LONDON--(BUSINESS WIRE)--The global market for connected worker devices will grow from $402 million in 2019 to $4.3 billion in 2039, according to a ground-breaking forecast from independent research firm Verdantix. The compound annual growth rate of 13% is good news for financial investors who have funded connected worker device vendors, such as Guardhat which recently received $20 million in funding for their wearable device platform, and innovators in the sector such as Blackline Safety, Honeywell, Everbridge, Vault Intelligence, Kenzen and Industrial Scientific.
“The mission statement for EHS is rapidly moving from a compliance focus to an innovation focus to add business value and support growth” commented Bill Pennington, Senior Analyst at Verdantix. “Connected worker technologies are part of the innovation agenda as they enhance worker safety and productivity. With the current global market worth $402 million and projected growth of 13% over the next 20 years we anticipate a surge of interest from tech entrepreneurs and investors.”
The Verdantix report “Connected Worker Devices Market Size And Forecast 2019-2039” is based on an analysis of revenues of 60 device vendors and provides a breakdown of spend across 25 industries and 5 geographic regions. Key report findings:
- Proving out the value of connected worker solutions will result in a CAGR rate of 9% to reach $660 million in 2025.
- Worker ergonomic devices will outpace other use cases generating $500 million of global spend by 2039.
- More stringent regulations in emerging markets will drive growth in the Asia-Pacific region to $1 billion by 2039.
- Spending in the Gulf States will reach $438 million by 2039 driven by multinational oil firms increasing their focus on worker safety.
- Construction will have the highest spend for a single industry at $350 million.
“The industrial wearables market is still in it’s infancy, but as technology advances and R&D costs fall, we will see lower barriers to entry and increasing competition, especially in emerging markets”, continued Pennington. “Vendors looking to capitalise on this opportunity should look at developing multifunction tools that offer a complete safety workflow solution and reduce the amount of wearables required per worker.”
To learn more register to attend the Verdantix webinar “Growing From $402 Million Today To $4.3 Billion In 2039” on 1 May.