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.
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.
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 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 real-time 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 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 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 blue-collar workers. The increasing R&D 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities for Smart Worker Market 4.2 Smart Worker Market, By Offering 4.3 Smart Worker Market, By Industry 4.4 Smart Worker Market in North America, By Country and Industry 4.5 Smart Worker Market, By Country
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Focus of Manufacturing Companies on Energy Efficiency, Resource Optimization, and Reduction in Production and Operating Costs 5.2.1.2 Stringent Occupational Health and Safety Regulations Across the World 5.2.1.3 High Adoption of the Iiot Platform 5.2.2 Restraints 5.2.2.1 Requirement of Huge Capital Investment for Deployment of Smart Worker Solutions 5.2.3 Opportunities 5.2.3.1 Adoption of Ar/Vr in Diverse Industrial Applications 5.2.3.2 Significant Potential for Enhancing Safety and Effectiveness of Fire Services 5.2.4 Challenges 5.2.4.1 Technological Awareness Among Workers 5.3 Value Chain Analysis
