NEW YORK, Jan. 12, 2023 /PRNewswire/ -- According to Technavio, the global internet of things (IoT) enabled industrial wearables market size is estimated to grow by USD 3,345.57 million from 2022 to 2027. However, the growth momentum will decelerate at a CAGR of 23.58% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 44%. For more Insights on market size, Request a sample report
Internet of things (IoT) enabled industrial wearables market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
- Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!
Internet of things (IoT) enabled industrial wearables market – Customer Landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Internet of things (IoT) enabled industrial wearables market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the product (hand-worn wearables, head-mounted wearables, and smart eyewear), end-user (automotive, manufacturing, aerospace, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the hand-worn wearables segment will be significant during the forecast period. The segment is driven by the growing adoption of Industry 4.0 architecture among manufacturing industries globally and advances in sensors and scanning technologies.
Geography Overview
By geography, the global internet of things (IoT) enabled industrial wearables market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global internet of things (IoT) enabled industrial wearables market.
- North America is estimated to contribute 44% to the growth of the global market during the forecast period. The region is home to several prominent vendors, such as Alphabet, Microsoft, and Vuzix. These vendors have significant financial resources and expertise in advanced technologies. Many end-users in the region are collaborating with hardware and software providers to incorporate wearable devices in their manufacturing facilities. Such developments are driving the growth of the regional market, Download a Sample Report
Internet of things (IoT) enabled industrial wearables market – Market Dynamics
Key factor driving market growth
- The market is driven by the rise in digitalization and automation within industries.
- The penetration of digitation and automation technologies has increased across industries.
- This can be attributed to the decrease in the cost of technology, the increasing adoption of wireless devices, and the growing focus on improving workspace efficiency.
- The growing employee shortage in many sectors has also forced the adoption of automation technologies across industries.
- All these factors are increasing investments in digitization and automation, both from vendors that provide IoT solutions and end-users, which is driving the growth of the market.
Leading trends influencing the market
- The rising focus on increasing battery life is one of the major trends in the market.
- Vendors in the market are focusing on enhancing battery life in wearables by using low-power consumption technologies, such as Bluetooth 5.0.
- In addition to this, they are using a combination of system-level and circuit-level innovations to reduce the power consumption to a low level of energy harvesting, to improve battery life in wearables.
- Such developments are helping vendors in addressing the challenges related to the availability of limited battery life in resource-intensive industries such as mining and petroleum industries.
- This trend is positively influencing the growth of the market in focus.
Major challenges hindering market growth
- The high cost of wearable devices and technology is the major challenge in the market.
- The rising complexity of wearable technologies has consequently increased the cost of wearables.
- The complexities of IoT-enabled Industrial wearables directly affect the costs associated with the development of software and the cost of networking solutions. The more complex a wearable device is, the higher the cost involved in its software development.
- Moreover, wearable devices are frequently used in conjunction with technologies such as AR and VR. This makes the adoption of these technologies even more expensive.
- Such high costs are hindering the adoption of wearable technologies among end-users, which is reducing the growth potential in the market.
