Industrial Wearable Devices Industry Development Opportunities and Forecast Report, 2025

Global industrial wearable devices market is anticipated to witness an exponential growth in the forecast period. Wearable devices that are used for industrial applications are termed as “Industrial wearable”. Industrial wearable devices are functional tools designed to upgrade workplace efficiency, safety, and productivity of the companies in segments such as lifestyle, logistics, manufacturing, healthcare, etc.

The factors that propel the growth of the market include rise in disposable income coupled with rise in health concerns among consumers, higher acceptance of smart wearable devices in the healthcare sector, and increasing standard of living. On the other hand, a factor may hamper the growth of the market including high prices associated with wearable technology. Industrial wearable devices market is anticipated to expand at a significant CAGR of 10.52% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

The new trend with respect to industrial wearable devices is that of acquiring patents. There are numerous vendors in the market for industrial wearable devices that have filed patents for their products. These vendors are beginning to patent their technological discoveries about the market. One of the signs of technical growth is the number of patents approved in the field.

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Market could be explored by product type, industry type, application, and geography. Market could be explored by product type as a fitness tracker, wearable camera, smart glasses, and smart watches, etc. The “Smart Watches” segment led the industrial wearable devices market in 2017 and will continue to lead in the forecast period.

Based on industry type, market could span healthcare, transport & logistics, manufacturing, retail, and others. The “Healthcare” segment led the Wearable Technology Market in 2014 and is anticipated to maintain its dominance by 2022. The key factors that may be attributed to the growth of the market include increasing client base for wearable electronic gadgets and an increase in demand for wearable technology owing to social and medicinal insurance. The key applications that could be explored in the market include service & maintenance, training & simulation, warehouse management, and others.

North America accounted for the major share of the industrial wearable devices market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include high product usage, increasing use of wrist wear and fitness wear among the fitness enthusiasts, industrial innovations and growing health consciousness. North America is followed by Asia-Pacific and anticipated to show significant growth in the forecast period owing to the development of technological innovations in developing regions.

Some of the key players that fuel the growth of the industrial wearable devices market comprise Epson, Apple, Google, Fujitsu, Vizux, Microsoft, Fitbit, ASUS, Honeywell, Garmin, Motorola, Jawbone, Pebble, Nike, SAP, Samsung, Eurotech, Sony. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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