Global Industrial Wearable Devices Market 2015-2019
Market analysis of industrial wearable devices
Technavio’s market research analyst predicts the global industrial wearable devices market to reach a market value of around USD 5 billion by the end of 2019. The increase in employee welfare programs in companies is driving the growth of this market. Companies use wearables to track employees' health. The activity data gathered from wearables like Fitbit wristbands is then tied into health insurance policy premiums or other incentive programs to reduce the company’s healthcare costs. For instance, during 2015 more than 24,500 Fitbit fitness trackers were distributed among the staff of British Petroleum in North America as a part of its incentive program.
The operational efficiencies associated with wearable devices is also driving the growth of this market. Wearable devices used in the logistics sector helps in tracking of goods and provides estimated time frames for delivery to the managers. For instance, in Amazon, the sourcing personnel who work in warehouses wear GPS tags and have a handheld scanner. These devices tell the workers the most efficient route to take to collect an item for delivery.
Product segmentation and analysis of the industrial wearable devices market
Fitness trackers dominated the market during 2014 with a market share of around 79% and is expected to reach a market value of USD 587 million by the end of 2019. Fitness trackers are used for employees wellness programs in enterprises. Fitness tracker monitors metrics such as heart beat, quality of sleep, and distance walked along with other factors. These devices are synced to the computer or smartphone to track this data.
Geographical segmentation and analysis of the industrial wearable devices market
North America accounted for the largest market share of around 41% during 2014. The report predicts this region to maintain its market dominance until the end of 2019, with a market value of USD 3,123 million. The rising awareness among the industries towards wearable computing technology has raised its adoption rate in this region. The US and Canada are the market leaders in this region.
Competitive landscape and key vendors
The global industrial wearable devices market is dominated by international vendors. The competition in the market is expected to intensify during the forecast period, with an increase in product/service extensions, innovations in technology, and mergers. International players are anticipated to grow inorganically during the forecast period by acquiring regional or local players.
The key vendors in the market are-
Other vendors in the market include ASUS, Fitbit, Garmin, Honeywell, Jawbone, Motorola, Nike, Pebble, Samsung, SAP, Sony, and Eurotech.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global industrial wearable devices market?
What are the key market trends impacting the growth of the global industrial wearable devices market?
What are the challenges to market growth?
Who are the key vendors in the industrial wearable devices market?
What are the market opportunities and threats faced by the vendors in the industrial wearable devices market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW?
What are the key outcomes of the five forces analysis of the global industrial wearable devices market?
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Technavio Announces the Publication of its Research Report – Global Industrial Wearable Devices Market 2015-2019 Technavio recognizes the following companies as the key players in the Global Industrial Wearable Devices Market: Apple, Epson, Fujitsu, Google, Microsoft and Vizux Other Prominent Vendors in the market are: ASUS, Fitbit, Garmin, Honeywell, Jawbone, Motorola, Nike, Pebble, Samsung, SAP, Sony, and Eurotech. Commenting on the report, an analyst from Technavio’s team said: “Internet, open development platforms, and low-cost hardware are playing a big part in encouraging people to develop innovative technology. Crowdfunding platforms help in funneling innovation to the masses. Crowdfunding sites such as Indiegogo and Kickstarter have helped bring wearable technologies into the spotlight. For instance, Oculus and Pebble make wearable devices and the money for the startup was raised through crowd funding.” According to the report, wearable devices can play a critical role in industries with high-risk roles, such as mining and oil and gas. For instance, truck drivers at Rio Tinto's coal mines in Hunter Valley, Australia use a device called SmartCap. This cap looks like a regular baseball cap but has sensors to detect alertness levels. It is designed to reduce fatigue-related accidents. SmartCap provides an early warning for when a driver may be approaching a microslee.” Further, the report states that wearable devices have their own operating protocols, interoperable among different devices. This is proving to be a challenge because of a lack of common standards.