Wearable AI Companies - Apple Inc. (US) and SAMSUNG (South Korea) are the Key Players

 The wearable AI market is projected to grow from USD 62.7 billion in 2024 and is estimated to reach USD 138.5 billion by 2029; it is expected to grow at a CAGR of 17.2% from 2024 to 2029.

The growth of the wearable AI market is driven by increasing applications of wearable AI devices in healthcare sector, seamless integration with smartphones and Internet of Things (IoT), and increasing trend of remote work.

Key strategies adopted by the players in the wearable AImarket ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, partnerships and acquisitions.

Major Wearable AI companies include:

·         Apple Inc. (US)

·         SAMSUNG (South Korea)

·         Alphabet Inc. (US)

·         Microsoft (US)

·         Meta (US)

·         Lenovo (US)

·         Garmin Ltd. (US)

·         Amazon.com, Inc. (US)

·         Xiaomi (China)

·         OPPO (China).

For instance,

In November 2023, Apple Inc. (US) expands its partnership with Amkor, making history as the first and largest customer for Amkor's new manufacturing and packaging facility in Peoria, Arizona. The collaboration reinforces Apple's commitment to US manufacturing. Amkor will invest approximately USD 2 billion in the project, and upon completion, it will employ more than 2,000 people.

In September 2023, SAMSUNG (South Korea) partnered with the University of Michigan Exercise & Sport Science Initiative (ESSI) to enhance smartwatch technology for runners. The research partnership, led by the Michigan Performance Research Laboratory, utilizes Galaxy Watches to gather precise data on VO2 max and sweat loss during indoor and outdoor runs.

Apple Inc.:

Apple Inc. is engaged in design, manufacturing, marketing, and sales of smartphones, personal computers, tablets, wearables, accessories, and related services. The company’s product portfolio consists of iPhone, Mac series personal computers, iPad series multipurpose tablets, Apple TV, among others. The company also provides wearables including smartwatches, and wireless headphones. The company offers a range of smartwatches powered by its watchOS operating system, featuring models such as the Apple Watch Ultra 2, Apple Watch Series 9, and Apple Watch SE. Additionally, the company provides a selection of wireless headphones, including AirPods, AirPods Pro, AirPods Max, and various products under the Beats brand. The company’s services portfolio includes advertising, AppleCare, cloud services, digital content, and payment services.

 

Apple designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is extremely innovative. This has helped the company yield profitability and increased its revenue over the past few years. As a pre part of the strategy, the company focuses on expanding its platform for better digital content interaction and improving its services through different applications. In FY 2023, Apple Inc. invested USD 29.91 billion in R&D efforts, 7.8% of revenue. Apple's ability to compete with peers depends on its ability to ensure a continuous and timely introduction of innovative and competitive products, services, and technologies. The company regularly files patent applications to protect innovations emerging from the company's R&D and is currently pursuing thousands of patent applications worldwide. Furthermore, Apple Inc. is a well-established brand name in wearable devices. Also, the company is financially stable with a sound liquidity position. This enables the company to make huge strategic investments in different types of emerging technologies, including 5G, Al, and machine learning.

SAMSUNG:

Samsung Electronics Co., Ltd. is a multinational electronics company and one of the world's largest IT companies. The company, along with its subsidiaries, operates through the following business divisions: Device Experience (DX), Device Solutions (DS), Samsung Display (SDC), and Harman. The DX division offers digital TVs, refrigerators, mobile phones, wearables, and communication systems. The DS division offers memory, foundry, and system LSI. The SDC division offers display panel products. The Harman division deals in connected car systems, audio and visual products, enterprise automation solutions and connected services. The company's wide product and service portfolios help it compete in different markets at different levels of the value chain. The company offers AI-based wearable devices such as smartwatches i.e., Galaxy Watch Pro series, and smart earwears (Galaxy Buds2 Pro). The company has 228 subsidiaries and operates with nine regional headquarters. Samsung Electronics America, Inc. (US), Samsung Electronics (UK) Ltd. (UK), Samsung Asia Pte. Ltd. (Singapore), Samsung Japan Corp. (Japan), Samsung Electronics GmbH (Germany), are few of the major subsidiaries of the company.

