The global connected worker solutions market will grow from $1.93 billion in 2020 to $4.23 billion in 2026 according to a new study from independent research firm Verdantix. The forecasted compound annual growth rate (CAGR) of 14% will be driven by COVID-19 risk mitigation strategies, initiatives to better engage frontline workers in health and safety, increasing emphasis on real-time risk management, productivity benefits, and maturing of connected worker hardware and software technology. Vendors positioned to benefit from this growth include hardware as well as software firms such as Aware360, Fatigue Science, GOARC, Guardhat, Interaptix, Librestream, Microsoft, RealWear and Vuzix, as well as service firms such as Accenture, Arcadis and Wipro.
"As expected, COVID-19 has forced many businesses to continue operations with remote, reduced workforces, or with strict social distancing measures in place." commented Hugo Fuller, Verdantix Analyst. "As such, firms have looked to expand their investments in connected worker solutions to ensure continuity of operations in a safe manner."
The Verdantix report, Market Size And Forecast: Connected Worker Solutions 2020-2026 (Global), provides executives in firms providing connected worker solutions (hardware, software or services), as well as current and potential investors in the connected worker solutions market with the information they need to take advantage of the market opportunity. The model breaks down the market size and forecast trends by seven use cases within EHS, remote assistance, operations and logistics, across 10 economic areas. The market will remain US- and Europe-centric, with the two regions making up 57% of the total market size in 2026, growing at CAGRs of 14.1% and 14.5%, respectively. Spend on use cases for operational insights and work instructions will grow most rapidly at a CAGR of 15.3%, while spend on use cases for remote assistance will rise at a CAGR of 14.6%, accounting for a combined $1.56 billion in 2026.
"The connected worker solutions market is growing at a strong pace," continued Fuller. "In order to take advantage of the opportunities and grow market share, solution providers must form partnerships with firms across the connected worker ecosystem, take advantage of advancements in technologies such as AI, clarify capital expenditure and operating costs alongside benefits in pricing structures, make iterative improvements to product design via continual investment and develop utility for niche use cases."
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