Rockville, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global Wearable AI market research study from Fact.MR offers a complete analysis of the leading market segments in terms of solution, module, enterprise size, application, and region. It also provides comprehensive information on significant players and the main tactics employed to gain a competitive edge.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global wearable AI market is anticipated to garner US$ 230 billion by 2033, rising at an impressive 27.6% CAGR from 2023 to 2033.
AI in wearable devices helps to improve the system's functionality and performance by delivering real-time data and statistics, enhancing the decision-making process, monitoring, and communicating with users. The internet of things (IoT) enables machine-to-machine communication and cloud platform connectivity, allowing the usage of artificial intelligence in wearable devices.
Wearable AI includes intelligent devices such as smartwatches, smart earphones, smart eyeglasses, and others. Leading players such as Samsung, Apple, Sony, and others are using various techniques to develop and improve technology, increasing the demand for wearable AI.
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The global wearable AI market is growing at a rapid pace due to the increasing proliferation of advanced technologies such as AI and 5G smartphone penetration. Smartphones are widely utilized for data collection and processing from wearable devices. The rapid rise of the smartphone market has accelerated the development of Android and IoT-enabled and user-friendly wearable device applications.
Additional factors driving market expansion include rapid urbanization and rising disposable income in emerging nations, which will shape the future of wearable technology. Moreover, increasing concerns about various chronic diseases are pushing the use of wearable gadgets such as fitness trackers, body monitors, smartwatches, and others, which provides real-time information on overall health problems as well as multimodal sentiment analysis.
North America is dominating the global wearable AI market due to the increasing adoption of novel technology and the existence of key smartwatch manufacturing businesses in the region. Furthermore, rising demand for smartwatches in developed countries like the United States is driving market expansion.
Why Does the US Market Contribute Much to the North American Market?
In 2022, North America accounted for 39% of the worldwide wearable AI market, with the United States as the market leader. This significant market share is mostly attributable to the technology's early adoption, the expanding appeal of wearable technology, the rising demand for cutting-edge consumer electronics, and increased investment in AI technology. Because to the growing use of smartwatches there, the United States is a big contributor to the regional market.
Around one in five U.S. adults regularly wear a wearable fitness tracker or wristwatch to improve their health, according to a Pew Research Center survey conducted in June 2021.
Key Takeaways from Market Study
- The global wearable AI market amounted to US$ 20 billion in 2023.
- Worldwide demand for wearable AI devices is estimated to expand at a CAGR of 27.6% during the forecast period.
- The global market is forecasted to touch US$ 230 billion by 2033.
- North America captured 39% share of the global market in 2022.
- Smartwatches held 29% share of the worldwide market in 2022.
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Competitive Landscape
Key players in the wearable AI market are focusing on partnerships, investments, acquisitions, and new developments to widen and maintain their overseas footprint. Moreover, several start-ups are working on offering innovative products to obtain market share.
- Silvertree, an Indian-based start-up, is working on creating attractive wearables for the elderly and vulnerable people, equipped with GPS monitoring, "fall detection" that notifies a safety team, and a month-long battery.
- Apple released the Apple Smart Watch Series 8 in September 2022. The Apple Watch Series 8 has temperature sensing for insights into women's health, vehicle collision detection, and sleep stages to understand sleep habits better.
- Google and Samsung Electronics joined forces in May 2022 to create a single Wear OS platform that links Android devices smoothly. The platform involves Google Play, which allows users access to some of Google's most popular apps and services, including Google Pay, Google Maps, and YouTube Music. This allows Galaxy Watch4 users to download Google Assistant2 on their devices, giving them access to faster, more natural voice interactions, rapid responses to questions, and on-the-go assistance.
Prominent Players of the Wearable AI Industry
- Amazon
- Biobeats
- Apple
- Atlas
- Fitbit
- Bragi
- Focusmotion
- Garmin
- Huawei
Winning Strategy
Key market players are focusing on collaborations to introduce new products and expand their market presence.
- Fitbit Health Solutions and Google released the Device Connect for Fitbit solution in September 2022, with the goal of providing healthcare organizations with a more comprehensive view of patients outside of clinical settings by utilizing data from wearable devices.
- Fitbit and LifeScan, a global pioneer in blood glucose monitoring, collaborated in August 2021 to provide people with diabetes with a comprehensive picture by offering insights into daily nutrition, activity, and sleep. The OneTouch Reveal app from LifeScan employs a cloud-based digital ecosystem to give a powerful combination of technology, data, and insights for enhanced diabetes management, as well as the capacity to connect patients to healthcare providers. People will receive a Fitbit Premium and Fitbit Inspire 2, which includes hundreds of workouts, guided programs, a wellness report, mindfulness material, and more tailored insights in the Fitbit health metrics dashboard as a result of this collaboration.
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Key Segments of Wearable AI Industry Research
- By Product :
- Smartwatches
- Ear Wear
- Eye Wear
- Others
- By Operation :
- On-device AI
- Cloud-based AI
- By Component :
- Processors
- Connectivity ICs
- Sensors
- By Application :
- Consumer Electronics
- Healthcare
- Automotive
- Military & Defense
- Media & Entertainment
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global wearable AI market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on product (smartwatches, ear wear, eye wear, others), operation (on-device AI, cloud-based AI), component (processors, connectivity ICs, sensors), and application (consumer electronics, healthcare, automotive, military & defense, media & entertainment, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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