What is the global market size of Wearable AI Device Market?

Wearable AI Device Market size was valued at USD 16.33 billion in 2021 and is poised to grow from USD 21.2 billion in 2022 to USD 221.68 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).

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 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.

Wearable AI Device Market Report Snapshots

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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).

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. '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.'

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.

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.

In terms of revenue, North America held the largest 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.

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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

Wearable AI Device Market Regional Insights

Wearable AI Device Market Report Snapshots

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