The Global Wearable AI Market size is expected to grow from USD 8.0 billion in 2020 to USD 31.6 billion by 2028, at a CAGR of 27.2% during the forecast period. The growth of this market can be attributed to factors such as increasing focus on health and fitness-related chronic diseases, rising demand for smartwatches among consumers, and growing use of RPA in enterprises for saving time and costs.
Wearable AI is a broad term used to describe any technology that can be worn and augmented with artificial intelligence. The most common form of wearable AI is smartwatches, which provide an easy way for users to interact with their mobile devices. However, the technology offers features beyond this basic function as well such as fitness tracking or health monitoring. Wearable AI basically refers to anything that has artificial intelligence integrated into it in some capacity - including clothing like shirts or jackets made from fabric containing sensors capable of providing data on body temperature, heart rate, breathing patterns, etc.
On the basis of Type, the market is segmented into Smart Watch, Ear Wear, and Eye Wear.
A smart watch is a computerized wristwatch with functionality that goes beyond timekeeping. It typically displays the day, date, month, and year along with other data like temperature, elevation, and GPS coordinates of a location. A user can also use it to access email messages or text messages as well as take pictures using camera functions on the device screen. Most models are capable of receiving notifications from apps such as emails, texts, weather alerts, and social media updates. Some models offer activity monitoring features that measure calories burned or steps taken by their wearer in addition to heart rate measurements
Ear Wear is the type of wearable AI that includes devices such as earbuds and smart helmets. This segment also includes other audio-based items, such as hearing aids or cochlear implants. Ear wear offers convenience by allowing you to access information without having to take your phone out of a pocket or bag.
Ear Wear is typically used for listening to music, phone calls, and voice assistant instructions. It's also popular with athletes who need to keep their hands free during workouts or races.
Eye wear is a device that can capture images and stream them to the user. This includes smart glasses, which are larger in size and usually have wi-fi capability for streaming video content from internet sites into one’s line of sight on their frames; as well as virtual reality headsets such as Oculus Rift or HTC Vive VR system, which block outside light with two small screens (one over each eye) displaying computer graphics generated by a PC. Eye Wear devices deliver an augmented reality experience through head-mounted displays that overlay information about objects you look at while wearing the glasses. Some examples include Google Glasses, Meta SpaceGlasses Pro Series AR Smartglasses, Vuzix M100 ODG R-FXOS Virtual Reality Headset.
On the basis of Application, the market is segmented into Consumer Electronics, Enterprise, Healthcare.
Wearable AI has a wide range of applications in the consumer electronics segment, with use cases across entertainment and gaming to health monitoring. It also helps consumers remotely monitor their home environment or pets when they are not present. The smartwatch is one such example of wearables that have been used for healthcare purposes as well. Some other examples include wearable cameras like Google Glass, GoPro HERO series camera, Samsung Gear 360 Camera which can be controlled by voice commands using an app on your phone; fitness trackers; smartphone-based virtual reality headsets (e.g., Oculus Rift headset), etc.
Wearable AI has been used in the field of enterprise for a long time. The benefits include improved communication and coordination between people, equipment, processes, and business intelligence. For example, this technology can be embedded into smartphones or headsets so that workers stay informed on production schedules while working remotely.
The use cases are not limited to industries such as automotive (GM), aviation & aerospace (Airbus), and agriculture where wearable devices have proved indispensable to information transfer - they are also being deployed across fields including logistics (DHL), healthcare (GE Healthcare) and hospitality services or customer engagement at retail outlets like Wal-Mart Stores Inc., McDonald's Corp., etc.
Wearable AI in healthcare can provide more accurate diagnostic assessment and decision-making as well as boosting patient compliance with treatment. In addition, it is essential for physicians to monitor patient's health at home or during their commute. It also enhances the quality of care by providing real-time information about medical emergencies and timely interventions are possible when needed.
Wearable AI helps clinicians adopt a proactive approach in delivering better customer service through predictive analytics that detects adverse events before they happen (so doctors know how many nurses might be required on duty). Furthermore, wearable devices enable providers to remotely access images from MRI machines & CT scans which significantly increases efficiency while minimizing costs.
On the basis of Region, the market is segmented into North America, Asia Pacific and Latin America, Europe, Middle East, and Africa.
The North American market is expected to witness the highest growth due to the high adoption of wearable devices in this region.
The European market is likely to be driven by an increase in demand for contactless payments, which will result in more purchases of smartwatches and wearables with NFC technology as well.
The Asia Pacific market is likely to witness significant growth due in part to the increasing importance of wearable systems for healthcare and disease management.
Latin America is expected to experience rapid growth as it offers huge potential, owing to its less developed communications infrastructure.
The Middle East & Africa market will continue growing at a steady pace over the forecast period mainly because of an increase in demand for smartwatches from enterprises in this region.
The factors that are driving the growth of this market include rising demand for AI products and increasing investments in research & development activities on artificial intelligence technologies around the globe.
Additionally, another factor that will be influencing the growth of this market includes the growing adoption rate for smartwatches among adults has increased manifold over time, resulting in an increase in production volume; reducing costs associated with manufacturing as well as improving battery life and display capabilities also act as major drivers fueling the overall growth potential of this industry segment.
Up Market Research published a new report titled “Wearable AI Market research report which is segmented by Types (Smart Watch, Ear Wear, Eye Wear), By Applications (Consumer Electronics, Enterprise, Healthcare), By Players/Companies Apple, Samsung, Google, Microsoft, Sony, Garmin, Fitbit, Huawei, Amazon, IBM, Oracle”.
|Report Attributes||Report Details|
|Report Title||Wearable AI Market Research Report|
|By Type||Smart Watch, Ear Wear, Eye Wear|
|By Application||Consumer Electronics, Enterprise, Healthcare|
|By Companies||Apple, Samsung, Google, Microsoft, Sony, Garmin, Fitbit, Huawei, Amazon, IBM, Oracle|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||241|
|Number of Tables & Figures||169|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Smart Watch, Ear Wear, Eye Wear and By Application Consumer Electronics, Enterprise, Healthcare.
Some of the companies that are profiled in this report are:
Wearable AI Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Wearable AI Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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