Global Industrial Wearable Market: Overview
Industrial wearable devices are widely used to improve safety, productivity, and efficiency in industrial environments. These are increasingly gaining popularity in mining, manufacturing, and logistics. The tools make way for collection of data in real-time. These also cater to various user needs and organizational goals in a timely manner. These largely differ from consumer trends like fitness wearable and cater to industry verticals with promises such as better working conditions while operating in a dangerous working environments among others.
For example, recently Amazon tried the wearable technology in its warehouses where human being worked closely with robots and trackers helped coordinate activities for maximum efficiency, separation, and safety. Rising health insurance costs and potential liabilities also drive the use of industrial wearable, which revert back with critical information like tracking and monitoring operations. Innovative new technology in the market like baseball caps trackers for mining workers, smart glasses as an omnichannel sales enabler, and wearable cameras for law enforcement agencies are some prospects on the horizon.
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Global Industrial Wearable Market: Notable Developments
Researchers from Drextel University have figured out how to substantiate more conductivity in functional fabric devices. The researcher used a newly coated yarn with a 2-dimensional carbon-based material called MXene to make conductive threads. The researchers used a deep coating method which promises a yarn strong enough for use in industrial knitting machines. It also promises a lack of degradation during wear and tear of the process with maximum conductivity quality.
Diseases among livestock is a major concern for the food supply across the world. It is estimated that these diseases result in over $1 bn losses each year in the UK. Scotland’s national innovation center in collaboration with CENSIS has announced a vet-tech platform which targets these losses. The new program also aims to provide farmers with necessary tools to monitor diets of animals and in-take of pharmaceutical products like antibiotics, among others. The program will encourage growth of farm animals and prevent the spread of antibiotic resistance, a growing challenge in the industry.
Global Industrial Wearable Market: Drivers and Restraints
The rise of safety concerns in manufacturing, mining, and growth of wirless sensor technology are major drivers of growth for the industrial wearable market. Additionally, in the near future sectors like Agriculture are also expected to undertake several initiatives to integrate IoT technology to enable better monitoring for modern farming landscape. The global environmental concerns are expected to drive growth of various wireless sensors for monitoring, and inspection purposes. The growth of supporting technology like drone is already playing a major role in applications like sports broadcasts, wildlife protection, and is expected to pave way for further growth of industrial wearable in the near future.
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Global Industrial Wearable Market: Geographical Analysis
The global industrial wearable market is expected to witness robust growth in North America region. The region home to several tech giants is witnessing a major interest in safety driven wearables in the industrial sector where automation is leading way for more productivity and better quality control processes. The growth of automation, the ever-rising demand for productivity, and liabilities associated with safety are expected to drive significant growth for the industrial wearable market. Among various sector, the construction sector is expected to emerge with major potential for growth for players in the industrial wearable market. The construction sector is also expected to pave way for growth of worldwide and specifically in Asia Pacific. India, China, and the US are expected to double the construction sector by 2030. The rising investment in the sector, and growing automation in the manufacturing sector is expected to drive growth of the industrial wearable market in Asia Pacific region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.