USD 16.33 billion
Wearable AI Device Market Size, Share, Growth Analysis, By Product type(Smart Watch, Ear Wear, Eye Wear, Other.), By Technology(Wi-Fi, Bluetooth, NFC, ANT+), By Application(Consumer Electronics, Healthcare , Enterprise, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45I2043 |
Region:
Global |
Published Date: July, 2001
Pages:
243
|Tables:
97
|Figures:
76
Wearable AI Device Market Insights
Wearable AI Device Market size was valued at USD 16.33 billion in 2019 and is poised to grow from USD 21.2 billion in 2023 to USD 221.68 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).
As companies have begun to develop more types of wearable devices with powerful sensor technologies that can collect and deliver information about their surroundings, wearable devices have become a more common part of the technology industry. Today's wearable devices' capabilities can be enhanced by AI-enabled technology. It is anticipated that connected devices and AI-enabled technology will increase life expectancy and quality. As the simplest and most convenient tools for collecting health data, monitoring, and interacting with users while on the go, wearables play a significant role in this outlook. Artificial intelligence (AI)-enabled wearable devices are becoming increasingly popular. The fact that people are becoming more concerned about their health is the primary reason these devices have been successful.
Additionally, AI-enabled wearable devices are useful for tracking a person's food intake and portion sizes. AI-enabled wearable devices can also suggest changes that a person should make to improve their fitness level based on this data. The market is experiencing a variety of technological advancements. The use of 5G, biosensors, beacon technology, smart rings, smart implantable, and other similar technologies are just a few examples.
US Wearable AI Device Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Smart Watch
Fastest Growth
Smart Watch
Growth Rate
29.8% CAGR
Global Wearable AI Device Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Wearable AI Device Market Segmental Analysis
Global Wearable AI Device Market is segmented on the basis of by product type, technology, application, and region. By product type, it is sub segmented into the Smart Watch, Ear Wear, Eye Wear, Other. By technology, Wearable AI Device Market is sub segmented into the Wi-Fi, Bluetooth, NFC, ANT+, GPS, and others. By Application, Wearable AI Device Market is sub segmented into the Consumer Electronics, Healthcare , Enterprise and Industrial, Gaming, Others. Region is segmented on the basis of North America, Europe, Asia Pacific, Latin America, MEA.
Wearable AI Device Market Analysis by Product Type
Based on product type, the smartwatches segment accounted for the largest revenue share of over 30.0% in 2021. With consumers' growing awareness of their health, it is anticipated that the demand for wireless sports and fitness equipment will rise. In addition, it is anticipated to expand profitably over the forecast period as a result of the rising demand for a connected ecosystem and the growing significance of connected devices in various industries.
Apple announced the release of the Apple Watch 7 and its most recent iPhones in September 2021.The company's first new smartwatch in a long time, the Apple Watch 7, is its eighth generation. The smartwatch is available in two sizes and features polished corners and smaller bezels.
Smart earwear is expected to exhibit the fastest CAGR of 30.6% over the forecast period. The growth can be attributed to the increased purchase of AI-enabled headphones by millennials and Generation Z, as well as remote workers upgrading their headphones for video calling.
Montblanc, a German company, expanded its smart wearable category offering in March 2020 by introducing its smart headphones as part of its travel tech collection. It supports Google Assistant, connects to a wide range of Bluetooth devices, and its ergonomic design enhances comfort. The smart headphones were released by Jabra, a German company that makes audio and video conference systems. With a dedicated Google Now/Siri button, the new headphones have microphones with built-in wind noise reduction and enhanced speech functionality.
Wearable AI Device Market Analysis by Application
Due to consumers' growing preference for smart wearables to monitor their health, the consumer electronics sector commanded the highest revenue share in 2021, with over 30%. Smart wearables for fitness, sports, entertainment, and multimedia are all considered consumer wearable electronics. Personal health goals and daily activities are frequently tracked with wearable technology.
For instance, Noise introduced the brand-new smartwatch Noise Color fit New on Amazon in February 2022.The watch has Bluetooth calling, AI voice assistance, a heart rate and oxygen level monitor, and other important health monitoring features. The healthcare segment is expected to register the fastest growth rate of 30.8% from 2022 to 2028. The growing health and fitness concerns of customers are driving the market. As obesity and other heart problems have become more common worldwide, it is anticipated that smartwatches and fitness trackers will be used more frequently.
Global Wearable AI Device Market By product type, 2021 (%)
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Wearable AI Device Market Regional Insights
In terms of revenue, North America held the largest global Wearable AI Device market share in 2021, due to substantial investments made by private companies and government initiatives that supported the use of AI technology. In response to the lack of ventilators required to treat critically ill patients in hospitals and medical facilities worldwide, Fitbit unveiled the Fitbit Flow, a wearable AI device, in June 2020.
