Feb 04, 2021
Global Demand for Connected Worker Solutions to Grow 7.7X by 2030: Fact.MR
by Team Fact.MR
The global connected worker solutions market is set to vouchsafe a stonking growth of close to 23% over the next ten years, i.e. 2020-2030. Over the past half-decade, the market swelled at a noteworthy rate of 19.9%, on the back of dominant demand for industrial connectivity, globally. Moreover, the inception of industry 4.0, globally, has mandated industry verticals to go digital with their supply chain networks. Over this decade, demand for connected worker solutions is expected to rise exponentially with the high-end technologies such as IIOT (Industrial Internet of Things), 5G adoption by manufacturing industries in order to boost their productivity, and workplace safety. Furthermore, remote management of operational activities from industries is on the rise within manufacturing industries. Therefore, the inception of industry 4.0 and remote management adoption by industry verticals are set to bestow generous opportunity for the connected worker solutions market to burgeon.
In addition, the COVID-19 crisis exhibited massive opportunity for the ubiquitous manufacturing as well as services industry to go digital with their supply chain operations. This, in turn, has presented enormous prospects for connected worker solutions, which is thus set to witness booming opportunity over the coming years.
Key Takeaways from Connected Worker Solutions Market Study
- The hardware segment of connected worker solutions is expected to expand at an impressive CAGR of more than 23% over the forecast period.
- North America is the consummate market with a value of US$ 758.4 Mn in 2020, and is subjected to inflate at a zestful CAGR of more than 18% during the forecast period.
- Mobile devices/ tabs are opined to exhibit a high growth rate of around 2% CAGR, while tools & software under components are projected to add 7.2X value over the forecast period.
- East Asia is set to experience rapid expansion at 29% CAGR, owing to manufacturing prowess of the region with widespread implementation of high-end technology within supply chain operations.
- By industry vertical, i.e. the oil & gas industry is poised to bestow gracious opportunity for connected worker solutions by virtue of increasing apprehensions regarding employee safety and digitizing the supply chain. Owing to these factors, the aforementioned industry is poised to expand at a robust rate 26% through 2030.
“Digital ecosystem with enhanced asset connectivity and dexterity - a key driver for the connected worker solutions market,” says a Fact.MR analyst.
Enhanced Connectivity and Targeted Acquisitions by Key Players
Key players such as Honeywell International Inc. and Zebra Technologies Corp. are hinging their emphasis on enhanced connectivity and targeted acquisitions in the market space, to capture substantial market presence.
For instance, in 2019, Honeywell launched enterprise performance management solutions - Honeywell Forge - to offer decisive decision making in real-time to exhort market dominance.
Similarly, in 2020, Zebra Technologies acquired Reflexis Systems Inc., a prominent provider of intelligent workforce management solutions. This, in turn, is set to bolster Zebra Technologies’ connected worker solutions prowess, allowing it to leverage best-in-class products for their customers.
More Valuable Insights on Connected Worker Solutions Market
Fact.MR, in its new offering, presents an unbiased analysis of the global connected worker solutions market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the connected worker solutions market on the basis of component (hardware, tools & software, and services), size of enterprise (small & medium enterprises and large enterprise), and industry vertical (manufacturing and services), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the ICT Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the ICT team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the Industrial lucidly in 50+ countries for over a decade. The ICT team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – ICT