According to a new report published by Allied Market Research, titled, "Industrial Hearables Market by Type, Connectivity Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019 - 2026," the industrial hearables market size was valued at $151.7 million in 2018, and is projected to reach at $2,038.3 million by 2026, growing at a CAGR of 37.6% from 2019 to 2026. Asia-Pacific is expected to be the leading contributor to the global industrial hearables market, followed by Europe and North America.
Hearable technology is referred to as a hybrid technology that combines the advantage of wearable technology in hearing devices. Hearable devices in industrial applications are now enabled with built-in voice-enabled virtual assistant and wireless communication features. In addition, these devices ensure hearing aids among users in noisy working environments in an industry or enterprise.
Increase in demand for wireless headsets is majorly driving the growth of industrial hearables market, owing to shift in preference of consumers from wired headphones to wireless headphones. Moreover, emergence of hearable computing is expected to boost the industrial hearables market growth, as it promotes hands-free calling and communication, ensures voice communication in a noisy environment, and provides a solution by combining signals from in-ear and external microphones. Furthermore, growth in focus toward adoption of hearing devices to prevent from hearing loss due to noise pollution in the industrial sector and rapid advancements in hearable technology are expected to provide lucrative growth opportunities. However, high price of industrial hearable is expected to hinder the growth of the industrial hearables market.
The over ear hearables segment accounted for the maximum revenue share in 2018 and is expected to generate maximum revenue during the forecast period in the global industrial hearables market, as they reduce the external noise and improve listening experience. The hearables used for industrial audio/voice applications have more demand in market. This segment secured approximately 67.0% share in the global market. However, the industrial noise cancellation applications segment is expected to witness highest growth rate during the forecast period. The Bluetooth technology is widely used for connectivity of industrial hearables. This segment secured approximately 35.0% share during 2018, where the 5G cellular network is also expected to have a huge impact on the market in future. Based on the end user, the manufacturing industry segment is expected to secure maximum market share and is expected to grow at the highest CAGR of 42.90% during the forecast period.
According to Ankit Prajapati, Lead Analyst, Semiconductor and Electronics, at Allied Market Research, “The industrial hearables market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to rapid urbanization and industrialization. Moreover, there is an increase in investment in the manufacturing and construction industry in the region, which in turn boosts the demand for hearables devices used for noise cancellation and voice assistance in industrial applications. However, rise in competition in developing economies such as India, is anticipated to influence the growth of the market.”
Geographically, the industrial hearables market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global market in 2018 and is expected to dominate the market in terms of revenue during the forecast period, owing rapid urbanization & industrialization, and increase in investment in in manufacturing and construction industry in the region, which in turn surges the demand for hearables devices used for noise cancellation and voice assistance in industrial applications.. The Europe region holds the second largest share in the global industrial hearables market and is expected to witness significant growth in forecast period, owing to governments initiative towards prevention of hearing loss due to noise pollution in industrial area.
Key Findings of the Industrial Hearables Market
- In 2018, the over ear hearables segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 38.2% during the forecast period.
- The Bluetooth connectivity technology segment accounted for more than 30.0 % of the industrial hearables market share in 2018.
- Manufacturing industry contributed major share of 37% in global industrial hearables market during 2018.
- China was the major shareholder in the Asia-Pacific industrial hearables market, accounting for more than 40.0% share in 2018.
The key players profiled in the report include Eartex Ltd., EERS Global Technologies Inc., Firecom, Fujikon, NoiseBuster (Pro Tech Technologies, Inc.), QuietOn, Setcom Corporation, Sonetics Corporation, Sensear Pty Ltd., and Silentium. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the industrial hearables market.