Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Electronics manufactured to be worn on the consumer's body with intelligent performance is called wearable AI. Wearable AI is made up of smart devices such as smart watches, smart headphones, smart glasses, smart gloves and others. The growth of the wearable AI market is attributed to the growing progress of advanced technologies, including the penetration of AI and 5G smartphones. Smartphones are widely used for collecting and analyzing data collected by wearable devices. The exponential growth of the smartphone market has supported the development of responsive and easy-to-use wearable apps based on android and IoT. Other factors accelerating market growth include rapid urbanization and rising disposable income in emerging economies, which determine future trends in wearable technology. With rapid industrialization and rising employment in the service industries, there has been a fundamental shift in consumer consumption patterns towards consumer electronics products such as fitness and health monitoring, smart wearable devices.
The market is witnessing significant growth owing to the exponential rise of new technologies such as artificial intelligence (AI) and the introduction of 5G smartphones. The growing adoption of smart wearables with AI is due to the advancement of IoT, the integration of wireless technology, and the growing popularity of smartwatches among millennials and gen Z. Targeting generation Z, many key market players are introducing AI-enabled wearables. Due to the advancements in technology, various advanced wearable sensory devices with minimally intrusive health monitoring platforms have been developed. As a result, consumers now have the ability to better diagnose diseases at an early stage and pay less for more invasive routine diagnostic services. Additionally, a smart implant is another wearable device that uses artificial intelligence for sensors to monitor blood pressure, heart rate, glucose levels, and more. On the other side, rapid urbanization in developing countries has attracted the attention of key market players to invest at a large extent in these nations, and this is expected to boost their growth during the estimated time period.
The market is expected to have new opportunities with the technological advancements and ongoing R&D involved in the manufacturing of various wearables using AI. This is expected to provide ample new growth opportunities for the market during the forecast period. Besides, emerging features and new technologies have gained the attention of many users all over the globe, and this factor is expected to create new growth opportunities for the market over the forecast period.
The market has a major restraint because of the short life of smart wearables. AI being advanced technology can significantly increase high investment costs and this factor is expected to acts as a hurdler for market growth over the forecast period. Besides, lack of awareness regarding wearables is another factor that may restrain market growth over the forecast period.
The COVID-19 pandemic has hampered the growth of the market to a certain extent, which has created a 5major challenge for the market growth. Also, lack of skilled work force in low-income nations is expected to be major challenge for the market growth over the forecast period.
The report provides in-depth analysis of the global Wearable AI market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for wearable AI in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2023-2029.
The global Wearable AI market comprises of different market segments like type, component, operations, application and geography.
By type, the Wearable AI market includes the key segments of
The smartwatche segment is expected to lead the market over the projected time period. The demand for wireless fitness and sports equipment is expected to increase as consumers become more health conscious. Moreover, it is expected to increase at a lucrative rate over the forecast period owing to the increasing importance of connected devices in various industries and the growing need for a connected ecosystem.
The smart headphones segment is expected to register the fastest CAGR during the forecast period. The growth is attributed to the increasing upgrading of headphones by remote workers for video calls and the increase in purchases of AI-enabled headphones by millennials and Gen Z.
By component, the Wearable AI market includes the following segments
The sensor segment is also expected to register the fastest growth during the forecast period due to the increasing number of health and fitness monitoring applications around the world. Wearable sensors are powered by their ability to track user performance and activity.
Likewise, processors are likely to experience high new growth over the forecast period due to demand for advanced and high quality processors around the globe.
On the basis of operation, the Wearable AI market is segmented into
The on device AI segment is anticipated to dominate the market and is expected to exhibit the fastest CAGR over the forecast period. The dominance of this segment can be attributed to the growing need for fast processing, less reliance on cloud-based AI for critical operations, and the growing demand for low-latency devices. The on device AI operation provides responsive and powerful operations, fuelling the growth of the segment. North-western University researchers have created a small wearable wireless sensor that looks like a sticker. It allows medical professionals to monitor the body's vital signs without using an external cable.
The cloud-based AI segment is expected to witness high demand over the upcoming years. Businesses are harnessing the power of AI-based cloud computing to be more efficient, strategic, and knowledge-driven. AI can automate complex and repetitive tasks to increase productivity, as well as perform data analysis without human intervention. IT teams can also use AI to manage and monitor basic workflows.
