Rise in adoption of wearable devices, increase in demand for workplace safety, and surge in adoption of industrial wearables in the automotive sector drive the growth of the global industrial wearables market. Based on device type, the smartwatches segment held the major share in 2019. By region, on the other hand, Asia-Pacific would grow at the fastest CAGR by 2027.

Portland.OR, April 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial wearables market was estimated at $3.79 billion in 2019 and is expected to hit at $8.40 billion by 2027, registering a CAGR of 12.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Rise in adoption of wearable devices, increase in demand for workplace safety, and surge in adoption of industrial wearables in the automotive sector drive the growth of the global industrial wearables market. On the other hand, short life of smart wearables impedes the growth to some extent. However, increase in investment in wearable devices and technological innovation are anticipated to pave the way for lucrative opportunities in the industry.

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Covid-19 scenario-

• The outbreak of the pandemic led to shutdown of most of the manufacturing units across the world during the first phase of the lockdown and consequently, there’s been a sharp decline in demand for industrial wearables from several business verticals.
• However, as the lockdown has loosened off and the government bodies in different countries are introducing relaxations on the existing regulations, the global market for industrial wearables is expected to recoup soon.
  
  

The global industrial wearables market is analyzed across device type, component, industry vertical, and region.

By device type, the smartwatches segment held the major share in 2019, contributing to more than one-third of the global market. Simultaneously, the glasses segment would register the fastest CAGR of 14.5% throughout the forecast period.

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By industry vertical, the manufacturing segment accounted for around one-fourth of the total market revenue in 2019, and is projected to rule the roost by the end of 2027. The automotive segment, on the other hand, is estimated to exhibit the fastest CAGR of 14.3% from 2020 to 2027.

By region, the market across North America generated the highest share in 2019, garnering nearly one-third of the global market. At the same time, market across Asia-Pacific is expected to portray the fastest CAGR of 14.6% from 2020 to 2027. The other two provinces covered in the report include LAMEA and Europe.

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The key market players analyzed in the global industrial wearables market report include Microsoft Corporation, Honeywell International Inc., Samsung Electronics Co. Ltd., Seiko Epson Corporation, Fujitsu Ltd., IMEC, RealWear, Sony Corporation, Vuzix Corporation, and Proglove. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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