Key Emerging Trends in Industrial Wearables Market
According to MarketsandMarkets, the global industrial wearables market is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024, at a CAGR of 50.2%. Major factors driving the growth of the industrial wearables industry include 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 specifically in training domain, and technological advancements and automation in manufacturing plants.
The industrial wearables market for the automotive industry would account for the largest share between 2019 and 2024. Factors such as growing adoption of AR and VR devices during the engineering and design phase to ensure better results in less time, use of AR devices to carry out assembling of components which is a tedious task that requires numerous instructions to be followed, and assistance of wearables for reduction in production time and decrease in the development cost ensuring efficient production planning, accurate production, and quality improvement & assurance escalate demand for industrial wearables in the automotive industry drive market growth.
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The industrial wearables market for AR glasses is expected to hold the largest market share in 2019 and to grow at the highest CAGR during the forecast period. The largest share and highest CAGR of AR glasses in the industrial wearables market are attributed to the growing adoption of these glasses in varieties of industries, including automotive, aerospace, and other manufacturing industries. AR glasses facilitate real-time remote assistance to workers by an expert or a supervisor, thereby boosting productivity, reducing downtime, ensuring quality, and improving customer satisfaction. The use of AR devices also decreases the technician’s training time with increased support of an expert. All these advantages offered by AR glasses would increase their demand in the industrial market in the coming years.
The industrial wearables market for processors and memory modules is expected to capture the largest market share and is likely to witness a higher CAGR during the forecast period. The rising need for advanced processors having strong processing capabilities and the growing requirement for larger and advanced memory modules to store a large volume of data monitored by sensors are expected to generate high-growth opportunities for these components.
In terms of geographic coverage, the industrial wearables market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is expected to continue to lead the industrial wearables market during 2019–2024. Growth of the North American market is driven by the factors such as growing trends of smart manufacturing and Industrial IoT (IIOT); increasing adoption of advanced communication technologies in varieties of industries; rising interests of the automotive industry in implementing AR glasses to automate vehicle model setup, configuration, calibration, and quality checkup; increasing investments in AR/VR technologies; as well as the availability of supporting communication technologies, such as 4G/LTE, for the adoption of industrial wearables and the presence of leading players such as Microsoft (US), Google (US), Vuzix (US), Apple (US), and Magic Leap (US) in North America and their focus on developing different types of wearables, particularly AR glasses and VR headsets, to meet the requirements of various end-user industries.
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