Global Wearable AI Market is valued at approximately USD 27.07 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 26.3% during the forecast period 2024-2032. Wearable AI refers to the integration of Artificial Intelligence (AI) technologies into wearable devices. These devices are typically worn on the body, such as smartwatches, fitness trackers, augmented reality glasses, and other forms of wearable technology. The incorporation of AI in wearables enables these devices to perform advanced computing tasks, process data, and make intelligent decisions, enhancing their functionality and responsiveness. The Wearable AI Market is expanding because of factors such as the emergence of IoT connected devices and rising demand for wearable devices. As a result, the demand for Wearable AI has progressively increased in the international market during the forecast period 2024-2032.
IoT-connected wearables can leverage cloud computing for data storage and processing. This enables wearable AI devices to offload resource-intensive tasks to the cloud, allowing for more complex computations, machine learning, and AI algorithms to enhance the device's capabilities. According to Statista, in 2022, the number of Internet of Things (IoT) connected devices accounts for 13.14 billion in number and is projected to reach up to 29.42 billion by the year 2030. Another important factor that drives the Wearable AI Market is the increasing demand for wearable devices. Artificial intelligence enables wearable devices to offer features such as voice recognition, gesture control, predictive analysis, and context-aware computing. These advanced capabilities enhance user interaction, making wearables more intuitive and efficient. In addition, as per Statista, the global number of Connected Wearable Devices, in 2020, accounts for 835 million users of connected wearable devices and the number of users escalated to 1105 million in the year 2022. Moreover, the growing integration of wireless technologies and technological advancements in AI-enabled devices is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, the high cost associated with Wearable AI lower battery span and short life are going to impede overall market growth throughout the forecast period of 2024-2032.
The key regions considered for the Global Wearable AI Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing demand for fitness-tracking wearable devices in the region. AI technologies enable wearables to learn from user behavior and preferences, leading to a more intuitive and user-friendly experience. The devices can adapt to individual routines, offering timely reminders, insights, and suggestions that align with the user's lifestyle. The region's dominant performance is anticipated to propel the overall demand for Wearable AI. Furthermore, Asia Pacific is expected to grow fastest over the forecast period, owing to factors such as rising per capita income in the region. rising per capita income creates a conducive environment for the growth of the Wearable AI Market by expanding the potential customer base, increasing consumer demand for innovative products, and encouraging investments in research and development within the industry.
Major market player included in this report are:
Amazon.com, Inc
Fitbit, Inc
Garmin Ltd
Google LLC
Huawei Technologies Co. Ltd.
International Business Machines Corporation
Motorola Mobility LLC
TomTom International B.V.
Samsung Electronics Co. Ltd.
Sony Corporation
Recent Developments in the Market:
In September 2023, Bonatra introduced Wearable Smart Rings that help to monitor a variety of health metrics such as heart rate, HRV, SpO2, sleep and sleep quality, body temperature and activity, and steps taken during the day, allowing users to live longer and healthier lives. Bonatra's Smart Ring X1 gives valuable and accurate insights into numerous areas of health by creating a sleep score, readiness score, and movement index.
Global Wearable AI Market Report Scope:
Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2024-2032
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Applications, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type
Smart Watch
Smart Glasses
Smart Earwear
Smart Gloves
Others
By Applications
Consumer Electronics
Healthcare
Automotive
Military and Defense
Media and Entertainment
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
