Global Wearable AI Market Highlights over 2022 – 2031
The global wearable AI market is estimated to grow at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing adoption of artificial intelligence (AI), along with growing demand for machine-learning in various industry verticals. For instance, more than 35% of the organizations globally, were using artificial intelligence in 2019, up from around 24% in 2018. This rapid growth in adoption of AI is expected to propel the market growth.
Moreover, growing consumer enthusiasm for wearable, such as, glasses and watches, owing to their relevance in fashion trends, is anticipated to drive the market growth significantly. In fact, it was observed that over 440 million units of smart wearable devices were shipped across the world in 2021. Furthermore, the growing adoption of technologies, such as, advanced cloud computing, IoT, and machine to machine learning, are anticipated to boost the demand for AI-based devices, which, in turn, is projected to fuel the market growth.
The market is segmented by end-user industry into healthcare, automotive, military and defense, media and entertainment, and others, out of which, the healthcare segment is anticipated to hold the notable share in the global wearable AI market over the forecast period on account of increasing use of AI wearable for tracking vitals and health status amongst the users. Further, the increasing health awareness amongst people, and rising healthcare expenditure, are foreseen to boost the segment growth. According to the data by the World Bank, USD 1,111.082 was spent per capita on healthcare in 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Wearable AI Market Regional Synopsis
On the basis of geographical analysis, the global wearable AI market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of high adoption of AI based devices in developing nations, such as, China, and Japan, backed by technological advancement and rising individual disposable income in the countries.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher adoption of innovative technology, presence of major smart watch manufacturing companies, and higher disposable income of the masses. Moreover, increasing demand for smart watches in the developed nations, such as, United States, is estimated to boost the market growth.
The global wearable AI market is further classified on the basis of region as follows:
Our in-depth analysis of the global wearable AI market includes the following segments:
By Device Type
By End-User Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing penetration of AI across the world is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the higher adoption of advanced technologies.
The major players in the market are Apple Inc., Google LLC, Sony Group Corporation, Fitbit LLC, TomTom International BV, Microsoft Corporation, Garmin Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device type, application, end-user industry, and by region.
The smart watch segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
High production cost for wearable AI is estimated to hamper the market growth.
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