Samsung has a diversified geographic presence. As of December 2022, the company had 228 subsidiaries and operates with nine regional headquarters. In 2022, the Americas accounted for 39% of the company's total revenue, followed by Europe (17%), Asia and Africa (16%), China (12%), and Korea (16%). The company's wide geographic footprint reduces its exposure to risks associated with a particular market. It also provides Samsung with benefits such as cost reductions through economies of scale.

Wearable AI Market Size, Share, Industry Report, Revenue Trends and Growth Drivers – 2029

 The wearable AI (artificial intelligence) market was valued at USD 62.7 billion in 2024 and is estimated to reach USD 138.5 billion by 2029, registering a CAGR of 17.2% during the forecast period.

The growth of the wearable AI market is driven by seamless integration with smartphones and Internet of Things (IoT), growing awareness regarding health and fitness among general population and technological advancements in wearables.

Drivers: Growing awareness regarding health and fitness among general population and technological advancements in wearables

The surging interest in monitoring and managing personal health and well-being is a major driver for the wearable AI market. Growing emphasis on fitness, spurred by the rising incidence of chronic diseases and the aging population, has compelled people to seek tools to monitor and improve their health. Wearable AI devices, such as smartwatches and fitness trackers, are convenient solutions for tracking steps, heart rate, sleep quality, etc. This data empowers individuals to make informed choices about their activities, sleep patterns, and overall health. Wearable AI devices also incorporate gamification elements and social features such as rewards and challenges to engage users and motivate them to stay active and healthy.

Restraint: Limited battery life

Limited battery life is a major restraint in the growth of the wearable AI market, affecting device functionality and user experience. Despite technological advancements, many wearable devices do not offer extended battery life while maintaining optimal performance. Short battery life can disrupt users’ daily routines, requiring frequent recharging and limiting the device’s usability, especially during extended outdoor activities or travel.

Opportunities: Customization and personalization features

Customization and personalization in wearable AI devices are allowing manufacturers to cater to diverse consumer preferences and needs. With customizable features such as personalized fitness plans, adaptive interfaces, and adjustable settings, wearable AI devices can enhance user engagement and experience. For instance, Fitbit’s mobile app allows users to set personalized goals, track progress, and get tailored insights based on their activity levels, sleep patterns, and health goals. Similarly, the Apple Watch and health app offer personalized health and fitness features. Users can set activity goals, track workouts, monitor heart rate, and receive personalized coaching based on their activity history and fitness level. This customization meets individual user’s needs and fosters a deeper sense of ownership and investment in the device.

Challenge: Market saturation and intense competition

With the proliferation of wearable devices in recent years, the number of market players has surged, making it challenging for newcomers to establish a foothold. The saturation amplifies the importance of differentiation and innovation for emerging companies attempting to stand out amidst a large pool of market players. For new entrants, capturing consumer attention demands cutting-edge technology and a keen understanding of evolving user needs and preferences.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Wearable AI Industry worth USD 138.5 billion by 2029

 The report "Wearable AI Market by Product (Smartwatches, Fitness Tracker, AR/VR Headsets, Wearable Cameras, Smart Earwear, Smart Clothing & Footwear), Operation (On-device AI, Cloud-based AI), Application (Consumer Electronics, Healthcare) - Global Forecast to 2029" The wearable AI market is projected to grow from USD 62.7 billion in 2024 and is estimated to reach USD 138.5 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.2% from 2024 to 2029. The growth of the wearable AI market is driven by growing awareness regarding health and fitness among general population and technological advancements in wearables, seamless integration with smartphones and Internet of Things (IoT).

By product, the AR/VR Headsets segment is projected to grow at high CAGR of the wearable AI market during the forecast period.

