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.
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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