Wearable AI Device Market is Predicted to Surpass a Revenue of USD 69.31 Billion by Growing at Notable a CAGR of 26.10% During 2022-2028; Growing Adoption of Artificial Intelligence and Rising Health Awareness Among People to Drive Market G
A recent market report by SkyQuest on wearable AI device provides a thorough assessment of the industry’s competitive environment and developing trends. Along with an evaluation of the top competitors and their strategies, it contains a detailed analysis of market size, share, growth, and profitability. The research also examines market prospects, challenges, and pricing trends, giving investors the most recent data and insightful analysis to help them make wise decisions. Readers may remain on top of market trends and developments with the help of the report’s in-depth analysis.
Westford, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — The wearable AI device market in the North America region is predicted to gain the biggest market share during the forecast period by growing at a significant CAGR. The market’s expansion can be ascribed to the rising use of artificial intelligence and the rising demand for machine learning across a number of different industrial verticals. Further, the rising health awareness and increasing trend of wearing smart devices are predicted to drive market growth.
SkyQuest’s recent insights show that more than 35% of organizations across the region used artificial intelligence in 2019 and this percentage is estimated to increase significantly over the forecast period owing to the boom in digitalization and the rising demand for smart gadgets.
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The Internet of Things (IoT) artificial intelligence wearable exquisitely links all the information to real-time health monitoring detectors that provide timely reports and display various health parameters that assist patients in making quick decisions and taking the necessary actions to keep themselves fit. Smartwatches, activity trackers like VR headsets, smart bracelets, web-enabled eyewear, and Bluetooth headsets are examples of a wide range of modern wearable devices.
Prominent Players in Wearable AI Device Market
- Apple Inc.
- Com Inc.
- Google LLC
- Microsoft Corporation
- Sony Corporation
- Garmin Ltd.
- Oracle Corporation
- IBM Corporation
- Huawei Technologies Co., Ltd.
- Samsung Electronics Co., Ltd.
- Fitbit, Inc.
- Bragi GmbH
- Motive Mechatronics Inc.
- Moov Inc.
- FocusVentures, Inc.
- BioBeats Inc
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Increasing Adoption of Wearables and Smart Technologies to Drive the Wearable AI Device Market Growth
As wearables like glasses and watches become more popular among consumers and become more relevant to fashion trends, the market is expected to increase dramatically. In fact, it was found by SkyQuest in one of the research that more than 441 million smart wearables were supplied globally in 2021. Additionally, it is estimated that increasing usage of technologies like sophisticated cloud technology, IoT, and machine learning would increase demand for AI-based products, which will in turn propel market expansion.
The wearable AI device market in North America region is predicted to gain the largest market share by growing at a significant CAGR during the forecast period. The growth of the market can be ascribed to the increasing adoption of cutting-edge technology, the presence of significant smart watch manufacturing businesses, and increasing consumer disposable income. Additionally, it is predicted that rising demand for smart timepieces/smartwatches in wealthy countries like the United States will spur market expansion. SkyQuest noted that in 2019, more than 20 million smartwatch pieces were sold in the USA and this is estimated to increase during the forecast period owing to growing urbanization and millennials’ rising interest in smart gadgets.
Smartwatches Segment to Hold the Largest Market Revenue Owing to Its Wide Popularity
The global wearable AI device market is segmented by product type into the smartwatch, earwear, eyewear, and others. Among these, the smartwatch segment garnered over 30.0% of market revenue in 2021 and is projected to gain the largest market revenue during the forecast period. The market for wireless sports and fitness equipment particularly, smartwatches is expected to increase as customers become more conscious of their health. Additionally, the increasing innovations, rising acquisitions, and product launches by the key market players are predicted to boost segment growth. SkyQuest found Apple is developing a bigger Watch Ultra. The speculated Apple Watch Ultra model will have a larger 2.1-inch display. The 2024 version of the Apple Watch Ultra is expected to feature a 10% larger screen than the current model, which has a 1.93-inch touchscreen.
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Consumer Electronics Segment to Secure Highest Market Revenue in the Wearable AI Device Market
The consumer electronics segment gained the biggest sales share of over 30% in 2021 as a result of consumers’ increased preference for smart wearables to monitor their health and it is also predicted to gain the highest market revenue during the forecast period. Consumer wearable electronics include smart apparel for fitness, athletics, leisure, and multimedia. Wearable technology is frequently used to measure everyday activities and personal health objectives. Moreover, the rising innovations by key market players is predicted to drive segment growth. SkyQuest found during the study that in February 2022, Noise debuted the newest smartwatch, the Noise Color fit New, on Amazon. The watch incorporates a heart rate and oxygen level sensor, Bluetooth calling, AI voice help, and other significant health monitoring functions.
Moreover, the market in Asia Pacific region is predicted to grow at the fastest rate during the forecast period. The growth of the market can be ascribed to the increasing demand for smartwatches in the region owing to the rising health awareness among people mainly regarding heart health. In addition to this, the growing efforts by the government to expand smart technologies and the prominent presence of key market players are predicted to boost market growth.
The research study on wearable AI device offers a comprehensive and in-depth analysis of the top market participants, including details on their earnings reports, supply chain dynamics, important innovations, and technical breakthroughs. The research also offers crucial recommendations that companies should think about as they get ready for future growth.
Key Developments in the Wearable AI Devices Market
- IBM declared that it had reached a strategic collaboration deal with Amazon Web Services in May 2022. Both firms are investing in joint ventures in order to make it easier for enterprises to use IBM’s services and integrate them with AWS.
- To create AI that can track driving behavior in real-time and make recommendations for safer driving, TomTom International BV will collaborate with Loop Mobility, Inc.
- In order to give consumers a more comprehensive approach to their health and wellness, including stress management capabilities and a sleep tracker, Fitbit LLC announced the debut of Fitbit Luxe, a fashionable fitness and wellness tracker.
- Researchers from Nanyang Technological University have developed a new kind of bendable, highly sensitive light sensor. The purpose of this study is to open the door for flexible wearable technology with UV sensitivity.
Key Questions Answered in the Wearable AI Device Market Research Report
- What are the anticipated growth rates and market size for wearable AI device globally?
- What major trends are presently influencing the wearable AI device market landscape?
- Who are the key players with the biggest influence in the target market?
- Which market divisions and subdivisions are anticipated to dominate the wearable AI device market during the next few years?
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