Global Demand for Connected Worker Solutions to Grow 7.7x by 2030

Summary

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 million 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,” said a report 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.

These insights are based on a report on Connected Worker Solutions Market by Fact.MR