to prevent unexpected errors, malfunctions, and damages through predictive analytics has become increasingly popular among leading manufacturers and business owners. The heightened demand for wearable devices across various industrial applications?specifically for monitoring worker fatigue, health conditions, and fitness levels to reduce workplace accidents?is likely to present considerable growth prospects for market participants in the near future. Additionally, stringent regulations and government policies aimed at reducing personnel-related workplace incidents are expected to further support market growth through ongoing monitoring of employees.

The industrial wearable market is categorized based on product type, component, end-user industry, and geographical region. In terms of product segmentation, the market includes AR glasses, VR headsets, smartwatches and smart bands, patches, and other devices. The AR glasses segment dominated the market in 2019. When examining components, the market is divided into processors and memory modules, optical systems and displays, electromechanical components, connectivity components, camera modules, and others. The optical systems and display segment was the leading category in 2019 and is projected to maintain its status as the largest segment throughout the forecast period. Regarding end-user industries, the market encompasses automotive, aerospace, manufacturing, oil and gas, energy and power, among others. Geographically, the industrial wearable market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Europe captured the largest market share in 2019 and is expected to sustain its leading position by 2027.

The overall size of the global industrial wearable market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aids in providing an overview and forecast for the industrial wearable market across all segments. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the industrial wearable sector. Notable companies operating within the industrial wearable market include Blackline Safety Corp., Fatigue Science, Kenzen, Inc., KINETIC, M?kuSafe, Modjoul, Inc., PROGLOVE, Reactec Ltd., Valencell, Inc., and Vuzix Corporation.