Global Industrial Wearable Devices Market 2018-2022
About Industrial Wearable Devices
Wearable devices that are used for industrial applications are known as industrial wearables. These devices are equipped with IoT capabilities, have the ability to interact with one another, and augment the industrial surroundings. In addition, these devices have the ability to collect, store, and interpret and exchange data with other devices working on compatible networks.
Technavio’s analysts forecast the global industrial wearable devices market to grow at a CAGR of 10.52% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial wearable devices market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Wearable Devices Market 2018-2022
Technavio recognizes the following companies as the key players in the global industrial wearable devices market: Epson, Vuzix, Eurotech, Generalscan, Honeywell, Shenzhen Unique Electronic International, Zebra.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is patenting of technology. There are several vendors in the market for industrial wearable devices. These vendors are beginning to patent their technological discoveries about industrial wearable devices. One of the signs of technology maturing is the number of patents granted in the field. There are several vendors for industrial wearable devices that have filed patents for their product.”
According to the report, one driver in the market is augmented growth of IoT. There is a growing need to remain connected. This has led to an increase in demand for more connected products. IoT is one such avenue that captures data from the surrounding stimuli and ensures that various products are connected. IoT and smart products have created revolutionizing expectations about data and connectivity while opening new channels of business value. One such channel is the creation of industrial wearables.
Further, the report states that one challenge in the market is high cost of wearable devices. The market for industrial wearables is at the innovation stage, which is characterized by low sales and low consumer adoption. However, by the end of the forecast period, industrial wearables will witness increased adoption in various industrial applications. One factor that would hinder the growth of the market is the high cost of these wearables.
Epson, Vuzix, Eurotech, Generalscan, Honeywell, Shenzhen Unique Electronic International, Zebra.
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