The augmented reality/virtual reality (AR/VR) headset segment is positioned for robust growth over the forecast period. The exponential growth of AR/VR headsets in the wearable AI market is fueled by the convergence of immersive gaming experiences and the integration of cutting-edge technologies. Advanced gesture recognition, eye-tracking features, and realistic spatial audio are reshaping the landscape, offering users unparalleled levels of interaction and sensory engagement. The surge in demand is further propelled by the escalating adoption of AR/VR in industrial training, education, and virtual collaboration, expanding the utility beyond entertainment. Moreover, the development of compact and lightweight designs, coupled with increased affordability, is making AR/VR headsets more accessible to a broader consumer base, fostering a robust market trend. This combination of technological advancements and diverse applications positions AR/VR headsets as transformative devices, driving sustained growth in the wearable AI market

Enterprise & Industrial segment is projected to grow at high CAGR of the wearable AI market during the forecast period.

The enterprise & industrial segment is expected to grow at a high CAGR in the wearable AI market during the forecast period. This growth is mainly attributed to the rapid adoption of wearable AI devices driven by the pressing need for improved workforce productivity and safety. Wearable devices equipped with AI capabilities, such as augmented reality (AR) glasses and smart helmets, enable hands-free operation, real-time data access, and streamlined task management in industrial settings. Therefore, considering the ease in operation, the wearable AI device adoption is expected to grow at the highest rate in enterprise and industrial applications.

Noth America is poised for significant growth in the wearable AI market by 2029.

The North American wearable AI market is poised for significant growth in the upcoming years. The market growth is driven by high disposable income fueling consumer tech adoption, advanced technological infrastructure supporting innovation, and a health-conscious population driving demand for fitness and health trackers. The dynamic tech ecosystem and a surge in collaborations between Silicon Valley giants and healthcare innovators propel continuous technological advancements, enhancing the market's competitiveness. The presence of major tech giants such as Apple Inc. (US), Garmin Ltd. (US), Alphabet Inc. (US), Microsoft (US), and Meta (US) further fuels the market growth across North America. The region's proactive regulatory approach fosters a conducive environment for rapid adoption and integration of cutting-edge wearable AI technologies, further stimulating market growth.

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Key players

Key companies operating in the wearable AI market are Apple Inc. (US), SAMSUNG (South Korea), Alphabet Inc. (US), Microsoft (US), Meta (US), Lenovo (US), Garmin Ltd. (US), Amazon.com, Inc. (US), Xiaomi (China), and OPPO (China).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Robot Operating System Companies - ABB Ltd. (Switzerland) and FANUC (Japan) are the Key Players

 The robot operating system market is projected to grow from USD 581 million in 2023 and is projected to reach USD 1,082 million by 2028; it is expected to grow at a CAGR of 13.2% from 2023 to 2028. Rising investment in industry automation is one of the major drivers of the robot operating system market. The trends towards collaborative modular robots, growing demand for the Robotics-as-a-Service (RaaS) model, and the rising adoption of low-cost industrial robots are expected to drive the market during the forecast period further.

Major Robot Operating System companies include:

·         ABB Ltd. (Switzerland),

·         FANUC (Japan),

·         KUKA AG (Germany),

·         Yaskawa Electric Corporation (Japan),

·         Denso (Japan),

·         Microsoft (US),

·         Omron Corporation (Japan),

·         Universal Robotics (Denmark),

·         Clearpath Robots (Canada),

·         iRobot Corporation (US).

Key strategies adopted by the players in the robot operating system ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

FANUC (Japan)

FANUC operates its business through four divisions—FA (Factory Automation), ROBOT, ROB MACHINE, and Service. The company offers over 100 industrial robots under the ROBOT division, catering to various applications. Although FANUC is known for its traditional industrial robots, it offers collaborative robots with various payloads. The robots contribute to automation in the automotive, electrical & electronics, food & beverages, and pharmaceuticals industries, among others.

ABB (Switzerland)

ABB Robotics is a pioneer in robotics, machine automation, and digital services, providing innovative solutions for various industries, from automotive to electronics to logistics. It is a leading supplier of industrial robots and modular manufacturing systems and services. The company’s operations are organized through four business divisions—Electrification, Motion, Process Automation, and Robotics & Discrete Automation. ABB provides industrial robots through its Robotics & Discrete Automation business segment; it has installed more than 300,000 ABB robots worldwide. Robots are used for welding, material handling, painting, picking, packing, and palletizing in automotive, metal fabrication, foundry, plastics, food & beverages, chemicals, pharmaceuticals, consumer electronics, solar, and wood.

