Increasing adoption of AR and VR devices in automotive industry to drive growth of industrial wearables market The industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024, recording a CAGR of 50.2%. Growth of the industrial wearables market includes a high requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology especially in the production area and VR technology in specifically in training domain, and technological advancements and automation in manufacturing plants are driving the growth of the industrial wearables industry. However, constraints such as data security and privacy issues may hinder the market growth.
Based on industry, automotive industry captured largest market share in 2018 Vehicle manufacturing is an important phase in automotive wherein industrial wearables play a vital role.Manufacturing involves the assembly of hundreds or thousands of individual components appropriately and as fast as possible in a precisely coordinated sequence.
Assembling such components is a tedious task that requires numerous instructions to be followed.Using AR, instructions can be projected onto a display.
In repair and maintenance, wearables can be used to troubleshoot repairs and execute real-time communication with engineers.The adoption of industrial wearables in the automotive industry not only reduces the production time and decreases the development cost but also ensures efficient production planning, accurate production, and quality improvement & assurance.
The aforementioned factors drive the demand for industrial wearables in the automotive industry.
APAC to record highest growth rate in industrial wearables market during the forecast period APAC is expected to be the fastest-growing market for industrial wearables owing to the factors such as government initiatives including Made in China 2025 that support the adoption of industrial IoT and smart manufacturing technologies, government support for the adoption of advanced communication technologies including 5G, and use of AR glasses and other wearables in automotive and other critical industries to increase productivity while reducing operational costs.Investments by Chinese players in AR technology is also expected to drive the industrial wearables market in APAC.
For instance, in 2016, Magic Leap (US) raised USD 794 million in a Series C round of funding, which was led by Alibaba (China).Moreover, players in the industrial wearables market invest significantly in R&D activities.
For instance, in 2018, Huawei published a patent—Eyeglass Frame, which shows that the pair of AR glasses can be connected to a smartwatch, in the database of the World Intellectual Property Organization (WIPO).
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial wearables marketplace. • By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20% • By Designation: C-Level Executives = 40%, Directors = 35%, and Managers = 25% • By Region: North America = 45%, APAC = 25%, Europe = 20%, and RoW = 10%
Major players in the industrial wearables market include Microsoft Corporation (US), Google (US), Seiko Epson Corporation (Japan), Vuzix (US), Magic Leap, Inc. (US), Apple Inc. (US), Fujitsu Ltd. (Japan), Honeywell International Inc. (US), Oculus VR (US), Samsung Electronics Co., Ltd. (South Korea), AsusTek Computer Inc. (Taiwan), Fitbit, Inc. (US), Fossil Group, Inc. (US), HTC Corporation (Taiwan), Olympus Corporation (Japan), Optinvent (France), RealWear (US), ThirdEye (US), Workerbase (Germany), and Zepcam (Netherlands).
The study includes an in-depth competitive analysis of these key players in the industrial wearables market, with their company profiles, recent developments, and key market strategies.
Research Coverage The report defines, describes, and forecasts the industrial wearables market based on device type, component, industry, and geography.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial wearables market.
It also analyzes competitive developments such as product launches &developments, expansions, agreements, partnerships, collaborations, and acquisitions carried out by the key players to grow in the market.
Key Benefits of Buying the Report The report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall industrial wearables market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Our reports have been used by over 10K customers, including:
Rising adoption of eye tracking technology for personalized advertisements and consumer research and surging demand for eye tracking-based assistive communication devices drive market growth The eye tracking market is expected to grow at a CAGR of 26.1% from 2020 to 2025, to reach USD 1,786 million by 2025 from USD 560 million in 2020....
This IDC study provides the worldwide augmented and virtual reality hardware forecast for the 2020-2024 period."2020 marks a strong turning point for heady growth in the years ahead for the worldwide augmented and virtual reality market," says Ramon T. Llamas, research director, IDC's Mobile Devices and AR/VR team. "The arrival of multiple...
213 pages •
By Mind Commerce Publishing
• Feb 2020
Overview: This report evaluates the current state of the wearable technology ecosystem including devices, applications, and industry segments. The report addresses wearables in consumer and business use cases, key challenges, market players, and solutions. The report also provides an outlook for the future of wearable technology...
The Global Wearable Technology Market is expected to grow from USD 11,831.57 Million in 2018 to USD 23,091.56 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 10.02%. The positioning of the Global Wearable Technology Market vendors in FPNV Positioning Matrix are determined by Business Strategy (Business Growth,...
Time-of-flight (ToF) sensor market to grow at CAGR of 20.0% from 2020 to 2025 The ToF sensor market is expected to grow from USD 2.8 billion in 2020 to USD 6.9 billion by 2025, at a CAGR of 20.0%. The growth of this market is mainly driven by the increasing demand for ToF sensors from the automotive industry and the growing...
The quartz market is expected to register a CAGR of over 4.5% during the forecast period. The major factors driving the market studied is the demand for high-purity quartz in the semiconductor industry. However, ecological impact of quartz mining is likely to hinder the growth of the market studied. - Electronics and semiconductor industry...
Human augmentation market projected to grow at CAGR of 23.9% from 2019 to 2024 The human augmentation market is projected to grow from USD 70.9 billion in 2019 to USD 206.9 billion by 2024, at a CAGR of 23.9%. Major factors driving the growth of the human augmentation market include the surge in technology penetration in...
115 pages •
By Global Industry Analysts
• Feb 2020
Head Mounted Display market worldwide is projected to grow by US$72.2 Billion, driven by a compounded growth of 47.6%. Defense, one of the segments analyzed and sized in this study, displays the potential to grow at over 48.1%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the...
Market Overview The OLED microdisplay market was valued at USD 116.17 million in 2019 and it is expected to reach USD 505.76 million by 2025, registering a CAGR of 34.1%, during the forecast period of (2020 - 2025). OLED microdisplays offer a compact size with high pixel density. The market is witnessing growth in demand,...
This IDC study examines the market share of the major vendors in the worldwide wearables market in 2019."2019 saw a strong step forward for the worldwide wearables market, fueled by earwear and smartwatches," says Ramon T. Llamas, research director with IDC's Wearables team. "Earwear -- commonly referred to as 'hearables' -- continued to win...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.