The industrial wearable device market value is projected to grow to $2.78 billion by 2024 as employers increasingly begin to utilize data and analytics to reduce costs and prevent injuries.
A new research report published by ResearchAndMarkets.com explores the drivers contributing to the growth of wearable technology.
The report, titled "Industrial Wearable Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024," states that the market value is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2019 to 2024. The global industrial wearable devices market topped $1.64 billion in 2018.
Electronic features are allowing companies to monitor and increase workplace productivity, safety and efficiency, particularly in the manufacturing, healthcare and other industries. Employers are capable of collecting data, tracking activities, and providing customized experiences depending on needs and desires.
In particular, the report examines improvements in bio-sensing to monitor health parameters such as body temperature, heart rate and blood oxygen levels. Employers can use these data to complement welfare programs and reduce healthcare costs.
Factors leading to the adoption of wearable technology include portability, convenience, operational efficiency, among others. Industrial wearable devices can be used for real time data monitoring, workforce authentication, field management, corporate wellness and mobile workforce management.