Wearable AI Market

Wearable AI Market

Market Synopsis

Global Wearable AI market is valued at USD 14.98 Million in 2022 and is projected to reach a value of USD 88.17 Million by 2030 at a CAGR of 24.80% over the forecast period. Wearable products are frequently used for fitness and health monitoring which provides attractive growth opportunities for the Wearable AI market during the forecast period. Moreover, wearable technology has gained significant traction due to the boom in the fitness trend among consumers, especially during the covid-19 pandemic which is driving the growth of the Wearable AI market during the forecast period. The increasing demands for smart devices in the healthcare sector and the rise in the demand for IoT devices are driving the growth of the Wearable AI market during the forecast period. The growing advancement in research has been launching various innovative equipment in recent years and has been involved in driving the growth of the Wearable AI market during the forecast period. The growth of the Wearable AI market can be attributed to the demanding lifestyle developed and developing countries, and the increase in the advancement in wearable products such as wristbands, smart goggles, and smart shoes which are expected to drive the Wearable AI market growth in the upcoming years. The factors such as the ability to connect to the internet and provide data exchange options in between a device and network are leading the trend of wearable technology which is projected to boost the Wearable AI market growth in the upcoming years.

Market Segmentation:

The Wearable AI market is segmented on the basis of application, and type. On the basis of application, the market is segmented as consumer electronics, Healthcare, Automotive, Military and Defense, Media and Entertainment, and Others. By types, the market is segmented as Smart Watch, Smart Glasses, Smart Earwear, Smart Glove, and Others.

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Smart Watch segment acquires the largest share of the wearable market during the forecast period

A fitness watch or band can be connected with mobile applications to provide fitness-related information along with statistics to the user. Some of the popular smartwatch manufacturers for sports and fitness applications are Apple, Xiaomi, Nike, and Fitbit. The increasing adoption of fitness trackers and smartwatches in the healthcare industry is projected to contribute to the growth of the smartwatch segment in the Wearable AI market during the forecast period. Smartwatches that are interconnected with disease-specific functions, particularly the one that provides cardiovascular indications, are projected to increase the adoption of smartwatches in the upcoming years. Furthermore, Apple Inc; smartwatches which are equipped with electric heart sensors in order to detect abnormal heart rhythms, have gained an extensive growth in demand for smartwatches in the years to come.

The consumer electronics segment is predicted to grow at the highest CAGR during the forecast period

Customer electronics have various applications, involving garments and fashion, fitness and sports, infotainment, multimedia, and multifunction which are expected to increase the demand for consumer electronics during the forecast period. By taking into consideration the demand for wearable consumers electronics from the consumers, the key players in the market are attentive to developing devices that can keep tracking the end-users working hours. Additionally, growth in machine-to-machine communication and the growth in connected devices is estimated to contribute to the growth of the wearable consumer electronics sector which frequently supports the wearable market growth in upcoming years.

APAC region holds the largest wearable market share during the forecast period

Manufacturers in India and China are providing wearable devices at a low price and making them affordable for customers. Many of the international industries get their wearable devices manufactured abs assembled by the local manufacturers located in the region and then brand their name on the device. The APAC region is involved high populated countries which increases the adoption rate of consumer electronics which ultimately increases the growth of the APAC region in the coming years. Wearable device manufacturers are continuously advancing and innovating wearable devices to attain a competitive advantage and increase their growth during the forecast period. Additionally, the increasing awareness among consumers regarding fitness, availability of high-speed internet connectivity, and technological advancement are the major factors expected to drive the wearable market growth in the country in the upcoming years.

Competitive Landscape-

The prominent players in the Wearable AI market are focusing on collaborations in order to enhance their presence and gain a competitive advantage in the Wearable AI market. Major players in the Wearable AI market are Amazon.com, Inc., Fitbit, Inc., Garmin Ltd., Google Inc., Huawei Technologies Co. Ltd., International Business Management Corporation (IBM), Motorola Mobility LLC, TomTom International B.V., Samsung Electronics Co. Ltd., and Sony Corporation.

Wearable AI Market is Segmented as Follows: