Industrial Wearables Market is projected to grow $8.6 billion by 2024

 

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.

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AR glasses to lead industrial wearables market during the forecast period (2019–2024)

AR glasses is expected to hold the largest share of the industrial wearables market. This is mainly because of 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.

Automotive industry to account largest size of industrial wearables market share by 2024

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 from wearables for reduction in production time and decrease in the development cost ensuring efficient production planning, accurate production, and quality improvement and assurance escalate demand for industrial wearables in automotive industry drive market growth.

North America to exhibit largest market share for industrial wearables through course of forecast period

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.

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.

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Focused Ion Beam Market expected to reach $1,185 million by 2024, at CAGR of 7.6%

 

According to the research report "Focused Ion Beam Market by Ion Source (Ga+ Liquid Metal, Plasma), Application (Failure Analysis, Nanofabrication), Vertical (Electronics & Semiconductor, Industrial Science, Material Science, Bioscience), and Region - Global Forecast to 2024", is projected to grow from USD 820 million in 2019 to USD 1,185 million by 2024; it is expected to grow at a CAGR of 7.6% from 2019 to 2024. Key factors fueling the growth of this market include the rise in demand for failure analysis in the electronics & semiconductor industry and increase in demand for ion beam lithography process using focused ion beam systems for producing patterns across the surface of samples.

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“The Ga+ liquid metal segment accounted for the largest share of the focused ion beam market in 2019.”

In 2019, the Ga+ liquid metal segment captured the largest share of the focused ion beam market. The growth of this segment can be attributed to several advantages offered by focused ion beam systems using Ga+ liquid metal as an ion source. Moreover, the majority of manufacturers of focused ion beam systems are deploying Ga+ liquid metal ion sources in their systems. Several applications such as ion implanters, ion projection lithography, and particle accelerator injectors use plasma ion source-based focused ion beam systems.

“The failure analysis segment of the market is projected to grow at the highest CAGR during the forecast period.”

Among applications, the failure analysis segment of the focused ion beam market is projected to grow at the highest CAGR from 2019 to 2024. The growth of the failure analysis segment of the market can be attributed to the increased use of focused ion beam systems for carrying out the failure analysis of components or devices to recognize the cause leading to their failure during their manufacturing process. Manufacturers use focused ion beam systems to test and analyze the performance of different components or devices, thereby leading to an increased demand for these systems from the electronics & semiconductor vertical.

“The electronics & semiconductor segment of the focused ion beam market is projected to account for the largest size from 2019 to 2024.”

Among verticals, the electronics & semiconductor segment accounted for the largest share of the focused ion beam market in 2019. The growth of this segment can be attributed to the increasing consumer demand for fast, compact, pocket-friendly, and highly power-efficient portable devices. As the size of electronic components shrinks, it affects their reliability and performance. Focused ion beam systems are required to analyze the performance of these components.

“The focused ion beam market in APAC is projected to grow at the highest CAGR during the forecast period.”

The focused ion beam market in APAC is projected to grow at the highest CAGR from 2019 to 2024. The growth of the market in this region can be attributed to increased investments in R&D activities by government organizations and manufacturing companies as well as expansions of research centers carried out by focused ion beam system manufacturers in APAC. Governments of countries such as Japan, China, and India have been taking rapid initiatives to encourage companies to set up their manufacturing and R&D facilities there.

Key players in the market include Thermo Fisher Scientific, Inc. (US), Hitachi High-Technologies Corporation (Japan), ZEISS International (Germany), Tescan (UK), JEOL Ltd. (Japan), HORIBA, Ltd. (Japan), Eurofins Scientific (Luxembourg), and A&D Company, Limited (Japan). These players are increasingly undertaking product launches, agreements, partnerships, collaborations, joint ventures, and mergers and acquisitions to increase their market shares.

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Augmented Reality and Virtual Reality Market revenue impact study worth $114.5 billion by 2027

 

The augmented reality and virtual reality market share of 37.0 USD billion and this market size will increase upto 114.5 USD billion by the end of the forecast period i.e., by 2027 with a growth rate of 25.3%. The key aspects to the growth of this market are driven by a few factors including  the boom of augmented reality in health and medicinal sector, demands for remote shopping culture with increased convenience, leading to growth of usage of these technologies in retail sector, supervision of workers and virtual training to workers in factories and industriesgovernment backing and support in the form of fundings to promote these technologies,  increased demand and usage of virtual reality technologies in order to facilitate medical training through immersive learning experience and e-learning as well.

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Consumer applications for AR market include gaming, sports, entertainment, hotels, art galleries, museums, theme parks and exhibitions. For VR market, the consumer applications include gaming, sports and entertainment. The high growth of the gaming and entertainment sector boosts the growth of the consumer application in the AR and VR market. The consumer application is expected to account for the largest share in the overall VR market in 2021 as the use of gaming, sports and entertainment is at the boom along with the boom in the usage of VR in e-learning and training for more immersive experience.