Outdoor Power Equipment Market Size, Share, Industry Report, Revenue Trends and Growth Drivers - 2029

The outdoor power equipment market is expected to grow from USD 31.0 billion in 2024 to USD 36.5 billion by 2029, at a CAGR of 3.3% during the forecast period. The rising interest in gardening activities and increasing demand for landscaping services, increasing use of battery-powered outdoor power equipment for lawn maintenance, and rapid growth in construction sector all significantly influence the dynamics of the outdoor power equipment market. In addition, growing inclination toward rental services and increasing popularity of connected outdoor power equipment are all factors that generate opportunities within the outdoor power equipment market.

DRIVERS: Rising interest in gardening activities and increasing demand for landscaping services

The outdoor power equipment market experiences significant growth driven primarily by increasing demand from both residential and commercial customers seeking landscaping services to enhance property aesthetics. Within the landscaping sector, a diverse range of outdoor power tools such as lawn mowers, hedge trimmers, blowers, and saws are employed for tasks including lawn maintenance, hardscaping, tree care, and snow removal. According to the 2023 National Gardening Survey in the US, approximately 80% of households engaged in lawn and garden activities in 2022, with an average expenditure of USD 616 per household. This reflects a growing trend among homeowners in developed nations to allocate more resources to outdoor and gardening activities, thus driving demand for outdoor power equipment.

Outdoor power equipment also plays a pivotal role across various professional sectors including landscaping services, ground maintenance, sports field upkeep, commercial nurseries and greenhouses, as well as forestry and logging operations. The 2023 report from the National Golf Foundation indicates significant growth in the US golf industry, with 15,945 golf courses, five times more than any other country. This growth underscores an increased demand for outdoor power equipment to maintain these golf courses effectively.

RESTRAINTS: High maintenance costs

Outdoor power equipment, such as lawn mowers and trimmers, is recognized for its precision engineering. These tools comprise various components, including motors, air filters, and fuel filters, which demand regular upkeep. Recalibration of outdoor power equipment is necessary at consistent intervals to ensure optimal functionality. As time passes, components like motors, batteries, and cables gradually degrade and require routine oiling, sharpening, and repairs. The maintenance expenses for outdoor power equipment are relatively steep. Especially in developing regions where labor costs are lower, consumers hesitate to invest significant sums in equipment upkeep. This elevated maintenance cost has thus acted as a barrier to the expansion of the outdoor power equipment market. Furthermore, consumers in developing countries are increasingly favoring the leasing of outdoor power equipment, exacerbating the market's growth challenges.

OPPORTUNITIES: Increasing popularity of connected outdoor power equipment

With the increasing integration of IoT devices and other technological advancements, manufacturers are directing their efforts towards providing smart and interconnected outdoor power equipment. For example, John Deere has introduced JDLink to its customers at no extra cost; this digital platform collects real-time equipment data and sends it to John Deere service centers, while also allowing customers to monitor and manage their equipment using smartphones. Similarly, Husqvarna Group, based in Sweden, offers residential robotics lawn mowers like the Automower 450X and 435X AWD, which feature smartphone connectivity for remote control and monitoring. These connected and intelligent products are gaining popularity among consumers and present a lucrative opportunity for the growth of the outdoor power equipment market.