What are the key data covered in this internet of things (IoT) enabled industrial wearables market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the internet of things (IoT) enabled industrial wearables market between 2023 and 2027
- Precise estimation of the size of the internet of things (IoT) enabled industrial wearables market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the internet of things (IoT) enabled industrial wearables market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of internet of things (IoT) enabled industrial wearables market vendors
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Internet Of Things (IoT) Enabled Industrial Wearables Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 23.58% |
Market growth 2023-2027 |
USD 3345.57 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
34.77 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
EUROTECH Spa, Fujitsu General Ltd., Generalscan, Hitachi Ltd., Honeywell International Inc., Intellinium, Iristick NV, Magic Leap Inc., Microsoft Corp., Optinvent, RealWear Inc., SAP SE, Seiko Epson Corp., ThirdEye Gen Inc., Vuzix Corp., WESTUNITIS Co. Ltd., Workaround GmbH, WORKERBASE GmbH, ASUSTeK Computer Inc., and Samsung Electronics Co. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global internet of things (IoT) enabled industrial wearables market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global internet of things (IoT) enabled industrial wearables market 2017 - 2021 ($ million)
- 4.2 Product Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)
- 4.3 End User Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – End User Segment 2017 - 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Product
- 6.1 Market segments
- Exhibit 30: Chart on Product - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Product - Market share 2022-2027 (%)
- 6.2 Comparison by Product
- Exhibit 32: Chart on Comparison by Product
- Exhibit 33: Data Table on Comparison by Product
- 6.3 Hand worn wearables - Market size and forecast 2022-2027
- Exhibit 34: Chart on Hand worn wearables - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Data Table on Hand worn wearables - Market size and forecast 2022-2027 ($ million)
- Exhibit 36: Chart on Hand worn wearables - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Hand worn wearables - Year-over-year growth 2022-2027 (%)
- 6.4 Head-mounted wearables - Market size and forecast 2022-2027
- Exhibit 38: Chart on Head-mounted wearables - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Data Table on Head-mounted wearables - Market size and forecast 2022-2027 ($ million)
- Exhibit 40: Chart on Head-mounted wearables - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Head-mounted wearables - Year-over-year growth 2022-2027 (%)
- 6.5 Smart eyewear - Market size and forecast 2022-2027
- Exhibit 42: Chart on Smart eyewear - Market size and forecast 2022-2027 ($ million)
- Exhibit 43: Data Table on Smart eyewear - Market size and forecast 2022-2027 ($ million)
- Exhibit 44: Chart on Smart eyewear - Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on Smart eyewear - Year-over-year growth 2022-2027 (%)
- 6.6 Market opportunity by Product
- Exhibit 46: Market opportunity by Product ($ million)
7 Market Segmentation by End-user
- 7.1 Market segments
- Exhibit 47: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 48: Data Table on End-user - Market share 2022-2027 (%)
- 7.2 Comparison by End-user
- Exhibit 49: Chart on Comparison by End-user
- Exhibit 50: Data Table on Comparison by End-user
- 7.3 Automotive - Market size and forecast 2022-2027
- Exhibit 51: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 52: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Chart on Automotive - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on Automotive - Year-over-year growth 2022-2027 (%)
- 7.4 Manufacturing - Market size and forecast 2022-2027
- Exhibit 55: Chart on Manufacturing - Market size and forecast 2022-2027 ($ million)
- Exhibit 56: Data Table on Manufacturing - Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Chart on Manufacturing - Year-over-year growth 2022-2027 (%)
- Exhibit 58: Data Table on Manufacturing - Year-over-year growth 2022-2027 (%)
- 7.5 Aerospace - Market size and forecast 2022-2027
- Exhibit 59: Chart on Aerospace - Market size and forecast 2022-2027 ($ million)
- Exhibit 60: Data Table on Aerospace - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Chart on Aerospace - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Aerospace - Year-over-year growth 2022-2027 (%)
- 7.6 Others - Market size and forecast 2022-2027
- Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 7.7 Market opportunity by End-user
- Exhibit 67: Market opportunity by End-user ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 69: Chart on Market share by geography 2022-2027 (%)
- Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 71: Chart on Geographic comparison
- Exhibit 72: Data Table on Geographic comparison
- 9.3 North America - Market size and forecast 2022-2027
- Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.4 Europe - Market size and forecast 2022-2027
- Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.5 APAC - Market size and forecast 2022-2027
- Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.6 South America - Market size and forecast 2022-2027
- Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.8 US - Market size and forecast 2022-2027
- Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.9 China - Market size and forecast 2022-2027
- Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.10 Germany - Market size and forecast 2022-2027
- Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.11 UK - Market size and forecast 2022-2027
- Exhibit 105: Chart on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 106: Data Table on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 107: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 108: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 9.12 Japan - Market size and forecast 2022-2027
- Exhibit 109: Chart on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 110: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 111: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 112: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 113: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 114: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 116: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 117: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 118: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 119: Matrix on vendor position and classification
- 12.3 EUROTECH Spa
- Exhibit 120: EUROTECH Spa - Overview
- Exhibit 121: EUROTECH Spa - Business segments
- Exhibit 122: EUROTECH Spa - Key offerings
- Exhibit 123: EUROTECH Spa - Segment focus
- 12.4 Fujitsu General Ltd.
