Overview and Scope
Wearable AI devices refer to portable gadgets integrated with artificial intelligence capabilities, such as smartwatches, fitness trackers, or augmented reality glasses, designed to enhance user experiences, monitor health metrics, facilitate communication, and provide personalized assistance through AI algorithms and data analysis. These devices often feature sensors, microprocessors, connectivity options, and user interfaces, enabling real-time data collection, processing, and interaction to support various tasks and applications in daily life or specific domains like healthcare, fitness, navigation, and productivity.
Sizing and Forecast
The wearable AI devices market size has grown exponentially in recent years. It will grow from $16.21 billion in 2023 to $21.97 billion in 2024 at a compound annual growth rate (CAGR) of 35.6%. The growth in the historic period can be attributed to advancements in sensor technology, health consciousness among consumers, miniaturization of components and design innovation, integration with smartphones and other IoT (Internet of Things) devices, and expanded applications beyond fitness.
The wearable AI devices market size is expected to see exponential growth in the next few years. It will grow to $74.71 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The growth in the forecast period can be attributed to advancements in artificial intelligence, growing emphasis on health and wellness, smart assistant functionalities, the rise of smart wearables in workplaces, and fashion and design innovation. Major trends in the forecast period include health monitoring advancements, integration with smart assistants, augmented reality (AR) integration, enhanced privacy and security features, and customization and personalization.
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Segmentation & Regional Insights
The wearable ai devices market covered in this report is segmented –
1) By Product: Wristwear, Eyewear, Earwear, Other Products
2) By Component: Processor, Display, Connectivity IC, Power Management System, Sensors, Memory, Other Components
3) By Deployment Type: On-Premises, Cloud-Based
4) By Technology: Wireless Fidelity (Wi-Fi), Bluetooth, Near-Field Communication (NFC), Autonomous Navigation Technology (ANT), Global Positioning System (GPS), Other Technologies
5) By Application: Consumer Electronics, Healthcare, Enterprise, Industrial, Gaming, Other Applications
North America was the largest region in the wearable AI devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable AI devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for augmented reality and virtual reality (AR/VR) devices is expected to propel the growth of the wearable AI devices market going forward. Augmented reality (AR) devices overlay digital content onto the real world, while virtual reality (VR) devices immerse users in a completely virtual environment. The immersive experiences drive the increasing demand for AR/VR devices, enhancing education, entertainment, training, and remote collaboration while advancing industries like healthcare, gaming, and retail with innovative solutions. Augmented and virtual reality (AR/VR) devices integrated into wearable AI enable immersive simulations and real-time data visualization for enhanced user experiences and decision-making capabilities. For instance, in January 2022, according to the Department for Business and Trade, a UK-based ministerial department, the anticipated growth rate for spending on augmented reality (AR) and virtual reality (VR) in the UK is projected to be 78.3% until 2024. This growth is anticipated to result in a total expenditure of £62.5 billion ($79.22 billion) by the year 2030. Therefore, the increasing demand for augmented reality and virtual reality (AR/VR) devices is driving the growth of the wearable AI devices market.
Key Industry Players
Major companies operating in the wearable AI devices market are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, LG Electronics Inc., International Business Machines Corporation, Qualcomm Technologies Inc., Oracle Corporation, Xiaomi Corporation, Koninklijke Philips N.V., Seiko Epson Corporation, Motorola Solutions Inc., Garmin Ltd., Polar Electro Oy, Jabra, TomTom N.V., Hinge Health, HTC Corporation, Suunto Oy, Withings S.A., Moov Inc., Misfit Inc., BioBeats Inc
The wearable ai devices market report table of contents includes:
1. Executive Summary
2. Wearable AI Devices Market Characteristics
3. Wearable AI Devices Market Trends And Strategies
4. Wearable AI Devices Market – Macro Economic Scenario
5. Global Wearable AI Devices Market Size and Growth
……
32. Global Wearable AI Devices Market Competitive Benchmarking
33. Global Wearable AI Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wearable AI Devices Market
35. Wearable AI Devices Market Future Outlook and Potential Analysis
36. Appendix
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