ResearchAndMarkets.com experts have prepared a forecast related to the market for industrial wearable electronics products. According to their estimates, last year this market reached $ 2.89 billion. Analysts expect it to grow rapidly in the coming years. More specifically, for the period from 2020 to 2027, an average annual growth rate of 15.0% is projected. If this forecast comes true, in 2027, sales of industrial wearable electronics reached $ 8.63 billion.
Experts on reports and forecasts explain the confident growth of the market by the growing demand for workplace safety and personnel monitoring, as well as the growing popularity of wearable devices. However, price sensitivity in developing countries and limited coverage of small and medium enterprises are holding back market growth.
One of the incentives for the introduction of wearable electronics in industry is the interest of companies in monitoring fatigue, health conditions and the level of physical fitness of workers in order to minimize industrial accidents. Moreover, the impact of this factor is expected to increase as a result of appropriate steps by governments and regulatory bodies.
The largest segment of industrial wearable devices last year was optical systems and displays. It is expected that this situation will continue during the forecast period.