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CHALLENGES: Stringent trade policies and safety regulations

Safety and regulatory compliance are top priorities for manufacturers in the global outdoor power equipment industry. Domestic and international distribution channels, as well as end-users, demand reliability and strict adherence to both current and evolving safety standards. In addition to meeting mandatory regulations, it's crucial for manufacturers to address significant concerns raised by retailers and consumers regarding product quality and environmental sustainability. Furthermore, depending on the type of equipment, manufacturers must also navigate additional regulations covering aspects such as physical safety requirements, electromagnetic interference, operational noise levels, and product recycling. These regulatory demands not only increase the overall cost of owning outdoor power equipment but also pose significant challenges for manufacturers, particularly concerning product testing mandates.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Outdoor Power Equipment Industry worth USD 36.5 billion by 2029

 The report "Outdoor Power Equipment Market by Equipment Type (Lawn Mowers, Saws, Trimmers & Edgers), Power Source (Fuel-based, Electric), Functionality (Connected/Smart Products, Conventional Products), Application and Region - Global Forecast to 2029" The outdoor power equipment market is expected to grow from USD 31.0 billion in 2024 to USD 36.5 billion by 2029, at a CAGR of 3.3% during the forecast period. Increasing homeowner interest in gardening, alongside a growing demand for landscaping services, and the rising popularity of battery-powered outdoor equipment for lawn maintenance and gardening tasks, are significant factors driving the outdoor power equipment market. In addition, the development of intelligent and interconnected outdoor power equipment, along with the rising trend of choosing rental services for such equipment, generates opportunities for market growth.

Saws segment is expected to grow at the highest CAGR during the forecast period.

The saws is expected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the escalating global population, resulting in increased demand for land and subsequent deforestation. With rising needs for wood across various sectors such as construction, furniture, and fuel, the demand for saws is expected to surge. Saws serve not only professional loggers but also residential users for gardening and sculptors for woodwork. These factors collectively contribute to the anticipated rapid growth of the saws in the outdoor power equipment market.

Commercial segment is expected to grow at the highest CAGR during the forecast period.

Commercial segment is expected to grow at the highest CAGR during the forecast period. This is primarily due to heightened demand across sectors such as landscaping, construction, and agriculture. Businesses are placing greater emphasis on enhancing efficiency and productivity, leading to increased adoption of advanced outdoor equipment for various maintenance and operational tasks. Moreover, global urbanization and ongoing infrastructure development projects are driving this upward trend. As a result, commercial entities are increasingly investing in high-performance equipment to meet evolving project demands, contributing to the projected growth of this segment.

Electric-powered equipment is expected to grow at the highest CAGR during the forecast period.

Electric-powered equipment is expected to grow at the highest CAGR during the forecast period. This growth is driven by the increasing adoption of do-it-yourself (DIY) practices among residential consumers, propelled by advancements in battery technology and a rising interest in gardening activities. Furthermore, the expansion of the electric-powered equipment sector is fueled by ongoing innovations in battery technology, which enhance performance and cater to the evolving needs of both professional and residential users. Additionally, there is a notable shift towards cordless equipment, indicating a broader acceptance of electric-powered solutions in the market.

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Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Asia Pacific is expected to grow at a higher CAGR during the forecast period. This surge is driven by several key factors, including rapid urbanization and infrastructure development across emerging economies such as China and India. Additionally, increasing disposable incomes and a growing middle class in the region are boosting demand for outdoor power tools for both residential and commercial applications. Moreover, the presence of dominant global players such as Makita Corporation, Honda Motor Co., Ltd., YAMABIKO Corporation, Techtronic Industries Co. Ltd. and a diverse range of products offered by these companies in the Asia Pacific market contribute to its accelerated expansion. Overall, the region's dynamic economic landscape and evolving consumer preferences position it as the epicenter of growth in the outdoor power equipment sector.

Key players

Major companies operating in the outdoor power equipment market include Husqvarna Group (Sweden), The Toro Company (US), Deere & Company (US), Stanley Black & Decker, Inc. (US), ANDREAS STIHL AG & Co. KG (STIHL) (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Hondo Motor Co., Ltd. (Japan), YAMABIKO Corporation (Japan), Makita Corporation (Japan), Robert Bosch GmbH (Germany), among others.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Industrial Cybersecurity Companies - IBM (US) and Honeywell International (US) are the Key Players

The global industrial cybersecurity market was valued at USD 16.3 billion in 2022 and is projected to reach USD 24.4 billion by 2028; it is expected to grow at a CAGR of 7.7% from 2023 to 2028. Increasing demand for industrial cybersecurity products in power industry to drive the market.

