The global industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024, at a CAGR of 50.2%. Major factors driving the growth of the industrial wearables market include a high requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology especially in the production area and VR technology specifically in training domain, and technological advancements and automation in manufacturing plants.
Major players in the industrial wearables market include Microsoft Corporation (US), Google (US), Seiko Epson Corporation (Japan), Vuzix (US), Magic Leap, Inc. (US), Apple Inc. (US), Fujitsu Ltd. (Japan), Honeywell International Inc. (US), Oculus VR (US), Samsung Electronics Co., Ltd. (South Korea), AsusTek Computer Inc. (Taiwan), Fitbit, Inc. (US), Fossil Group, Inc. (US), HTC Corporation (Taiwan), Olympus Corporation (Japan), Optinvent (France), RealWear (US), ThirdEye (US), Workerbase (Germany), and Zepcam (Netherlands).
These players have adopted various growth strategies, such as product launches & developments, expansions, agreements, partnerships & collaborations, and acquisitions and to expand their presence in the industrial wearables market further. Agreements, partnerships & collaborations, and product launches have been the most dominating strategies adopted by key players from 2017 to 2019, which helped them strengthen the product portfolio and broaden their customer base.
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Microsoft (US) secured the first rank in the industrial wearables market in 2018. It develops, manufactures, licenses, supports, and sells a range of software products and services. The company offers personal computers, tablets, gaming and entertainment consoles, phones, and intelligent devices such as Surface Hub and HoloLens. HoloLens developed by Microsoft is a pair of mixed reality smart glasses that allow users to see, hear, and interact with remote participants in 3D as if they are actually present in the same physical space. Further, Microsoft not only offers operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools but also carries out training and certification programs for computer system integrators and developers. Business segments through which the company operates are Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The More Personal Computing segment encompasses products and services geared toward the interests of end-users, developers, and IT professionals.
Google (US) ranked second in the industrial wearables market in 2018. Alphabet Inc., is a parent holding company of Google that offers a wide range of products and platforms. Alphabet operates in 2 reportable segments—Google and Other Bets. Google is a producer of mobile operating systems, such as Android; Chrome OS; Google Cloud; Google Maps; Google Play Store; Google TV; Hardware that ranges from the Nexus series of mobile devices to smart home devices and driverless cars; Google Search; and YouTube. Google generates revenues primarily from advertising, sales of apps, in-app purchases, digital content products, and hardware, as well as from licensing and service fees, including fees received for Google Cloud offerings. Other Bets includes companies such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X. Revenues from the Other Bets segment are derived primarily from the sales of internet and TV services through Access and licensing and R&D services through Verily. Google offers Google Glass, a pair of eyeglasses comprising a touchpad to control the Glass, a camera, and a display. The Glass is a lightweight wearable with a transparent display that provides workers or operators the ability to work efficiently in a safe manner. Recently introduced Glass Enterprise Edition 2 features Qualcomm Quad-Core, 1.7 GHz, 10 nm system on chip, and Android Oreo operating system. It is enabled with Bluetooth and Wi-Fi connectivity.
Industrial Wearables Market by Device Type (AR Glasses, VR Headsets, Smartwatches, Smart Bands), Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Power & Energy), Component, and Region - Global Forecast to 2024
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