Global Wearable AI Market is Estimated to Value Over USD 44.5 Billion by 2026 End

  • 03 Jul 2019

Global Wearable AI Market to value over USD 44.5 Billion by 2026 end and register a CAGR of over 28.7% during the forecast period 2019 to 2026

A rising emphasis on health and fitness monitoring is one of the prominent driving factors assisting market growth. Furthermore, advancements in VLSI technology has led to reduction in size of transistors used in the manufacturing of electronic circuits making the smart wearable all the more compact increasing its demand in the market. Moreover, increased adoption of AR/VR technology in wearable devices has propelled the market growth further.
However, battery supply limitations and high production costs are some of the restraining factors with respect to the market growth.  Additionally, increasing concerns regarding data security of these wearables is also impeding the market growth.

Global Insights on Global Wearable AI Market:
1.    By Region

•    North America
•    Europe
•    Asia Pacific
•    Latin America

The Asia Pacific region is likely to dominate the global market during the forecast period owing to an increased adoption of AI-based devices for daily usage in this region. Furthermore, the expansion of this market in emerging economies like India by offering low-cost smart devices will surely assist this market space for dominating the global market.

2.    By Product
•    SmartWatch
•    Eye Wear
•    Ear Wear
The smartwatch segment dominates the global market due to its huge popularity among fitness enthusiasts for health monitoring. Companies like Fitbit have a variety of smartwatches in their production line-up and tech giants like Apple and Samsung have also entered this market with their smartwatches in order to entice their loyal consumer base.


3.    By Operation
•    Cloud-Based AI
•    On-Device AI

Cloud-based AI is anticipated to witness a substantial market growth during the forecast period as a result of its capability of storing data on a cloud-based platform. As the data storage is possible without using a physical device specially assigned for this task, this reduces the size of the wearable device which makes it easy to operate and mobilise thus increasing its demand.


4.    By Component
•    Sensors
•    Processor
•    Connectivity IC

The sensor market segment dominates the wearable AI market owing to the usage of accelerometers and gyroscopes in smart watches to monitor health and fitness tracking especially in smart watches. 
Apple watch series 4 has 32-g force accelerometer and gyroscopes which are capable of automatic fall detection and it can be set up to trigger an emergency call or a text if the person wearing the watch is inactive for more than a minute. Such advanced applications have increased the demand of sensors to be integrated in wearable AI devices. 

5.    By Application
•    Consumer Electronics
•    Healthcare
•    Enterprise
Consumer electronics segment dominate the global market owing to an increasing demand for smartwatches and fitness bands for fitness tracking and health monitoring. Implementation of VR/AR technology has made the wearables more popular in the gaming sector as these devices can offer an immersive experience with optimized and high-end graphics thus assisting the market segment to grow substantially.

Competitive Landscape:
•    Apple
•    Samsung
•    Google
•    Fitbit
•    Facebook
•    Garmin
•    Xiaomi
•    Microsoft
•    Huawei
•    Fossil
Samsung launched the Galaxy Watch which is embedded with advanced accelerometers and gyroscopes and is controlled by Samsung’s Exynos 9110 processor and Tizen OS 4.0 and with such advanced features offered, Samsung can establish their position in this market as well. According to some reports, Samsung is planning to release multiple VR and AR devices which can propel their market growth.
Apple is also conducting research related to smart glasses with AR and VR integration and its release will help Apple establish their position in this market.

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study:
•    To provide with an exhaustive analysis on the global wearable AI market by region, by product, by operation, by component, by application
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and Latin America
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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