The global wearable AI devices market is expected to reach $49,240.6 million by 2024, advancing at a CAGR of 29.0% during the forecast period 2019–2024. Advancements in the wearable technology, growing adoption of AI-supported wearables among consumers to track their fitness levels, rising per capita income, and increasing focus toward a healthy lifestyle are the key factors driving the market growth. Additionally, the rising demand for AI-enabled assistants and growing adoption of AI wearables in the healthcare industry are supporting the market across the world.
Insights into the market segments
Among the various components, sensors held the largest share in the wearable AI devices market in 2018 and are also projected to witness the highest CAGR over the forecast period. This can primarily be attributed to the growing demand for different types of sensors in AI wearables to track fitness activities performed by the user.
Of all end-use categories, the consumer electronics category held the largest share in the wearable AI devices market in 2018, primarily supported by increased investments in the wearable technology and growth in adoption of wearable devices by consumers to monitor their health and routine activities. Moreover, established players, such as Apple Inc., Samsung Electronics Co. Ltd., Fitbit Inc. and Huawei Investment & Holding Co. Ltd., are integrating advanced AI features in their wearables to make them independent devices, with no dependence on smartphones.
During the forecast period, the wearable AI devices market is expected to witness the fastest growth in the healthcare category, on account of the increasing application of fitness trackers in healthcare, growing demand for remote monitoring and diagnostic capabilities, and rising adoption of smart glasses by doctors to perform surgeries.
Rising demand for AI-enabled voice assistance feature in wearable devices
Increasing demand for the AI-enabled voice assistance feature in wearables is providing ample opportunities for the growth of the players in the wearable AI devices market. AI-supported voice assistance in smartwatches enables consumers to manage messages and calls on their smartphones, schedule appointments, track daily routine activities, and control smart home devices. Consumers also prefer AI smartwatches with voice assistant, as the feature provides information and answers on users’ queries in addition to offering suggestions for improvement based on their health routine. As a result, market players are focusing on the launch of smartwatches that are equipped with AI-supported voice assistants.
For instance, in October 2018, Mobvoi Information Technology Company Limited launched Ticwatch C2 and TicPods Free. The smartwatch runs on the Google Wear OS platform and combines Snapdragon Wear 2100 chip, AMOLED display, GPS with GLONASS, near field communication (NFC), and voice assistance capabilities. Moreover, TicPods Free (wireless earbuds) are compatible with voice assistants, including Alexa, Siri, and Google Assistant, and have a battery life up to 18 hours.
Browse report overview with detailed TOC on "Wearable AI Devices Market Research Report: By Product (Smartwatch, Fitness Band, Eyewear, Earwear), Component (Processor, Display, Connectivity IC, Power Management System, Sensors, Memory), End-User (Consumer Electronics, Healthcare, Gaming), Geographical Outlook (U.S., Canada, U.K., Germany, France, Russia, Italy, China, Japan, South Korea, India, Australia, U.A.E., Saudi Arabia, Turkey, South Africa, Brazil, Mexico) – Global Industry Size, Share Analysis and Trends Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/wearable-ai-devices-market
Competitive landscape of the market
The wearable AI devices market is fragmented in nature, owing to the presence of numerous global players and local manufacturers. The players are actively focusing on product innovation to fulfil the growing demands of consumers in terms of advanced AI features in wearables.
For instance, in July 2019, Huami Corporation, a wearable technology brand of Xiaomi Corporation, launched a GTR smartwatch in its Amazfit series. The smartwatch facilitates heart rate monitoring, sleep analysis, and exercise tracking among other features. It supports 12 sports modes, including running, walking, and swimming, in addition to offering 74 days of battery life in a basic watch mode.
Some of the major players operating in the global wearable AI devices market are Fitbit Inc., Apple Inc., Xiaomi Corporation, Samsung Electronics Co. Ltd., Garmin Ltd., Huawei Investment & Holding Co. Ltd., Google LLC, Microsoft Corporation, Sony Corporation, BRAGI GmbH, and Fossil Group Inc.
Wearable AI Devices Market Segmentation
By End Use