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The overall smart worker market is expected to grow at a CAGR of 18.69% between 2018 and 2023.
The smart worker market is expected to be valued at USD 1.87 billion in 2018 and is likely to reach USD 4.40 billion by 2023, at a CAGR of 18.69% between 2018 and 2023. The increasing focus of manufacturing companies on energy efficiency, resource optimization, and reduction in production and operating costs is driving the growth of the smart worker market. Further, the stringency in occupational health and safety regulations across the world, along with the growing adoption of industrial IoT, is contributing to the growth of the smart worker market. However, the requirement of huge capital investment for the deployment of smart worker solutions may restrict the market growth.
The smart worker market for manufacturing industry held the largest share in 2017.
The manufacturing industry held the largest market share in 2017. This is attributed to the growing need to increase safety, optimize performance, and enhance productivity. These solutions track realtime information on environmental hazards at workplaces and offer preventive measures to ensure safety and monitor worker health, which are some of the critical areas that affect the direct and indirect cost of manufacturing sites.
The market for smart worker software is expected to witness significant growth between 2018 and 2023.
The market for software is expected to grow at a significant CAGR during the forecast period. With the changes pertaining to the regulations of occupational health and safety across the world, industrial facilities will need to invest more in software solutions to increase the worker's safety and enhance their productivity.
North America held the largest share of smart worker market in 2017 and is expected to grow at the highest CAGR during the forecast period.
North America is expected to hold the largest share of the smart worker market by 2023. Automation in various sectors pertaining to industrial production is expected to increase in the US, which is likely to increase the use of smart wearables by bluecollar workers. The increasing RD in the field of IoT for new and improved technologies and rising demand for improved lifestyle are the 2 crucial factors driving market growth in North America.
Breakup of the profiles of primary participants:
By Company Type: Tier 1 61%, Tier 2 20%, and Tier 3 19%
By Designation: CLevel Executives 19% and Managers 81%
By Region: APAC 20%, North America 34%, Europe 42%, and RoW 4%
Some key players in the smart worker market are Honeywell US, DAQRI US, Fujitsu Japan, Accenture Republic of Ireland, Vandrico Canada, Intellinium France, Avnet US, 3M US, Oracle US, Zebra Technologies US, Parsable US, Rice Electronics US, Softweb Solutions US, Recon Instruments Canada, Wearable Technologies Limited UK, Corvex Connected Safety US, ProGlove Germany, Smart Track Italy, hIOTron India, and Solution Analysts India.
This research report segments the global smart worker market on the basis of offerings, connectivity technology, industry, and geography. The report discusses the major drivers, restraints, challenges, and opportunities pertaining to the market and also includes value chain and market ranking analyses.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the smart worker market comprehensively and provides the closest market size estimation for subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, along with the strategies adopted by the key market players such as product launches and developments, acquisitions, partnerships, collaboration, expansions, and contracts.
Original Article: Smart Worker Market by Offering Hardware, Software, Service, Connectivity Type BLE/Bluetooth, LPWAN, WFAN, Industry Manufacturing, Oil Gas, Construction, Power Utilities, Mining, and Geography Global Forecast to 2023 [Report Updated: 28032018] Prices fNEXT ARTICLE
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