- Exhibit 124: Fujitsu General Ltd. - Overview
- Exhibit 125: Fujitsu General Ltd. - Business segments
- Exhibit 126: Fujitsu General Ltd. - Key offerings
- Exhibit 127: Fujitsu General Ltd. - Segment focus
- 12.5 Generalscan
- Exhibit 128: Generalscan - Overview
- Exhibit 129: Generalscan - Product / Service
- Exhibit 130: Generalscan - Key offerings
- 12.6 Honeywell International Inc.
- Exhibit 131: Honeywell International Inc. - Overview
- Exhibit 132: Honeywell International Inc. - Business segments
- Exhibit 133: Honeywell International Inc. - Key news
- Exhibit 134: Honeywell International Inc. - Key offerings
- Exhibit 135: Honeywell International Inc. - Segment focus
- 12.7 Intellinium
- Exhibit 136: Intellinium - Overview
- Exhibit 137: Intellinium - Product / Service
- Exhibit 138: Intellinium - Key offerings
- 12.8 Iristick NV
- Exhibit 139: Iristick NV - Overview
- Exhibit 140: Iristick NV - Business segments
- Exhibit 141: Iristick NV - Key offerings
- Exhibit 142: Iristick NV - Segment focus
- 12.9 Magic Leap Inc.
- Exhibit 143: Magic Leap Inc. - Overview
- Exhibit 144: Magic Leap Inc. - Product / Service
- Exhibit 145: Magic Leap Inc. - Key offerings
- 12.10 Microsoft Corp.
- Exhibit 146: Microsoft Corp. - Overview
- Exhibit 147: Microsoft Corp. - Business segments
- Exhibit 148: Microsoft Corp. - Key news
- Exhibit 149: Microsoft Corp. - Key offerings
- Exhibit 150: Microsoft Corp. - Segment focus
- 12.11 Optinvent
- Exhibit 151: Optinvent - Overview
- Exhibit 152: Optinvent - Product / Service
- Exhibit 153: Optinvent - Key offerings
- 12.12 RealWear Inc.
- Exhibit 154: RealWear Inc. - Overview
- Exhibit 155: RealWear Inc. - Product / Service
- Exhibit 156: RealWear Inc. - Key offerings
- 12.13 Samsung Electronics Co. Ltd.
- Exhibit 157: Samsung Electronics Co. Ltd. - Overview
- Exhibit 158: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 159: Samsung Electronics Co. Ltd. - Key news
- Exhibit 160: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 161: Samsung Electronics Co. Ltd. - Segment focus
- 12.14 Seiko Epson Corp.
- Exhibit 162: Seiko Epson Corp. - Overview
- Exhibit 163: Seiko Epson Corp. - Business segments
- Exhibit 164: Seiko Epson Corp. - Key news
- Exhibit 165: Seiko Epson Corp. - Key offerings
- Exhibit 166: Seiko Epson Corp. - Segment focus
- 12.15 ThirdEye Gen Inc.
- Exhibit 167: ThirdEye Gen Inc. - Overview
- Exhibit 168: ThirdEye Gen Inc. - Product / Service
- Exhibit 169: ThirdEye Gen Inc. - Key offerings
- 12.16 Vuzix Corp.
- Exhibit 170: Vuzix Corp. - Overview
- Exhibit 171: Vuzix Corp. - Product / Service
- Exhibit 172: Vuzix Corp. - Key offerings
- 12.17 Workaround GmbH
- Exhibit 173: Workaround GmbH - Overview
- Exhibit 174: Workaround GmbH - Product / Service
- Exhibit 175: Workaround GmbH - Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 176: Inclusions checklist
- Exhibit 177: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 178: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 179: Research methodology
- Exhibit 180: Validation techniques employed for market sizing
- Exhibit 181: Information sources
- 13.5 List of abbreviations
- Exhibit 182: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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