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The reason being that the head-mounted displays such as AR smart glasses and VR headsets are being used for various purposes in all the fields covering consumer, commercial, enterprise, healthcare, aeriospace, construction applications for increased convenience and immersive customer experience.AR smart glasses are increasing demad wise as they can facilitate industrial applications such as supervision of workers and their safety, which paves a way towards growth of market share for head-mounted displays in the forecast period for augmented reality market. The use of virtual reality headsets in gaming and sports will lead to the growth of of head-mounted displays for virtual reality as well between 2022 and 2027, as e-sports and gaming has reached a new competitive level across the world. 

Under the market segmentation of offering for augmented reality and virtual reality market comes hardware and software products. With the growth of demand of AR and VR technologies in various sectors, the need for development of more hardware devices is increased. So the hardware device market for both AR and VR is set to increase in the forecast period, which was earlier limited because of limited use of the hardware devices in different fields or applications. The smooth and efficient integration of AR and VR software with the existing and newer devices can fuel the efficiency, due to compatibility, can lead to a significant growth rate of software between 2022 and 2027 i.e., the forecast period. Due to increased competitive global level e-gaming, the demand for virtual reality headsets will also increase in the coming years, during the forecast period. Another reason for the boom in VR hardware during the forecast period is that the education field is likely to take up virtual reality technologies for immersive, better and more learning experience in training and education.

The overall market for non-immersive technology, based on offering, would not witness high growth compared with semi- and fully immersive technologies, as users would prefer fully immersive and semi-immersive devices for gaming in the near future. The market for semi- and fully immersive technology is expected to be having a maximum market share during the forecast period with the increasing demand for immersive technology experience in gaming, entertainment as well as training and supervision.

Google (US), Microsoft (US), Sony Corporation (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Apple Inc., (US), PTC Inc., (US), Seiko Epson (Japan), Oculus VR (by Facebook (US)), Lenovo (China) are the key players in the global AR and VR market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

The region wise segmentation of augmented reality and virtual reality market depicts the maimum share of the augmented reality market in the North American region in the base year i.e., 2021. The reason for this large market share is because of the existence of large AR and VR companies in US. The market in this region is already well established, much enough to contribute to greatest market share in 2021. The top leading comoanies in augmented reality and virtual reality such as Google, Microsoft, Oculus (VR) etc. are present in this region which have well developed software as well as hardware products in this market. So, the fastest growth in the market in not for North America for augmented reality and virtual reality market as the growth will be stagnant in even though the continuous developments made by these companies in the market due to proper reliable establishments.  

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Interactive Display Market expected to reach $13.2 billion by 2025

 

The report "Interactive Display Market with COVID-19 Impact Analysis, by Product (Interactive Kiosk, Whiteboard, Table, Video Wall, Monitor), Technology (LCD, LED, OLED), Panel Size, Panel Type, Vertical, and Geography - Global Forecast to 2025", is expected to grow from USD 9.0 billion in 2020 to USD 13.2 billion by 2025, at a CAGR of 8.1%. The market growth can be attributed to several factors, such as growing demand for gamification and digital classrooms, growing adoption of interactive displays in retail sector, declining price of displays, easy availability of interactive products, and increased end-user engagement by using interactive displays for various applications—such as learning, presentations, signage, wayfinding, and ticketing.

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Interactive whiteboard held the largest share of the interactive display market in 2019

The advent of interactive learning and advancements in teaching methodologies drive the growth of the market for interactive whiteboards. Due to rapid advancements in technology, companies focus on innovation to provide variety and additional features in products. Researchers associated with different companies are focusing on integrating new technologies in conventional interactive white board to make them user-friendly and interactive. Artificial Intelligence (AI) is one such technology, which provides huge opportunities for the interactive whiteboard market to grow.

32–65” held the largest share of the interactive display market in 2019

Interactive displays with screen sizes between 32 inches and 65 inches are mainly used in the healthcare and hospitality sectors. Besides, these screens are also used in restaurants as menu boards to indicate prices, ingredients, and waiting time of the orders taken from customers. In the healthcare sector, many interactive healthcare smart displays are specially designed for the hospital environment.

Flat panel type to dominate the interactive display market during the forecast period

The interactive display market is currently dominated by the flat panel displays only. The other 2 panel types are in a very nascent stage in the interactive ecosystem, as of now, and are expected to grow at a high rate during the forecast period. Going forward, transparent displays are expected to be used more in interactive tables, kiosks, and monitors.

North America is leading the market for interactive display in 2019

North America is the leading region in terms of market size related to interactive display applications. The interactive display market is estimated to grow significantly over the next few years in North America. In the current market scenario, the US dominates the interactive display market in North America. Mexico is expected to rapidly adopt interactive displays in the near future. Therefore, the interactive display market is expected to have potential opportunities in North America.

Some of the key companies operating in the market are Samsung Electronics (South Korea), LG Display (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), Sharp (Foxconn) (Japan), Elo Touch Solutions (US), Crystal Display Systems (UK), ViewSonic (US), Horizon Display (US), and so on.

