USD 16.33 billion
Report ID: SQSG45I2043 | Region: Global | Published Date: December, 2022 | Pages: 243 | Tables: 97 | Figures: 76
Wearable AI Device Market size was valued at USD 16.33 billion in 2021 and is poised to grow from USD 21.2 billion in 2022 to USD 221.68 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).
As companies have begun to develop more types of wearable devices with powerful sensor technologies that can collect and deliver information about their surroundings, wearable devices have become a more common part of the technology industry. Today's wearable devices' capabilities can be enhanced by AI-enabled technology. It is anticipated that connected devices and AI-enabled technology will increase life expectancy and quality. As the simplest and most convenient tools for collecting health data, monitoring, and interacting with users while on the go, wearables play a significant role in this outlook. Artificial intelligence (AI)-enabled wearable devices are becoming increasingly popular. The fact that people are becoming more concerned about their health is the primary reason these devices have been successful.
Additionally, AI-enabled wearable devices are useful for tracking a person's food intake and portion sizes. AI-enabled wearable devices can also suggest changes that a person should make to improve their fitness level based on this data. The market is experiencing a variety of technological advancements. The use of 5G, biosensors, beacon technology, smart rings, smart implantable, and other similar technologies are just a few examples.
US Wearable AI Device Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.33 billion
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Global Wearable AI Device Market is segmented on the basis of by product type, technology, application, and region. By product type, it is sub segmented into the Smart Watch, Ear Wear, Eye Wear, Other. By technology, Wearable AI Device Market is sub segmented into the Wi-Fi, Bluetooth, NFC, ANT+, GPS, and others. By Application, Wearable AI Device Market is sub segmented into the Consumer Electronics, Healthcare , Enterprise and Industrial, Gaming, Others. Region is segmented on the basis of North America, Europe, Asia Pacific, Latin America, MEA.
Wearable AI Device Market Analysis by Product Type
Based on product type, the smartwatches segment accounted for the largest revenue share of over 30.0% in 2021. With consumers' growing awareness of their health, it is anticipated that the demand for wireless sports and fitness equipment will rise. In addition, it is anticipated to expand profitably over the forecast period as a result of the rising demand for a connected ecosystem and the growing significance of connected devices in various industries.
Apple announced the release of the Apple Watch 7 and its most recent iPhones in September 2021.The company's first new smartwatch in a long time, the Apple Watch 7, is its eighth generation. The smartwatch is available in two sizes and features polished corners and smaller bezels.
Smart earwear is expected to exhibit the fastest CAGR of 30.6% over the forecast period. The growth can be attributed to the increased purchase of AI-enabled headphones by millennials and Generation Z, as well as remote workers upgrading their headphones for video calling.
Montblanc, a German company, expanded its smart wearable category offering in March 2020 by introducing its smart headphones as part of its travel tech collection. It supports Google Assistant, connects to a wide range of Bluetooth devices, and its ergonomic design enhances comfort. The smart headphones were released by Jabra, a German company that makes audio and video conference systems. With a dedicated Google Now/Siri button, the new headphones have microphones with built-in wind noise reduction and enhanced speech functionality.
Wearable AI Device Market Analysis by Application
Due to consumers' growing preference for smart wearables to monitor their health, the consumer electronics sector commanded the highest revenue share in 2021, with over 30%. Smart wearables for fitness, sports, entertainment, and multimedia are all considered consumer wearable electronics. Personal health goals and daily activities are frequently tracked with wearable technology.
For instance, Noise introduced the brand-new smartwatch Noise Color fit New on Amazon in February 2022.The watch has Bluetooth calling, AI voice assistance, a heart rate and oxygen level monitor, and other important health monitoring features. The healthcare segment is expected to register the fastest growth rate of 30.8% from 2022 to 2028. The growing health and fitness concerns of customers are driving the market. As obesity and other heart problems have become more common worldwide, it is anticipated that smartwatches and fitness trackers will be used more frequently.
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In terms of revenue, North America held the largest global Wearable AI Device market share in 2021, due to substantial investments made by private companies and government initiatives that supported the use of AI technology. In response to the lack of ventilators required to treat critically ill patients in hospitals and medical facilities worldwide, Fitbit unveiled the Fitbit Flow, a wearable AI device, in June 2020.
When traditional ventilators, which are more expensive, are unavailable, the equipment was designed to serve as an alternative. Similarly, in August 2020, Amazon announced that its flagship fitness tracker, the Halo, would be available in the United States. The Halo is a smart fitness tracker that tracks a wearer's mood through voice and scans their body to measure and analyze body fat.
Due to collaborations, high private investment, and government initiatives to use AI wearables for contactless payments, Asia Pacific is expected to grow at the fastest rate over the forecast period. For instance, Monarch Technologies and Canna Group LLC formed a partnership in 2021 to launch Helox, a contactless, cashless payment platform for the cannabis industry. It provides an easy method for accepting payments.
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Wearable AI Device Market Drivers
Increasing Popularity of 5G Smartphones to Drive Market Growth
Wearable AI Device Market Restraints
Lack of Skill Sets to Hamper Market Growth during Forecast Period
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For market expansion, major players employ a variety of key strategies, including product launch, product development, collaboration, partnership, and others.For instance, Amazon unveiled its echo frame smart glasses.They give you hands-free access to Alexa, so you can control your smart home, make calls, set reminders, add things to your to-do list, listen to podcasts, and more from anywhere.
Wearable AI Device Market Top Player’s Company Profile
Wearable AI Device Market Recent Developments
E-Payment Trend will Influence Wearable AI Devices Market
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wearable AI devices market analysis, the market will witness various lucrative growth opportunities as the industry is highly influenced by technological advancements. Players in the market can stay ahead in the competition by offering novel technologies in their devices, expanding its features, and offering more than other players. Emerging economies will also drive market growth as globalization impacts everyone. Many new players are entering the regional market and offering these devices at affordable prices to capture a larger consumer base.
|Market size value in 2021||USD 16.33 billion|
|Market size value in 2030||USD 21.2 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Wearable AI Device Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wearable AI Device Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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