The wearable AI market is growing rapidly due to rise in consumer demand for health and fitness monitoring, advancements in AI technology, and rising awareness of personal health.
Wilmington, Del., Aug. 6, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Wearable AI Market by Type (Smartwatch, Smart eyewear, Smart earwear and Others), Operation (On-device AI and Cloud-based AI), Application (Consumer electronics, Healthcare, Automotive, Military and Defense, Media and entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the wearable ai market was valued at $38.1 billion in 2023, and is estimated to reach $200.8 billion by 2032, growing at a CAGR of 20.5% from 2024 to 2032.
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130-Tables
61-Charts
259-Pages
Prime determinants of growth
The rising consumer demand for health and fitness tracking devices has spurred innovation and adoption. Wearable AI devices offer real-time monitoring of vital signs, activity levels, and sleep patterns, providing valuable insights for personal health management. Moreover, advancements in AI and machine learning technologies have enhanced the capabilities of wearable devices, enabling more accurate data analysis and personalized user experiences. These technologies allow wearables to provide actionable recommendations and predictive insights, thereby increasing their value and utility.
Also, the increasing integration of wearables with smartphones and other smart devices has improved user convenience and data accessibility. Seamless connectivity enables users to monitor and manage their health and fitness data through comprehensive apps and platforms. Additionally, growing awareness of preventive healthcare and the importance of early diagnosis has led to greater adoption of wearable AI in healthcare settings. Medical-grade wearables are being used for remote patient monitoring, chronic disease management, and telehealth services, expanding their market potential. Moreover, the expanding applications of wearable AI in sports, fitness, and everyday activities have broadened their appeal. Athletes and fitness enthusiasts utilize these devices for performance tracking and improvement, while general consumers benefit from enhanced lifestyle management. Collectively, these factors are propelling the wearable AI market forward.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$38.1 billion |
|
Market Size in 2032 |
$200.8 billion |
|
CAGR |
20.5 % |
|
No. of Pages in Report |
250 |
|
Segments Covered |
Type, Application, Operation, and Region |
|
Drivers |
Expansion in Healthcare Applications |
|
Opportunities |
Advancement in Battery Life and Energy Efficiency |
|
Restraint |
High Cost of Wearable AI Devices |
The smartwatches segment dominated the market in 2023
By type, the smartwatches segment held the highest market share in 2023 due to their multifunctionality, integrating health monitoring, fitness tracking, communication, and entertainment. Advanced features like heart rate monitoring, GPS, and seamless smartphone integration drive high consumer demand and widespread adoption.
The On-device AI segment dominated the market in 2023
By operation, the on-device AI segment held the highest market share in 2023 and expected to show significant growth rate during the forecast period due to its advantages in real-time data processing, enhanced privacy, and reduced dependency on internet connectivity. Improved AI chip efficiency and capabilities in wearables drive its adoption for seamless, immediate user experiences.
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Consumer Electronics segment dominated the market in 2023
By application, the consumer electronics segment held the highest market share in 2023 and is expected to continue its dominance during the forecast period due to high demand for smart devices like smartwatches and earwear, advancements in AI technology, and growing consumer preference for integrated, multifunctional gadgets enhancing daily life and connectivity.
North America region leading throughout forecast period
North America is expected to continue its dominance over the forecast period due to a robust technological infrastructure, significant investments in AI research and development, high adoption rates of advanced consumer electronics, and strong presence of key market players driving innovation and market growth in the region.
Key Players:
TOMTOM INTERNATIONAL B.V.
Amazon.com, Inc.
Motorola Mobility LLC (Lenovo)
SAMSUNG ELECTRONICS CO. LTD.
Garmin Ltd.
International Business Machines Corporation (IBM)
Fitbit, Inc.
Google Inc. (Alphabet Inc.)
Huawei Technologies Co. Ltd.
SONY CORPORATION
The report provides a detailed analysis of these key players in the global wearable AI market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development
In March 2023, Meta introduced Meta Quest 3. It has features such as higher resolution, stronger performance, breakthrough Meta Reality and technology and slimmer, more comfortable form factor.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Wearable AI market forecast from 2024 to 2032 to identify the prevailing wearable ai market opportunities.
The market research is offered along with information related to wearable AI growth drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wearable ai market segmentation assists to determine the prevailing market opportunities.
Wearable AI market size by country in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wearable ai market trends, key players, market segments, Wearable AI market share by companies, application areas, wearable AI market value, smart wearables, activity tracking, wearable AI market insights, and wearable AI market growth strategies.
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Wearable AI Market Key Segments:
By Type
Smartwatch
Smart eyewear
Smart earwear
Others
By Operation
On-device AI
Cloud-based AI
By Application
Consumer electronics
Healthcare
Automotive
Military and Defense
Media and entertainment
Others
By Region
North America (U.S., Canada, Mexico)
Europe (France, Germany, Italy, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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