According to the new research report published by The Insight Partners, titled Industrial Wearable Market - Global Analysis and Forecast to 2027, the global industrial wearable market is expected to reach US$ 8.63 billion in 2027, registering a CAGR of 15.0% during the forecast period 2020-2027.

Various fitness-based wearable products such as fitness bands, smartwatches, fitness patches, and other products have gained unprecedented popularity and boosted the market growth of the wearable devices industry across the consumer electronics sector. As a result, the increase in the scope of application of wearable devices across the industrial use has gained significant traction, especially in the past few years resulting in several market players venturing into the niche offerings to provide various smart and data-driven wearable products for the end-user industries. The swift popularity of wearable devices such as smart glasses, patches, smartwatches, and helmets, among other products, have contributed significantly to their adoption and subsequent market penetration among various end-users for seamless monitoring and supervising of personnel workplace health. Moreover, the devices' ability to offer in-depth insights into data-driven analysis has enabled the enterprise owners to make effective workplace policies and adopting practices that avoid fatigue or exhaustion among its employees. Thus, the growing popularity and adoption of wearable devices from the consumer electronics sector continues to influence the growth of wearable devices for industrial applications positively.

However, the small and medium enterprise owners across different industry verticals continue to restrict the market growth owing to their limited budget for personnel protection products and lack of enforcement for government-related workplace safety standards across the developing economies. Moreover, the recent global impact of the COVID-19 resulting in the disruption of regular business activities is further anticipated to reduce the adoption of wearable industrial products among the SMEs during the forecast period across different regions.

Key findings of the study:

In 2019, Europe led the global industrial wearable market with highest share of the market, followed by Asia Pacific and North America. Whereas, in the global industrial wearable market, APAC held second position in the market share and is anticipated to be a fastest growing region during the forecast period 2020-2027. APAC is expected to be the fastest-growing market for industrial wearables due to factors such as government initiatives such as Made in China 2025 supporting the adoption of industrial IoT and smart manufacturing technologies, government support for the adoption of advanced communications technologies including 5G, and the use of AR glasses and other wearables in automotive and other critical applications. Further, significant investments were observed in the region towards the market. For instance, Magic Leap (US) raised USD 794 million in a Series C funding round led by Alibaba (China), in 2016. Also, players in the industrial wearables market are investing heavily in R&D activities. Similarly, in 2018, Huawei published in the World Intellectual Property Organization (WIPO) database a Patent-Eyeglass Frame, which shows that the pair of AR glasses can be connected to a smartwatch.

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