Wearable Devices On the Rise—for Workplace Safety and Other ApplicationsApril 13, 2021
A report published recently by Allied Market Research estimates the value of the global industrial wearables market at $3.79 billion in 2019 and predicts the market to grow to $8.40 billion by 2027, registering a compound annual growth rate (CAGR) of 12.4 percent from through 2027. Among market-growth drivers: increased demand for workplace safety, and a surge in adoption of industrial wearables in the automotive sector.
By device type, the smartwatches segment held the major share in 2019, contributing to more than one-third of the global market. Meanwhile, the glasses segment is expected to register the fastest CAGR of all wearable products, with a predicted 14.5-percent CAGR through 2027.
By industry vertical, the manufacturing segment accounted for around one-fourth of the total market in 2019 and is projected to lead the pack by the end of 2027. The automotive segment is estimated to exhibit the highest CAGR--14.3 percent--through 2027.