The IoT-enabled industrial wearables market is projected to grow by USD 20.56 billion from 2024 to 2028, driven by AI advancements.
- A key growth driver is the surge in digitalisation and automation within industries, targeting improved battery life in wearables.
- Challenges persist due to the high cost of wearable technology and the complexity of required infrastructure.
- The market is fragmented, with North America leading in contributions, but significant growth is anticipated globally.
- Technological collaborations are crucial, particularly in developing wireless protocols and cloud infrastructure to optimise device performance.
The market for Internet of Things (IoT) enabled industrial wearables is expected to expand significantly, with estimates projecting a growth of USD 20.56 billion from 2024 to 2028. This growth is largely attributed to advancements in artificial intelligence which are enhancing market evolution. Technavio’s report suggests a consistent growth trajectory with an impressive CAGR of 57.2% for the forecast period.
As industries continue to digitalise and automate, the focus has intensified on prolonging battery life in these wearables, which remains a critical market driver. However, the high costs associated with these advanced wearable technologies, compounded by the necessity for additional infrastructure, pose noticeable challenges. Vendors are exploring low-power solutions such as Bluetooth 5.0 and innovative design methodologies to minimise power consumption.
The market structure is fragmented, yet North America stands out as the most substantial contributor, accounting for 42% of the market share. Other regions, including Europe, Asia-Pacific, South America, and the Middle East, are also witnessing growth, underscoring the global potential and reach of industrial wearables.
Technological firms and wearable device manufacturers are collaborating extensively to overcome the challenges presented by high costs and complex infrastructure. By developing wireless communication protocols and supporting cloud computing infrastructure, these collaborations aim to enhance performance optimisation and seamless data transfer. Smart eyewear, head-mounted displays, and hand-worn devices are just some of the innovations emerging as transformative tools across various sectors.
In sectors like healthcare, construction, and manufacturing, where the adoption of Industry 4.0 and predictive maintenance solutions is increasing, there is a notable shift towards using smart helmets, glasses, and biometric sensors. These devices are not only improving safety and efficiency but are also facilitating regulatory compliance and predictive maintenance through real-time data insights.
The IoT-enabled industrial wearables market is poised for substantial growth, driven by AI and collaborative technological advancements.
