Smart Worker Market expected to be worth 4.40 Billion USD by 2023

(IT-NEWSWIRE.COM, March 29, 2018 ) According to the new research report "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 " The 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. 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.

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Hardware segment to hold largest size of smart worker market by 2023

The hardware segment is expected to dominate the smart worker market during the forecast period. Smart worker solutions consist of several high-priced hardware and live line tools, such as protective textile equipment, head protection equipment, eyewear and hearing protection devices. These tools, being highly important to send and receive data, need to be deployed initially in the smart worker solution implementation stage.

Smart worker market for oil & gas to grow at highest CAGR between 2018 and 2023

Among all industries, the smart worker market for the oil & gas industry is likely to grow at the highest CAGR during the forecast period. The use of IoT-enabled smart worker solutions help oil and gas companies to monitor workers’ health and improve their safety in hazardous environments.

North America held largest share of smart worker market in 2017

North America held the largest share of the smart worker market in 2017. There is a need to reduce the operational cost in industrial facilities owing to the growing price war in this region. The rising demand in the manufacturing, oil & gas, and power & utilities industries to improve the worker performance and safety and reduce the overall operational costs. This is the key factor for a large market share of this region in the smart worker market.

The report profiles the key players in the smart worker market. The competitive landscape of the market presents an interesting picture of the strategies adopted by these players to grow in the market. Some key players in this 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).

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Smart Worker Market expected to be worth 4.40 Billion USD by 2023