The Wearable AI market has major applications in
The consumer electronics segment is expected to dominate the market over the forecast period as a result of growing consumer demand for smart wearables to monitor health vitality. Wearable consumer electronics refers to a range of smart wearable devices used for fitness and sports, entertainment and multimedia content. Wearable technology is often used to track daily activities and personal health goals.
The healthcare segment is expected to experience the fastest growth rate over the forecast period. The segment is primarily driven by growing customer concerns about fitness and health. The use of fitness trackers and smartwatches is expected to increase as obesity and other heart problems become more prevalent around the world.
The global Wearable AI market is studied for the following regions
The North America region is expected to dominate the wearable AI market over the projected time period due to the growing popularity of wearable technologies in countries including the United States and Canada. For example, the Canadian Medical Association (CMA) helps doctors prescribe wearable technology in the form of policy guidelines. In May 2015, the CMA introduced the Guiding Principles for Physicians Recommending Mobile Health Applications to Patients, providing information to physicians about mobile health applications. Other factors driving market growth include smartphone penetration, advanced connectivity infrastructure, and the rapid adoption of smart wearables in healthcare.
Asia-Pacific is expected to experience the fastest growth rate over the forecast period due to collaborations, large investments from private players, and government initiatives to deploy wearable AI devices for contactless payments. The Asia-Pacific region consists of emerging markets such as China and India, which have a great appetite for consumer product launches as well as potential for various wearable AI applications. It is also observed that high-income geographic regions have a higher propensity to purchase wearable AI devices. Therefore, increasing per capita income in Asian countries will drive the adoption of wearable AI devices. Additionally, increasing adoption of new technologies in enterprise and industrial applications is expected to drive the growth of the market in the region.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Wearable AI market. In addition, complete analysis of changes on the global Wearable AI market expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic had a moderate impact on the market as the supply chain was disrupted during the pandemic and many manufacturers and retailers suffered losses due to government-imposed lockdowns in different countries. However, the wearable AI medical device segment has been positively impacted owing to the growing demand for telemedicine due to the COVID-19 pandemic. Due to the social distancing norm, medical professionals have turned to telemedicine, which has allowed them to treat patients with virtually no risk of spreading the virus. Additionally, the researchers looked at various data collected by the wearable AI devices to track patients with symptoms of COVID-19. For example, the Oura Ring from Oura Health Ltd. was used in 2020 by scientists at the University of California, San Francisco, to test physiological data collected by the ring to predict the onset, progression, and recovery of new COVID-19 cases.
The competitive landscape analysis of Wearable AI market is majorly focused on expanding the global growth of wearable AI industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in wearable AI sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
June 2023: Noise had launched its eyewear, the Noise i1. It offers voice assistance and wireless music streaming by connecting to smartwatches through Bluetooth and attending phone calls. Noise i1 also allows one to play or pause music, answer, or decline calls, and activate the voice assistant on a user's phone.
May 2023: Sony introduced the Wena 3, a smartwatch that can be used as a regular watch, but it accepts mobile payments via Barclaycard in the U.K. bPay, a wearable technology company, backed by Barclaycard, offers jackets, fobs, and stickers that can be used to perform contactless payments.
By type, the Wearable AI market includes key segments such as smartwatches, smart eyewear, smart earwear and others. The smartwatch segment is expected to lead the market over the projected time 5period. By component, the Wearable AI market is segmented into processors, connectivity IC and sensors. The sensors segment is expected to maintain its dominance over the estimated time period. By operation, the Wearable AI market is segmented into on-device AI and cloud-based AI. The on device AI segment is anticipated to dominate the market and is expected to exhibit the fastest CAGR over the forecast period. The Wearable AI market has major applications in consumer electronics, healthcare, automotive, military and defense, media and entertainment and others. The consumer electronics segment is expected to dominate the market over the forecast period as a result of growing consumer demand for smart wearables to monitor health vitality. The global Wearable AI market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). The North America region is expected to dominate the market over the projected time period due to the growing popularity of wearable technologies in countries like the United States and Canada.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD
Million |
| Market Segment studied: | Type Component Operation Application |
| Market Players and its Competitors: | Apple, Inc. Amazon.com, Inc. Samsung Electronics Co. Ltd. Sony Corporation Google, Inc. Oracle Huawei Technologies Co. Ltd. International Business Machines
Corporation Fitbit, Inc. Garmin Ltd. Motorola Solutions, Inc. TomTom International B.V. LG Electronics Xiaomi Nokia |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
Which is the leading application segment for Wearable AI market?
Consumer electronics has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).
