According to the new research report "Industrial Wearables Market by Device Type (AR Glasses, VR Headsets, Smartwatches, Smart Bands), Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Power & Energy), Component, and Region - Global Forecast to 2024", The global industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024; it is expected to record a CAGR of 50.2%. 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 are major driving factors of the market. The rising trend of Industry 4.0 and smart manufacturing and growing significance of wearables in warehouse applications provide an opportunity for market growth.
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=240394537
Browse 107 market data Tables and 49 Figures spread through 163 Pages and in-depth TOC on "Industrial Wearables Market"
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) are among a few major players in the industrial wearables market.
Market for AR glasses likely to grow at highest CAGR during forecast period
AR glasses is expected to hold the largest share of the industrial wearables market. The adoption of AR glasses is significant across the automotive, aerospace, and other manufacturing industries. As AR glasses facilitate real-time remote assistance to workers by an expert or a supervisor, it becomes an ideal solution to boost productivity, reduce downtime, ensure quality, and improve customer satisfaction for industries. This wearable also enhances the technician’s training program with increased support of an expert. Such advantages for different industries are expected to create high growth opportunities for AR glasses in the coming years.
Automotive industry to account for largest market share during the forecast period
The automotive industry involves assembling of components, which is a tedious task and requires numerous instructions to be followed by the operator. AR devices assist the operator by displaying important instructions and standard operating procedures. This ensures higher working efficiency reducing the chances of defects. The use of wearables results in a reduction of production time and a decrease in the development cost, ensuring efficient production planning, accurate production, and quality improvement & assurance.
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 check-up; 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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