Apple Inc., Samsung Electronics Co., Ltd, Fitbit Inc., Xiaomi Corporation, and Honeywell International Inc., and, among others are the major players in the global industrial wearable devices market.
The global industrial wearable devices market reached a value of about USD 1.8 billion in 2020. The industry is further expected to grow at a CAGR of about 9.5% in the forecast period of 2021-2026. As per the analysis by Expert Market Research, the market is expected to be driven by the growing research and development activities and incorporation of virtual reality and augmented reality.
Wearables are being developed by companies for market-specific applications. Smart glasses, for example, are being developed for the healthcare sector to promote expert communication, knowledge exchange, and hands-free access to patient information. Similarly, businesses use safety alarms for employees working in dangerous locations, such as mines, construction sites, and other manufacturing plants. Exercise monitoring is a common feature of many companies' wellness services, and these devices provide information about an employee's health status and personalised health advice. This is expected to improve productivity and reduce the number of sick days. All these factors are likely to boost the market growth.
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North America is currently the leading region in the global market, accounting for the majority of the market share. On the other hand, the Asia Pacific region is expected to be one of the fastest-growing markets for industrial wearable devices, due to government initiatives such as Made in China 2026, which promotes the adoption of industrial IoT and smart manufacturing technologies, the government support for advanced communications technologies such as 5G network, and the use of AR glasses and other wearable technologies. The increasing investment in AR technology by Chinese companies is expected to boost the Asia Pacific industrial wearable devices market.
Headquarters: Cupertino, California, United States
Apple Inc is the largest technology company in the world by revenue, totalling USD 275 billion in 2020. Apple is also ranked as the most valuable brand in the world. As of 2021, more than 1.65 billion Apple devices are active around the world. Apple Inc designs, produces, and markets personal computers, smartphones, wearables, and tablets, among other accessories. The company also offers various services like Apple Music, Apple News+, Apple TV+, Apple Arcade, and Apple Pay, among others.
Headquarters: Suwon-Si, South Korea
Samsung Electronics Co., Ltd is a global leader in technology and is recognised as one of the top 10 international brands. Samsung is also a leader in the Internet of Things through Smart Home and Digital Health initiatives. Through discovery and innovation, Samsung is transforming the world of smartphones, wearable devices, TVs, tablets, network systems, medical devices, semiconductors, and LED solutions, among others.
Headquarters: San Francisco, California, United States
Fitbit is an American fitness and consumer electronics company. Google completed its USD 2.1 billion acquisition of Fitbit in January 2021. Products offered by Fitbit include smartwatches, activity trackers, wireless-enabled wearable technology devices that measure data such as heart rate, number of steps walked, quality of sleep, steps climbed, and other personal metrics involved in fitness.
Headquarters: Beijing, China
Xiaomi is the fourth-largest smartphone brand globally and has established the world's largest consumer IoT platform, with over 196 million smart devices connected to it. Xiaomi products are currently available in over 80 countries and regions worldwide, with a significant presence in many of them. Products offered by Xiaomi include smartphones, laptops, smartwatches, smart bands, and smart home products, among others.
Headquarters: Charlotte, North Carolina, United States
Honeywell International is an American multinational conglomerate. It is a Fortune 100 company, ranked 92nd in 2019. The company has around 110,000 employees worldwide, including more than 19,000 engineers and scientists. The company mainly operates in four areas of business: building technologies, aerospace, performance materials and technology (PMT), and safety and productivity solutions (SPS).
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.