Smart manufacturing practices with increased adaptability, digitalization is expected to boost the growth of connected worker market by 23% during 2020-2030

Large enterprises are expected to bolster demand of connected worker solutions due to large disposable funds to implement advanced technologies within their ecosystem

NEW YORK, Aug. 4, 2022 /PRNewswire/ -- The global connected worker solutions market witnessed a CAGR of 19.9% during the historical period, 2015-2019. Digitalization, emergence of IoT and industry 4.0 have been the growth drivers during the forecast period. For instance, supply chain digitalization with the integration of connected worker solutions is expected to offer opportunities for the market. Global connected worker solutions market is projected to expand at a CAGR of around 23% during 2020-2030.

Smart manufacturing practice involves deployment of computer-integrated manufacturing with upgraded features. Connected worker solutions assist industrial activities with the cohesive experience of proficiency in real team.

Besides this, IT/OT convergence offers immense opportunities for manufacturing processes by utilizing IT with OT components. The convergence has offered opportunity for real-time visibility and thorough understanding of manufacturing processes. Thereby supporting the overall market.

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Moreover, Industrial IoT is spreading across various manufacturing sectors and this is ultimately reshaping modern manufacturing process.

In addition to this, majority of companies such as Honeywell, Oracle and Intel in the US, incorporation of connected worker solutions across wide variety of industrial use to provide immense opportunity.

Key Takeaways:

• During the historical period, 2015-2019, the US connected worker solutions market witnessed a CAGR of 16.4%. Technological adoption and mobilization of high-end technologies such as 5G and electric vehicles infrastructure.
• The connected worker solutions market in China is expected to grow at a CAGR of 29% through 2030. Due to widespread manufacturing establishments within the country, China is expected to dominate the market over the next 10 years.
• Surge in deployment of advanced digital technologies in India is expected to boost the growth of the market by CAGR of 28% during the forecast period.

Growth Drivers:

• Connected worker market is expected to be driven by large enterprises. The market is substantial for large enterprises due to high disposable funds to implement advanced technologies
• Rapid surge of manufacturing clusters such as healthcare and electronics across the globe are further expected to provide ample opportunity for connected worker solutions to grow.
• Increasing penetration of smart manufacturing practices in various developing economies across the globe is expected to boost the growth of the market.
• Wide usage of connected workers solutions in diverse range of industries such as oil & gas, automobile is expected to drive the growth of the market.

Restraints:

• With uncertainty related to production output and backlash from environmentalists, the market is expected to witness a challenge during the forecast period.
• Connected worker solution is not cost-effective and this factor is expected to restrict the widespread usage of the solutions. Requirement of highly skilled labor for management of connected worker solutions leads to extra cost on manufacturers to hire a skilled labor

Competitive Landscape:

Key market players in the market are focusing on launch of products with enhanced asset connectivity. Moreover, company also plans to launch improved product offerings and targeted acquisitions. For instance,

• Wood, a leader proficient in consulting and operation solutions has adopted Honeywell Forge workforce productivity solutions. Through this initiative, the company would equip its frontline workers to streamline uptime operations.
• In addition to this, Fujitsu has incorporated Industrial IoT and enterprise wearable. This approach helps companies in providing solutions with hardware and software combined.
• Moreover, Telus offers a solution, which offers journey management, contact tracing, smart building, etc.

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More Valuable Insights on Connected Worker Solutions Market

By Component:

• Hardware
• Headgear
• Glasses
• Mobile Devices / Tabs
• VR Headsets
• Sensors / RFID
• Network devices
• Tools & Software
• Services

By Size of Enterprise:

• Small and Medium Enterprise
• Large Enterprise

By Industry Vertical:

• Manufacturing 
• Automotive 
• Oil & Gas 
• Chemicals and materials
• Food & Beverages 
• Industrial Goods Machinery
• Pharmaceutical 
• Mining and Metal 
• Others 

• Services

By Region:     

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

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