DUBLIN--(BUSINESS WIRE)--The "Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global industrial wearable devices market reached a value of US$ 1.5 Billion in 2017.
Industrial wearable devices are functional tools designed to upgrade workplace productivity, safety and efficiency of the companies in sectors such manufacturing, logistics, healthcare, lifestyle, etc. These devices are made up of highly-sophisticated electronic components which collect data, track activities, and provide customized experiences depending on the users' needs and desires. Moreover, they are geared to aid a worker to perform the assigned task at hand with greater ease and reduce accidents related to work.
Industrial wearable devices are rapidly gaining prevalence due to their numerous advantages, such as portability, convenience, operational efficiency, etc. In addition, improvement in bio-sensing technology in these devices helps in measuring health parameters such as body temperature, heart rate and blood oxygen levels. These parameters are further used by companies to track the employees' health and are linked to their employee welfare programs, thereby reducing the healthcare costs.
Further, industrial wearable devices can be used for real time data monitoring, workforce authentication, field management, corporate wellness and mobile workforce management. This is projected to increase their usage in different verticals, such as healthcare, IT & telecom, and manufacturing.
On account of these factors, the market value is projected to exceed US$ 2.6 Billion by 2023, expanding at a CAGR of 9.6% during 2018-2023.
- Based on product type, the market has been segmented as fitness tracker, smart glasses, smart watches, wearable camera, etc. Currently, smart watches dominate the market, holding the largest share.
- On the basis of application, the market has been segmented into warehouse management, training & simulation, service & maintenance, and others.
- On the basis of industry, the market has been segmented into transport & logistics, retail, manufacturing, healthcare and others.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players being
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