Convergence of IT & IIOT to affect Demand of Connected Worker Solutions: Fact.MR Report
NEW YORK, Feb. 5, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's recent report on the global connected worker solutions market projects massive gains in 2021, given the increasing reliance on smart technologies by key industries amid the pandemic crisis. Growth in 2021 won't be an outlier, with the research firm projecting a CAGR of over 23% in this decade.
According to Fact.MR, adoption of connected worker solutions has witnessed an increase, thanks to general positive consensus on Industry 4.0. Vendors have especially garnered momentum across the construction and hydrocarbon projects respectively, mostly to ensure employee safety at project sites.
mCloud Technologies Corp. unveiled its new AssetCareTM connected workers solution for ensuring safety of oil & gas, wind and nuclear industry workers through its smart glasses offering in September 2020. Further, Avnet's Smart Connected Worker IoT software-as-a-service (SaaS) solution has greatly helped enhance safety across manufacturing plants, refineries, mining operations and power generation facilities.
"In the wake of a rapidly digitizing workforce ecosystem, prominent industry verticals are increasingly seeking real-time employee tracking systems to prevent accidents which jeopardize workers' physical safety, prompting service providers to introduce state-of-the-art monitoring systems," comments the Fact.MR analyst.
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Key Takeaways from Fact.MR's Connected Worker Solutions Market Study
- Mobile-based hardware to remain lucrative in the wake of rising smartphone ownership
- Oil & gas exploration to confer substantial gains amid growing needs to secure existing supply chains
- Large enterprises will chiefly driver revenues with adoption among SMEs growing at an encouraging rate
- U.S. to garner an attractive market share, driven by enhanced uptake of high-end technologies such as 5G connectivity
- Emphasis on offsetting 'skill drain' to bolster connected worker solutions adoption across the U.K.
- Germany and France to witness high growth, attributed to rising demand for enhancing construction safety standards
- China to be a hotbed for connected worker solutions investments, fueled by increasing EV production
- Increasing manufacturing prowess to accelerate uptake across India, Japan & South Korea to remain lucrative markets
Competitive Landscape
Key players profiled in Fact.MR's connected worker solutions market include Honeywell International Inc., Fujitsu Limited, Oracle Corp., Tata Consultancy Services, Avnet Inc., Zebra Technologies Corp., Wearable Technologies Limited and TELUS. To enhance their market footprint, service providers leverage targeted acquisitions and collaborations to provide improved service offerings.
In May 2020, Honeywell International Inc. collaborated with Wood, a global leader in consulting, projects and operations solutions energy and the built environment, to offer its Forge Workforce Productivity, deploying such connected worker equipment as hands-free devices, including intelligent wearables and a sophisticated workflow software. This technology has helped Wood equip its frontline workers in the energy industry to streamline uptime operations and enable business continuity.
In February 2021, Fujitsu Limited partnered with the Hokkaido University for developing a new technology based on "explainable AI" to improve data result outcomes for critical industries. This breakthrough is likely to eliminate the "black-box phenomenon" where conclusions are reached through unclear means, by providing individual reasons for decisions.
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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. 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).
Key questions covered in the report:
- How will Efficient Deployment of IIoT Impact Connected Worker Solutions?
- What are the Key Challenges for Connected Worker Solution Providers?
- Why is there Huge Scope for Connected Worker Solutions in the U.S.?
- Why are Connected Worker Solution Providers Eyeing China?
- What is the Potential of Mobile Devices in Connected Worker Solutions?
- What is the Market Share of Large Enterprises in Connected Worker Solutions?
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