Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Wearable AI Market Analysis & Forecast 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global wearable AI market is experiencing unprecedented growth, forecasted to burgeon from a substantial USD 27.61 billion in 2023 to an astounding USD 492.31 billion by 2034. This remarkable expansion, expected to occur at a compound annual growth rate (CAGR) of 29.94% during the 2024-2034 period, is primarily driven by the advancement and integration of AI technology in consumer electronics, as well as the rising demand for health monitoring devices.
Rapid 5G Adoption and IoT Integration Fuel Market Progress
The wearable AI market's exponential growth aligns with the rise of 5G technology and the Internet of Things (IoT). Millennials and Generation Z innovation enthusiasts are particularly captivated by smartwatches and other AI-powered wearables. Their seamless wireless connectivity, coupled with the ability to provide insightful health data, makes these devices invaluable for modern consumers.
Smartwatch Segment Dominating Revenue Charts
In 2023, smartwatches claimed the top spot among wearable AI devices, capturing the largest market share. This segment's dominance is attributed to the increase in consumer health awareness and the demand for a connected lifestyle. Recent releases, like the Apple Smart Watch Series 8, illustrate how new features such as health insights and Car Crash Detection are setting high standards in the market.
Anticipating Remarkable Growth in Smart Earwear and Display Components
Smart earwear is projected to witness the fastest CAGR in the coming years. The uptick in remote work has heralded a wave of AI-enabled headphones to facilitate seamless communications. Additionally, the display segment is set to grow at an accelerated pace, driven by OLED technology's superior performance in terms of viewing angles, contrast, and refresh rates.
AI Operations: On-device Vs. Cloud-based
On-device AI systems are renowned for their ability to provide efficient and high-performance operations without relying on cloud-based AI, leading their segment in 2023. However, cloud-based AI is expected to grow rapidly, offering ease of use and cost efficiency that attract wearable device manufacturers and consumers alike.
Consumer Electronics Spearhead Application-based Growth
Within application segments, consumer electronics remain the leading category. Wearable technologies are becoming an integral part of users' daily lives, serving not only entertainment purposes but also offering health and fitness tracking functionalities. On the healthcare front, the sector is anticipated to expand rapidly due to increasing awareness of personal health and wellness.
Pivotal Developments in North America and Asia Pacific
North America is predicted to maintain the highest market share throughout the forecast period. Investments from market players and supportive government policies are significant contributors to this growth. The Asia Pacific region is not far behind, expected to record the fastest CAGR, owing to groundbreaking product launches and strategic collaborations. The detailed market study provides insights into key segments, including:
- Smart Earwear
- Smart Eyewear
- Smartwatches
- Sensors
- Connectivity IC
- Processor
- Display
- Cloud-based AI
- On-device AI
- Healthcare
- Automotive
- Consumer Electronics
- Media & Entertainment
- Military & Defence
Furthermore, an extensive regional analysis covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The findings of this comprehensive market analysis underscore the wearable AI market's rapid growth trajectory and the vast range of opportunities it presents across various sectors and geographical regions. The integration of AI into wearable technology is slated to revolutionize the way consumers interact with devices and access information, positioning wearable AI at the forefront of technological innovation.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $27.61 Billion |
| Forecasted Market Value (USD) by 2034 | $492.31 Billion |
| Compound Annual Growth Rate | 29.9% |
| Regions Covered | Global |
Companies Mentioned
- Huawei Technologies Co. Ltd.
- Motorola Solutions Inc.
- Amazon.com Inc.
- Google Inc.
- IBM
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Fitbit Inc.
- Sony Corporation
- Garmin Ltd.
- TomTom International B.V.
For more information about this report visit https://www.researchandmarkets.com/r/bkf9x3
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