LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global industrial wearable devices market is expected to exceed USD 5 billion by 2020, growing at a CAGR of over 144% during the forecast period.
This research report titled ‘Global Industrial wearable Devices Market 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments global industrial wearable devices market by product and can be divided into five broad categories being Smart glasses, Smart watch, Fitness tracker, Wearable camera, and Others. The most popular industrial wearable devices among these are:
- Smart Watch
- Smart Glasses
- Fitness tracker
The global industrial smart watch market is expected to grow at a CAGR of over 402%. Smart watches look very similar to traditional watches but have functions far beyond the old analog ones. Smart watches are computerized wristwatches.
Most of the smart watches are companion devices paired with a smartphone through Bluetooth or NFC to connect to the Internet. There are also some standalone smart watches that connect directly to the Internet. Such features are used in various industries. For instance, a smart watch paired to a manufacturing machine displays the production output in real time. It will also notify or alert the user if any error occurs in the machine.
Smart watches are also used in warehouse management. They allow warehouse managers to gather information like resource planning, inventory management, shipping lists, and many such key performance indicators to better manage their distribution.
According to Abhay Sinha, lead research analyst at Technavio for health and wellness, “Smart watches facilitate quick decision making in enterprises and industries as a result of which the demand for smart watches is increasing at a rapid rate globally.”
The global industrial smart glasses market is expected to reach USD 877 million by 2019, growing at a CAGR of over 143%.
Augmented reality (AR) gives a live direct or indirect view of a physical, real-world environment whose elements are supplemented by computer-generated sensory input such as graphics, video, sound, or GPS data. Smart glasses are used for the purpose of AR. Smart glasses are a kind of wearable computer that can reflect the projected digital images and also help the user to see through it or see better with it. Smart glasses even come with cellular technology, Bluetooth, or Wi-Fi capability that can run self-contained mobile apps.
Some of the smart glasses can communicate with the internet via voice commands or with an activity tracker. Such applications of smart glasses are used for industrial purposes in the automation and manufacturing industries.
“Smart glasses are becoming popular in the aviation industries where people in the industry are working on apps for flight attendants and passengers. For instance, Virgin Atlantic is one of the early adopters of Google Glass and has permanently implemented these at its Copenhagen airport. Japan Airlines uses Google Glass to inspect planes,” says Abhay.
The global industrial fitness tracker market is expected to exceed USD 587 million by 2019, growing at a CAGR of over 66%.
Fitness trackers are generally used for employee wellness programs in enterprises. The increasing health awareness has encouraged companies to provide fitness trackers to their employees as they help employers to contain the healthcare expenses of their employees.
Fitness trackers monitor fitness-related metrics such as heart beat, quality of sleep, and distance walked, along with other factors. These devices are synced to a computer or smartphone to track the data. Various apps are being developed that sync with fitness trackers and monitor various health metrics of the end-user.
Technavio analysts highlight the following six vendors as the top contributors to the global industrial wearble devices market:
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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