Richmond, Jan. 31, 2024 (GLOBE NEWSWIRE) -- According to a research report "Wearable AI Market”, by Product (Smart Watch, Smart Glasses, Smart Earwear, Smart Gloves, Others), Operation (On-device AI, Cloud-based AI), Component (Processors, Connectivity ICs, Sensors), Application (Consumer Electronics, Healthcare, Automotive, Military & Defense, Media & Entertainment, Others), and Region - Global Forecast to 2030.
Global Wearable AI Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 22.3 Billion |
| Market size value in 2030 | USD 129.0 Billion |
| CAGR (2023-2030) | 28.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product, Operation, Component, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Wearable AI Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The wearable AI market is experiencing robust growth as technological advancements and consumer demand drive innovation. Wearable AI devices, such as smartwatches, fitness trackers, and augmented reality glasses, have become increasingly popular for their ability to seamlessly integrate with daily life. Key drivers include the growing health and fitness awareness, the rise of IoT (Internet of Things), and a focus on real-time data analysis. The market is witnessing intense competition among major players, fostering continuous product development. Health monitoring features, AI-driven personal assistants, and enhanced connectivity are key trends shaping the industry. With an expanding user base and a wide range of applications, the wearable AI market is poised for sustained expansion, offering opportunities for both established companies and emerging players in the tech industry.
Major Vendors in the Global Wearable AI Market:
- Amazon
- Apple
- Atlas
- Biobeats
- Bragi
- Fitbit
- Focusmotion
- Garmin
- Huawei
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Advancement of IoT and Integration of Wireless Technology
The advancement of the Internet of Things (IoT) and the seamless integration of wireless technology serve as key drivers propelling the growth of the Wearable AI Market. The synergy between wearable devices and IoT facilitates real-time data exchange, enabling enhanced functionalities and connectivity. With the proliferation of wireless technologies such as Bluetooth and Wi-Fi, wearables can seamlessly interact with other smart devices, expanding their utility and accessibility. This integration fosters a more interconnected and responsive ecosystem, allowing wearable AI devices to gather and share data efficiently. The resulting synergy not only enhances user experience by providing comprehensive and synchronized information but also paves the way for innovative applications, reinforcing the pivotal role of IoT and wireless technology in driving the Wearable AI Market's evolution.
Market Dynamics
Drivers:
- Advancement of IoT and Integration of Wireless Technology
- Growth in the Adoption of AI Assistants
Opportunities:
- Advancement in Personal Computing
- Remote Patient Monitoring
Advancement in Personal Computing
The advancement in personal computing represents a significant opportunity for the Wearable AI Market. As personal computing devices evolve, there is a natural synergy with wearable AI technologies, fostering seamless integration and enhanced capabilities. With the rise of powerful processors, improved battery efficiency, and compact designs in laptops, smartphones, and tablets, wearables can leverage these advancements to process complex AI algorithms more efficiently. This opens up opportunities for wearables to offer sophisticated features such as real-time language translation, advanced image recognition, and complex data analysis. The convergence of personal computing and wearable AI not only expands the functionalities of wearable devices but also creates a more cohesive and synchronized digital ecosystem, positioning the market for continuous innovation and growth.
The market for Wearable AI is dominated by North America.
North America stands as the dominant force in the Wearable AI market, with the United States and Canada playing pivotal roles in driving this supremacy. The region's dominance is attributed to its robust technological infrastructure, substantial investments in research and development, and a tech-savvy consumer base. In the United States, major tech hubs such as Silicon Valley contribute significantly to innovation in wearable AI, with established companies and startups alike pushing the boundaries of technology. Canada, with its burgeoning tech industry, particularly in cities like Toronto and Vancouver, also plays a vital role. The presence of key market players, coupled with a culture that embraces technological advancements, positions North America at the forefront of Wearable AI development, adoption, and market leadership.
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The Smartwatches Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
The dominating segment within the Wearable AI market is the smartwatch category. Smartwatches have emerged as the flagship wearable device, seamlessly integrating artificial intelligence to redefine the user experience. Offering a diverse range of functionalities beyond timekeeping, these devices have become indispensable in modern lifestyles. Smartwatches are equipped with advanced sensors for health monitoring, fitness tracking, and real-time notifications, contributing to their popularity. The ability to connect with smartphones, access apps, and provide personalized insights makes smartwatches a versatile companion for users. With continuous technological advancements, improved design aesthetics, and a growing ecosystem of compatible applications, smartwatches not only lead the Wearable AI market but also pave the way for future innovations in the realm of connected and intelligent devices.
Segmentations Analysis of Wearable AI Market: -
- By Product:
- Smart Watch
- Smart Glasses
- Smart Earwear
- Smart Gloves
- 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
- Middle East & Africa
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