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Demand for Wearable AI Devices is predicted to surge

Published: March 11, 2024

According to Fact.MR, a company that offers market research and competitive intelligence, the wearable artificial intelligence (AI) market is expected to develop at an impressive compound annual growth rate (CAGR) of 27.6% from 2023 to 2033, with a projected value of US$ 230 billion.

According to Fact.MR’s research study, the worldwide wearable AI market offers a thorough examination of the major market categories with regard to application, enterprise size, solution, module, and geography. It also provides in-depth information about notable players and the tactics they use to stay ahead of the competition.

Through the delivery of real-time data and statistics, the facilitation of informed decision-making, the monitoring of activities, and the facilitation of user communication, the integration of AI into wearable devices plays a vital role in improving their functionality and performance. The introduction of the internet of things (IoT) makes it easier for machines to communicate with each other and with cloud platforms, which makes it possible to incorporate artificial intelligence into wearable technology.

Smartwatches, smart headphones, smart glasses, and other intelligent gadgets are included in the category of wearable artificial intelligence. Leading companies in the market, including as Samsung, Apple, Sony, and others, are increasing demand for wearable AI products by using a variety of approaches to innovate and improve technology.

The global wearable AI market is experiencing rapid growth driven by the widespread adoption of advanced technologies like AI and the increasing penetration of 5G smartphones. Smartphones play a crucial role in data collection and processing from wearable devices, further fueling market growth. The expanding smartphone market has spurred the development of Android and IoT-enabled wearable device applications, enhancing user accessibility and functionality.

Key Takeaways from Market Study

·         The global wearable AI market amounted to US$ 20 billion in 2023.

·         Worldwide demand for wearable AI devices is estimated to expand at a CAGR of 27.6% during the forecast period.

·         The global market is forecasted to touch US$ 230 billion by 2033.

·         North America captured 39% share of the global market in 2022.

·         Smartwatches held 29% share of the worldwide market in 2022.

Moreover, factors such as rapid urbanization and growing disposable income in emerging economies contribute significantly to the expansion of the wearable technology sector. Increasing awareness of chronic diseases is also driving the adoption of wearable gadgets like fitness trackers, body monitors, and smartwatches, which provide real-time health information and multimodal sentiment analysis.

North America leads the global wearable AI market, primarily due to the region’s adoption of innovative technologies and the presence of key smartwatch manufacturing companies. Additionally, the rising demand for smartwatches in developed countries like the United States further propels market growth in the region.

Why Does the US Market Contribute Much to the North American Market?

In 2022, North America accounted for 39% of the worldwide wearable AI market, with the United States as the market leader. This significant market share is mostly attributable to the technology’s early adoption, the expanding appeal of wearable technology, the rising demand for cutting-edge consumer electronics, and increased investment in AI technology. Because to the growing use of smartwatches there, the United States is a big contributor to the regional market.

Around one in five U.S. adults regularly wear a wearable fitness tracker or wristwatch to improve their health, according to a Pew Research Center survey conducted in June 2021.

Key Segments of Wearable AI Industry Research

·         By Product: Smartwatches, Ear Wear, Eye Wear, Others

·         By Operation: On-device AI, Cloud-based AI

·         By Component: Processors, Connectivity ICs, Sensors

·         By Application: Consumer Electronics, Healthcare, Automotive, Military & Defense, Media & Entertainment, Others

·         By Region: North America, Latin America, Europe, Asia Pacific & China, Middle East & Africa

Competitive Landscape

Key players in the wearable AI market are focusing on partnerships, investments, acquisitions, and new developments to widen and maintain their overseas footprint. Moreover, several start-ups are working on offering innovative products to obtain market share.

·         Silvertree, an Indian-based start-up, is working on creating attractive wearables for the elderly and vulnerable people, equipped with GPS monitoring, “fall detection” that notifies a safety team, and a month-long battery.

·         Apple released the Apple Smart Watch Series 8 in September 2022. The Apple Watch Series 8 has temperature sensing for insights into women’s health, vehicle collision detection, and sleep stages to understand sleep habits better.

·         Google and Samsung Electronics joined forces in May 2022 to create a single Wear OS platform that links Android devices smoothly. The platform involves Google Play, which allows users access to some of Google’s most popular apps and services, including Google Pay, Google Maps, and YouTube Music. This allows Galaxy Watch4 users to download Google Assistant2 on their devices, giving them access to faster, more natural voice interactions, rapid responses to questions, and on-the-go assistance.

Prominent Players of the Wearable AI Industry

·         Amazon

·         Biobeats

·         Apple

·         Atlas

·         Fitbit

·         Bragi

·         Focusmotion

·         Garmin

·         Huawei

·         Google

Winning Strategy

Key market players are focusing on collaborations to introduce new products and expand their market presence.

·         Fitbit Health Solutions and Google released the Device Connect for Fitbit solution in September 2022, with the goal of providing healthcare organizations with a more comprehensive view of patients outside of clinical settings by utilizing data from wearable devices.

·         Fitbit and LifeScan, a global pioneer in blood glucose monitoring, collaborated in August 2021 to provide people with diabetes with a comprehensive picture by offering insights into daily nutrition, activity, and sleep. The OneTouch Reveal app from LifeScan employs a cloud-based digital ecosystem to give a powerful combination of technology, data, and insights for enhanced diabetes management, as well as the capacity to connect patients to healthcare providers. People will receive a Fitbit Premium and Fitbit Inspire 2, which includes hundreds of workouts, guided programs, a wellness report, mindfulness material, and more tailored insights in the Fitbit health metrics dashboard as a result of this collaboration.

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