The smart worker market is expected to be valued at USD 1.87 Billion in 2018 and is likely to reach USD 4.40 Billion by 2023, at a CAGR of 18.69% between 2018 and 2023.
The growing adoption of industrial IoT and the increasing focus of manufacturing companies on energy efficiency, resource optimization, and reduction in production and operating costs are driving the growth of the market for smart worker solutions.
Further, the growing stringency in occupational health and safety regulations across the world is also contributing to the market growth.
The demand for smart worker solutions across various applications in the oil & gas industry is expected to grow significantly over the next 5 years. The manufacturing industry accounted for the largest market share in 2017. The oil & gas industry is at the forefront of adopting smart worker solutions. The use of IoT-enabled smart worker solutions help the oil & gas industry to monitor workers’ health and improve their safety in hazardous environments.
The market for software used in smart worker solutions is expected to grow at the highest CAGR between 2018 and 2023. This can be due to its capability to enable supervisors to track time, safety, wellness, productivity, location, and working environment of workers, among many others, and to analyze the situation accurately.
North America held largest share of smart worker market in 2017
North America held the largest share of the smart worker market in 2017. There is a need to reduce the operational cost in industrial facilities owing to the growing price war in this region. The rising demand in the manufacturing, oil & gas, and power & utilities industries to improve the worker performance and safety and reduce the overall operational costs. This is the key factor for a large market share of this region in the smart worker market.
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