The report "Wearable AI Market by Product (Smart Watch, Ear Wear, Eye
Wear), Operation (On-Device AI, Cloud-Based AI), Component (Processor,
Connectivity IC, Sensors), Application (Consumer Electronics, Enterprise,
Healthcare), and Geography - Global Forecast to 2023", 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 the
forecast 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;
however, rapidly evolving consumer electronics sector with a shorter life cycle
is the major market restraint.
Market for other body wears to grow at highest
CAGR during forecast period
The increasing partnerships and collaborations
for bringing AI functionalities to wearable devices ensure the growing trend of
AI-enabled other body wear devices in the near future. For instance, in August
2016, Indian-based start-up Boltt partnered with Garmin, one of the leading
wearable technology companies, to bring AI into its wearable products.
AI-enabled smart shoes can sync with Google maps and give instructions or
notifications via vibration to one of the shoes, telling the user when and
where to turn while walking. Also, in February 2018, Microsoft (US) signed a
strategic MoU with Xiomi (China) to deepen the collaboration on cloud
computing, AI, and hardware. The collaboration will accelerate the development
of products and services to users with smart devices and AI integration. All
these developments in the market are expected to bring the AI-enabled fitness
trackers and other accessories to consumers in the near future.
Wearable AI component market for displays to
be dominant during forecast period
The large market for display is mainly
attributed to the dominance of smart watches over the entire wearable market,
which is, in turn, fundamentally characterized by high-quality displays. The
rising awareness among consumers about the benefits of OLED technology
featuring better viewing angle, excellent contrast, and refresh rates have
resulted in the increased use of OLED displays. This is contributing
significantly to the growth of the wearable display market. Moreover, the increasing
adoption of AR/VR-based head-mounted displays in various verticals is driving
the growth of the wearable display market.
APAC is expected to grow at highest CAGR
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 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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their innovations/disruptions
early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
USA: 1-888-600-6441