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 growing adoption of
industrial IoT and the increasing focus of manufacturing companies on energy
efficiency, resource optimization, and reduction in production and operating
costs are driving the growth of the market for smart worker solutions. Further,
the growing stringency in occupational health and safety regulations across the
world is also contributing to the market growth.
The
demand for smart worker solutions across various applications in the oil &
gas industry is expected to grow significantly over the next 5 years. The
manufacturing industry accounted for the largest market share in 2017. The oil
& gas industry is at the forefront of adopting smart worker solutions. The
use of IoT-enabled smart worker solutions help the oil & gas industry to
monitor workers’ health and improve their safety in hazardous environments.
The
market for software used in smart worker solutions is expected to grow at the
highest CAGR between 2018 and 2023. This can be due to its capability to enable
supervisors to track time, safety, wellness, productivity, location, and
working environment of workers, among many others, and to analyze the situation
accurately.
North
America held the largest share of the smart worker market in 2017 and is
expected to witness significant growth during the forecast period owing to the
presence of large manufacturing and oil and gas companies operating in this
region. The region, along with Europe, is one of the pioneers in adopting new
technologies, which is also one of the key factors for the high CAGR in this
region.
The
need for huge capital investment for the deployment of smart worker solutions
is anticipated to restrict the market growth primarily in SMEs. Further, the
lack of technological awareness among blue-collar workers is expected to pose
challenges to the market players.
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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). These players adopted strategies such as product launches and
developments, acquisitions, partnerships, expansions, funding, and contracts to
grow in the market.
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