The
overall wearable
AI market is projected to reach USD 42.4 billion by 2023, from USD 11.5
billion in 2018, growing at a CAGR of 29.75% during that period. Major growth
drivers are increase in demand for AI assistants, augmentation of operations in
healthcare industry, emergence of IoT and integration of wireless technology,
growth prospects of wearable component technology, and increase in consumer
preference and demand for advanced wearable devices.
Market
for on-device AI to grow at higher CAGR during forecast period
The
growing requirement for low latency, fast computing, and less dependency on
cloud-based AI for critical applications are driving the adoption of edge
devices with dedicated AI chips. On-device AI offers more powerful and
responsive operation for time-sensitive applications. Also, it addresses the
demand for better visual computing performance beyond just image and video
analytics. This is to ensure parallel processing capabilities that can
facilitate provisioning of on-demand machine learning for augmented reality, virtual
reality, and several other application areas. At present, the market for
on-device AI is dominated by AR/VR applications.
Consumer
electronics application to be dominant in wearable AI market during forecast
period
The
large market of consumer electronics applications is attributed to the fact
that consumers across the world are focusing on their fitness and are willing
to adopt technology to remain fit. Also, the AR/VR has found a large adoption
in entertainment and multimedia applications. The implementation of AI in AR/VR
technology offers fast and immersive experience for gaming by effectively
rendering optimization of high-end graphics. Consumer wearable
electronics includes a number of wearable devices that are used in
varied applications such as fitness and sports, entertainment and multimedia,
and others. These fitness monitoring devices are attracting health-conscious
customers. Wearable devices are widely used for monitoring activities and
personal health goals.
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“APAC
to register highest growth during forecast period”
The market in APAC consists of developing
economies such as China and India—which have a huge appetite for consumer
product adoption, as well as the potential for different applications of
wearable AI. It is also observed that the geographic regions with higher
incomes have a higher tendency to purchase wearables AI devices. Therefore,
rising per capita income in Asian countries will drive the adoption of wearable
AI devices. Moreover, the increasing adoption of new technologies in enterprise
and industrial applications will drive wearable AI market in the region.
Key
Market Players
Key players in the wearable AI market include
Apple (US), Samsung (South Korea), Google (US), Microsoft (US), Sony (Japan),
Garmin (US), Fitbit (US), Huawei (China), Amazon (US), IBM (US), and Oracle
(US).
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