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Microwave Devices Market expected to reach $9.0 billion by 2027

 

The report "Microwave Devices Market by Product (Active Devices, Passive Devices), Frequency (Ku-band, C-band, Ka-band, L-band, X-band, S-band), End User (Space & Communication, Military & Defense, Healthcare), and Geography - Global Forecast to 2027", is projected to grow from USD 6.7 billion in 2021 to USD 9.0 billion by 2027; it is expected to grow at a CAGR of 5.1% from 2021 to 2027.

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The growth of the microwave devices market is driven by rising military & defense expenditure, growing need for secure and fast communications, and rising demand for microwave devices in patient monitoring. The advent of digital communication has increased the number of satellites to cater to the voluminous data or digital transmission of voices through single communication channels. Thereby creating revenue generating opportunities for the microwave devices market. The rising penetration of 5G and IoT infrastructure, miniaturization of devices, soaring need for effective and non-radioactive patient treatments, and technological breakthroughs in microwave equipment pertaining to the materials used is expected to attract lucrative opportunities for the microwave devices market.

The active devices segment of microwave devices market is expected to hold the biggest market share during the forecast period.

The high usage of active microwave devices in various defense and space electronics has led to the segment’s growth. Active devices are widely used for detecting, mixing, amplifying, filtering, and switching microwave signals in standalone equipment. The increasing investments in R&D by the market players to design advanced devices that are compatible with high-speed connectivity requirements are expected to fuel the growth of the active devices segment.

The Ku-band segment is expected to grow at the highest CAGR during the forecast period

The ability to adjust the uplink and downlink, as well as relatively less incurred cost, is expected to increase the deployment of Ku-band microwave devices. Ku-band has been a pioneer in implementing high-speed communication channels as it has lower throughput and is less susceptible to attenuation. Furthermore, it has shorter wavelengths, improved spot beam coverage, and requires less investment.

The space & communication segment is expected to grow at the highest CAGR of the microwave devices market during the forecast period.

The increase in the number of high-throughput satellites (HTS) and rising investments in space and related exploration activities are expected to drive the growth for the space & communication segment. The growing prominence of real-time video and audio streaming services has led to an increase in the use of microwave devices in space & communication domain.

North America region is expected to hold the largest share of microwave devices market during the forecast period.

On account of the rapid deployment of microwave devices in their warfare equipment, the US and North American microwave devices market is expected to foresee immense opportunities over the forecast period. The US military has emerged as one of the most technologically advanced armed forces in the world equipping modernized warfare infrastructure.

The key players operating in the Microwave Devices market include Thales Group (France), L3 Harris, Technologies, Inc. (US), Teledyne Technologies Incorporated (US), Qorvo, Inc. (US), and CPI International, Inc. (US).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Artificial Intelligence in Healthcare Market expected to reach $67.4 billion by 2027

 

According to the new market research report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027", is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027, it is expected to grow at a CAGR of 46.2% from 2021 to 2027.

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The key factors fueling the growth of the market include market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost,  rising number of partnerships and collaborations among different domains in healthcare sector, and surging need for improvised healthcare services due to imbalance between health workforce and patients. Additionally, growing potential of AI-based tools for elderly care, increasing focus on developing human-aware AI systems, and rising potential of AI technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19 is expected to create a growth opportunity for the artificial intelligence in healthcare market.

The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period.

Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.

The market for machine learning segment is expected to grow at the highest CAGR during the forecast period

The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.

The medical imaging & diagnostics segment is expected to grow at the highest CAGR of the artificial intelligence in healthcare market during the forecast period.

The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.

North America region is expected to hold the largest share of artificial intelligence in healthcare market during the forecast period.

Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospital and clinics across the region are the major factors driving the growth of the North American market.

 The key players operating in the artificial intelligence in healthcare market include Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany).

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IoT Sensors Market expected to reach $29.6 billion by 2026

 

The report "IoT Sensors Market with COVID-19 impact by Sensor type, Network Technology, Vertical, Application, and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2026", is expected to grow from USD 8.4 billion in 2021 to USD 29.6 billion by 2026; it is expected to grow at a CAGR of 28.6% during 2021–2026. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.

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“Pressure sensor to hold the largest share of the IoT sensors market in 2020”

The market for pressure sensors is largely driven by increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to growth in demand for pressure sensors.

“The market for the Industrial IoT vertical to hold the largest share of the IoT sensors market in 2020”

The key factor fueling the growth of the industrial IoT segment of the IoT sensors market is the requirement to implement predictive maintenance techniques in different industries to monitor the working of industrial equipment to avoid unscheduled downtimes in production cycles. The intelligent wireless sensors constantly monitor parameters of critical processes in industrial environments, thereby leading to the increased operational efficiencies of industries.

APAC is expected to hold the largest market share during the forecast period

Countries such as India, China, Japan, South Korea, and Australia are key contributors to the growth and the development of the IoT sensors market in APAC. The growing penetration of the Internet across commercial and residential spaces, along with broadening consumer base, increasing disposable income of the masses, and improving IT infrastructures are some key determinants supplementing the growth of the IoT sensors market in APAC.

Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan) are the key players in the market.

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