Global IoT-Enabled Industrial Wearables Market 2017-2021
About IoT-Enabled Industrial Wearables
The Internet of Things (IoT) connected devices have been rapidly gaining prominence in the consumer sector as well as industries. The emergence and use of computing devices are the primary factors contributing to the growth of the global IoT market. This is owing to the high popularity of smart gadgets, such as smartphones and personal computers (PC)s.
Lately, there has been a significant demand for smartphones. The market is flooded with international and local vendors that offer product variants. The global smartphone market has also benefited with the increase in the adoption of smartphones in emerging economies, such as India, China, and Indonesia.
Technavio’s analysts forecast the global IoT-Enabled industrial wearables market to grow at a CAGR of 10.07% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global IoT-Enabled industrial wearables market for 2017-2021. To calculate the market size, the report considers the new installations/sales/the value market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IoT Enabled Industrial Smart Wearables Market 2017-2021
Technavio recognizes the following companies as the key players in the global IoT-Enabled industrial wearables market: Alphabet, DAQRI, Epson, Fujitsu, Microsoft, and Vuzix
Other Prominent Vendors in the market are: ChipSiP Technology, Fatiguescience, Kopin Corporation, Osterhoutgroup, and SmartCap Technologies.
Commenting on the report, an analyst from Technavio’s team said: The latest trend gaining momentum in the market is Rising focus on increasing battery life. The battery in wearable devices poses a challenge. Accommodating heavy equipment in wearables compromises with the quality of battery being used. This is because batteries occupy a considerable amount of space in battery-operated devices. Industries where a high amount of data is collected from wearables and where the operating period is high cannot afford to face problems related to batteries.”
According to the report, one of the major drivers for this market is Rising mega trends in digitalization and automation. Digitization and automation have slowly been progressing in industries with a decrease in the cost of technology, increase in penetration of wireless devices, and rise in focus on increasing efficiency in the workplace. Players in the industrial sector are opting for complex automation processes to maximize their capacity use, monitor plant assets, and improve workplace safety. There has been an increase in investments in digitization and automation both from vendors that provide IoT solutions and end-users who are adopting these solutions.
Further, the report states that one of the major factors hindering the growth of this market is High cost of wearable device and technology. The high cost remains one of the major factors that has been hindering the adoption of IoT connected smart wearable devices in industrial facilities. Not only does smart wearables in industries cost more than that being used in the consumer sector but these also require additional infrastructure to support the functioning. The software used in wearable devices is also expensive, and frequently the wearable device is used in conjunction with technology, such as AR or VR that is also expensive. While there is a significant reduction in the price of consumer wearable devices, the cost of IoT-connected industrial wearable device remains high
Alphabet, DAQRI, Epson, Fujitsu, Microsoft, and Vuzix, ChipSiP Technology, Fatiguescience, Kopin Corporation, Osterhoutgroup, and SmartCap Technologies.
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