$54 BILLION WEARABLE TECH INDUSTRY OFFERS IMMENSE OPPORTUNITY FOR CONSTRUCTION INDUSTRY

Expected to reach $54 billion by 2023, the wearable tech market offers to transform the construction industry through the ability to improve safety and efficiency.

The wearable tech industry was worth $23 billion in 2018 and will grow at a compound annual growth rate of 19% to reach $54 billion by 2023, according to Global Data’s latest report, “Thematic Research: Wearable tech in Construction.” The report found that the growth will come in large part from the retirement of the aging workforce and the younger force being more eager adopters of the wearable tech. Younger people are more likely to be wired in to smart phones and smart glasses, as well as wear mobile exoskeletons as an aid for strenuous tasks where there is risk of injury.

Danny Richards, lead economist at GlobalData, commented, “Wearable tech, like the smart helmets developed by companies such as SmartCap Technologies, is helping to increase safety on construction sites. SmartCap measures workers’ fatigue levels and detects micro-sleeps, alerting them when they are in need of a break.”

Safety and efficiency are the two primary draws of the technologies.

“This technology was recently used by former construction giant Carillion and led to a significant increase in worker protection and productivity, as well as a £3,000 (just under $4,000) saving in labor costs over 18 months," Richards noted. "PETIT, a subsidiary of the French construction company VINCI Construction, has incorporated augmented reality (AR) into its developments.”

“Despite wearables’ difficulty launching in the consumer market, its commercial applications have proven valuable. As the benefits of wearable tech becomes clearer to construction companies, uptake is likely to increase.”

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