This thematic research report explores wearable technology and its use cases in old and new contexts as well in construction.
Wearables have the potential to transform the construction industry through the ability to improve safety and efficiency for workers. Safety is being spearheaded by innovations such as gyroscopes, emergency alerts, and tracking devices, while GPS-enabled wearables and Artificial Intelligence (AI) technology are leading improvement in efficiency on construction sites.
The wearable tech industry was worth nearly $23bn in 2018 and will grow at a compound annual growth rate (CAGR) of 19% to reach $54bn by 2023.
Growth in the wearable tech industry will be driven by the utilization of many countries' aging workforces in remote support roles for a younger generation of workers through AI and smart glasses technology, as well as wearable exoskeletons as an aid for workers' physical support during strenuous tasks where there is risk of injury.
Safety and efficiency are two primary trends in construction and this is driving the adoption of wearable tech. Wearable tech, like the smart helmets developed by companies such as SmartCap Technologies, is helping to increase safety on construction sites. SmartCap measures workers' fatigue levels and detects micro-sleeps, alerting them when they are in need of a break.
Companies such as Reactec are combating Hybrid Air Vehicles (HAV) in construction workers through their smartwatches and specialized app, RASOR, which monitors risks and safety issues and lets workers know when they need to down tools.
This technology was recently used by former construction giant Carillion and led to a significant increase in worker protection and productivity, as well as a 3,000 saving in labor costs over 18 months. PETIT, a subsidiary of the French construction company VINCI Construction, has incorporated augmented reality (AR) into its developments.
Construction companies such as Triax Technologies and Scan-Link are leading innovation in wearables. Triax and ScanLink utilize geo-tagging through belt clips and safety jackets respectively, which convey vital information to job site managers.
Despite wearables' difficulty launching in the consumer market, its commercial applications have proven valuable. As the benefits of wearable tech becomes clearer to construction companies, uptake is likely to increase.
This report explores wearable technology and its use cases in old and new contexts as well in construction.
It identifies the winners and losers dominating the current technology theme, across the hardware, software, and services domains.
It identifies power utilities and equipment manufacturers who are witnessing a huge opportunity with 3D printing.
Reasons to Buy
Understand the importance of adopting wearable technology in construction.
A review of some of the case studies highlighting the growing capabilities of wearable in addressing business challenges across the industry.
Identify and benchmark key companies and technology providers based on their exposure to wearable theme.