The global wearable AI devices market anticipates reaching US$ 145 billion by 2030 from $10.5 billion in 2019. The market forecasts to grow at a compound annual growth rate (CAGR) of 27% during the forecast period from 2021-2030.
The AI-enabled electronic devices that are used to be worn on the body are considered wearable AI devices. These smart devices perform intelligent operations, such as tracking information, linking with other devices, etc. Few examples of wearable AI devices are smart eyewear, smartwatches, smart ear wears, and smart gloves.
Factors Influencing
The growth of the global wearable AI devices market is expected to be influenced by several factors:
The applications of AI-enabled wearables are expected to bolster the growth of the global wearable AI devices market. AI assistance applications have significantly gained popularity in several sectors, including residential, industrial, and commercial. Therefore, such benefits are forecast to increase the adoption of devices during the forecast period.
The growing use of these devices in healthcare, automotive, military & defense, media & entertainment would significantly surge the growth of the overall market. Various prominent players, such as Samsung, Apple, and Sony, have been working on the advancements of these devices. Apart from that, the market is witnessing a rapid adoption of AI-enabled wearable devices in healthcare. Thus, it would fuel the adoption of wearable AI devices during the analysis period.
The advent of miniaturization of computational devices has bolstered the advancements in wireless wearable devices. Hearables or wireless in-ear computational earpieces are a few of the rapidly advancing wearable AI devices. Apple recently launched the Apple watch with watchOS5. The watch introduced some innovative features, such as Wi-Fi, auto workout detection, and phone connectivity. Apart from that, IBM and HeartBit partnered to introduce intelligence into wearable devices. Thus, such innovations and investments would contribute to the rapid growth of the overall market during the forecast period.
Moreover, the growing demand for further improvements forecasts promising opportunities for the prominent market players during the analysis period.
COVID-19 Impact Analysis
The COVID-19 pandemic severely impacted the growth of the global wearable AI devices market. The market witnessed a significant decline in the adoption of devices. Moreover, the disruption in the supply chain also halted the entire manufacturing activity. As a result, it impacted the growth of the global wearable AI market during the COVID-19 pandemic.
Geography Analysis
Geographically, North America is expected to contribute with the largest share in the global wearable AI devices market. The regional market is predicted to grow significantly because of the presence of prominent companies and increasing investments for technological advancements. In addition, Asia-Pacific is anticipated to witness rapid growth in the adoption of AI-enabled wearable devices, majorly in India and China.
Market Segmentation
By Application
By Type
Based on region
Competitors in the Market