When traditional ventilators, which are more expensive, are unavailable, the equipment was designed to serve as an alternative. Similarly, in August 2020, Amazon announced that its flagship fitness tracker, the Halo, would be available in the United States. The Halo is a smart fitness tracker that tracks a wearer's mood through voice and scans their body to measure and analyze body fat.
Due to collaborations, high private investment, and government initiatives to use AI wearables for contactless payments, Asia Pacific is expected to grow at the fastest rate over the forecast period. For instance, Monarch Technologies and Canna Group LLC formed a partnership in 2021 to launch Helox, a contactless, cashless payment platform for the cannabis industry. It provides an easy method for accepting payments.
Global Wearable AI Device Market By Geography, 2021-2028
- Largest
- Fastest
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Wearable AI Device Market Dynamics
Wearable AI Device Market Drivers
Increasing Popularity of 5G Smartphones to Drive Market Growth
- The increasing use of advanced technologies like artificial intelligence (AI) and 5G smartphone technology is to blame for the expansion of the wearable AI market. Wearable device data is frequently collected and analyzed with smartphones. The rapid expansion of the smartphone market has sped up the creation of user-friendly and responsive Android and IoT-enabled wearable app development. In developing economies, rapid urbanization and increased disposable income encourage market expansion and set the trends for wearable technology in the future.
Wearable AI Device Market Restraints
Lack of Skill Sets to Hamper Market Growth during Forecast Period
- Problems such as a lack of skilled engineers and technicians are stifling market growth. In addition, it is difficult and slows growth to incorporate AI solutions and complex integrated systems into existing systems. Additionally, the rapidly expanding consumer electronics industry with a shorter life cycle and compliance with data privacy regulations may pose obstacles to the Global Wearable AI Market's overall expansion.
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Wearable AI Device Market Competitive Landscape
For market expansion, major players employ a variety of key strategies, including product launch, product development, collaboration, partnership, and others.For instance, Amazon unveiled its echo frame smart glasses.They give you hands-free access to Alexa, so you can control your smart home, make calls, set reminders, add things to your to-do list, listen to podcasts, and more from anywhere.
Wearable AI Device Market Top Player’s Company Profile
- Apple Inc.
- Samsung Electronics Co., Ltd.
- Fitbit, Inc.
- Huawei Technologies Co., Ltd.
- Xiaomi Corporation
- Garmin Ltd.
- Fossil Group
- Alphabet Inc. (Google)
- Amazon.com, Inc.
- Bose Corporation
- HTC Corporation
- LG Electronics Inc.
- Misfit, Inc.
- Motorola Solutions, Inc.
- Polar Electro Oy
- Qualcomm Technologies, Inc.
- Sony Corporation
- Suunto Oy
- TomTom N.V.
- Withings S.A.
Wearable AI Device Market Recent Developments
- In May 2022, IBM announced that it signed a strategic collaboration agreement with Amazon Web Services. This agreement would enable IBM to make a variety of its software products available as services on the AWS marketplace. The joint venture includes both companies making investments that will facilitate businesses' use of IBM's services and its integration with AWS.
- In May 26, 2021, IBM and The Grainger College of Engineering at the University of Illinois Urbana-Champaign plan to launch a large-scale collaboration designed to increase access to technology education and skill development and to combine the strengths of academia and the industrial sector to spur breakthroughs in emerging areas of technology.
Wearable AI Device Key Market Trends
E-Payment Trend will Influence Wearable AI Devices Market
- The market is being driven by the trend of e-payments made with wearable devices. A contactless payment jacket with a chip-in cuff that allowed for contactless payment was introduced by British menswear designer Lyle & Scott and Barclaycard.In October 2015, for instance, Ringly and Mastercard made it possible for customers to make contactless payments by wearing their rings.bPay, a wearable technology company backed by Barclaycard, offers jackets, fobs, and stickers that can be used to perform contactless payments. In May 2022, Sony introduced the Wena 3, a smartwatch that can be used as a regular watch but accepts mobile payments through Barclaycard in the United Kingdom.
Wearable AI Device Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wearable AI devices market analysis, the market will witness various lucrative growth opportunities as the industry is highly influenced by technological advancements. Players in the market can stay ahead in the competition by offering novel technologies in their devices, expanding its features, and offering more than other players. Emerging economies will also drive market growth as globalization impacts everyone. Many new players are entering the regional market and offering these devices at affordable prices to capture a larger consumer base.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 16.33 billion |
| Market size value in 2031 | USD 221.68 billion |
| Growth Rate | 29.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wearable AI Device Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wearable AI Device Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wearable AI Device Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable AI Device Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable AI Device Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wearable AI Device Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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