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

Q: Which region accounted for the largest share in Global Wearable AI Device Market?

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.

Report ID: SQSG45I2043 | Region: Global | Published Date: July, 2001
Pages: 243 | Tables: 97 | Figures: 76

Wearable AI Device Market News

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.

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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

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