Major Industrial Cybersecurity companies include:

·         IBM (US),

·         Honeywell International (US),

·         ABB Ltd.  (Switzerland),

·         CISCO (US), and

·         Schneider Electric (France).

Key strategies adopted by the players in the industrial cybersecurity market ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

IBM (US)

IBM is a cognitive solution and cloud platform company. The company provides information technology (IT) products and services worldwide. It manufactures and markets computer hardware, middleware, and software and offers hosting and consulting services. IBM was founded following the merger of Hollerith’s Tabulating Machine Company, Computing Scale Company of America, and International Time Recording Company in 1911. In 1924, the company renamed itself from C-T-R to International Business Machines Corporation or IBM Corporation. The company provides integrated solutions that leverage information technology and knowledge of business processes. It is an established player and a globally renowned vendor for providing dedicated software, hardware, and related services.

Honeywell International (US)

Honeywell International has a strong market presence in the industrial cybersecurity market with a range of cybersecurity products and 15+ years of experience in process controls. The customers of Honeywell addresses cybersecurity requirements holistically and stay ahead of emerging threats because of advanced software detection, along with continuous technological innovations offered by the company. Honeywell provides industrial cybersecurity software that protects critical infrastructure by improving OT cybersecurity performance across enterprises.

Infrared Imaging Companies - Teledyne FLIR LLC (US) and Fluke Corporation (US) are the Key Players

The infrared imaging market is estimated to be worth USD 6.7 billion in 2023 and is projected to reach USD 9.6 billion by 2028, at a CAGR of 7.3% during the forecast period. Increased adoption of infrared imaging products in security & surveillance applications is a major factor driving the global growth of the infrared imaging market. Moreover, limitations associated with image resolution and sensitivity of infrared cameras are key restraints affecting the market growth.

Major Infrared Imaging companies include:

·         Teledyne FLIR LLC (US),

·         Fluke Corporation (US),

·         Raytheon Technologies Corporation (US),

·         Leonardo DRS (US),

·         Axis Communications AB (Sweden),

·         L3Harris Technologies (US),

·         Inc, Xenics nv (Belgium),

·         Zhejiang Dali Technology Co.,Ltd. (China),

·         OPGAL Optronics Industries Ltd (Israel) and

·         Allied Vision Technologies GmbH (Germany).

The market players have adopted various strategies such as the development of advanced products, partnerships, collaborations, agreements, joint ventures, and acquisitions to strengthen their position in the infrared imaging market. The organic and inorganic strategies have helped the market players expand globally by providing advanced solutions for infrared imaging.

Teledyne FLIR LLC (US)

Teledyne FLIR LLC is a subsidiary of Teledyne Technologies Incorporated and specializes in designing, developing, manufacturing, and marketing thermal imaging and sensing systems. Formerly known as FLIR Systems, Inc., Teledyne FLIR is a global leader in infrared imaging technology. Teledyne FLIR offers a diverse range of products and solutions for various industries, including thermal cameras, thermal imaging modules, thermal cores, and sensors.

Fluke Corporation (US)

Fluke Corporation is a renowned manufacturer of infrared imaging cameras and thermal imaging solutions. Fluke Corporation specializes in designing, developing, and manufacturing thermal imaging cameras and solutions for professionals across industries. Their infrared imaging products include thermal imaging cameras, handheld thermal cameras, industrial imaging cameras, and infrared windows.

Raytheon Technologies Corporation (US)

Raytheon Technologies is a prominent industry leader specializing in infrared imaging, offering state-of-the-art solutions to diverse industries. Their core strength lies in designing, developing, and manufacturing advanced systems and components for infrared imaging. Focusing on innovation and maintaining high quality standards, Raytheon Technologies provides exceptional thermal imaging cameras, sensors, and modules that enable accurate infrared radiation detection. These cutting-edge technologies significantly enhance situational awareness, target identification, and surveillance capabilities. With applications spanning defense, aerospace, security, and industrial monitoring sectors, Raytheon Technologies’ infrared imaging solutions are vital in improving safety, operational efficiency, and effectiveness.