Wearable Artificial Intelligence Devices Market to Witness 29.0% CAGR in Coming Years

Wed Dec 4, 2019 - 9:30am UTC

In 2018, the wearable AI devices market generated a revenue of $11,182.8 million and is predicted to grow at a 29.0% CAGR in the near future. The various types of wearable AI devices are earwear, wristwear, eyewear, and other bodywear.

New York – December 2, 2019

The wearable AI devices market generated a revenue of $11,182.8 million and is predicted to grow at a 29.0% CAGR in the near future. The various types of wearable AI devices are earwear, wristwear, eyewear, and other bodywear. Among these, the largest demand in 2018 was created for wristwear AI devices. This was ascribed to the increased demand for wristwear devices incorporated with AI functionalities, such as personal voice assistance, heart rate monitoring, and sleep tracking. Wristwear AI devices are of two types: fitness band and smartwatch. The fastest growth in demand is predicted to be witnessed by fitness bands in the coming years.

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Wearable devices integrated with artificial intelligence (AI) are becoming increasingly popular. At the present time, wearable devices have numerous applications other than their original purpose, and this has all happened because of technological advancements, such as the integration of AI. One of the major reasons for the popularity of these devices is the growing concern among the consumers regarding their health. People nowadays are becoming more and more concerned about their lifestyles and are trying to incorporate healthy habits into their daily lives.

AI-enabled wearable devices are of a great help when it comes to keeping track of what a person eats and how much he/she is eating. Moreover, based on this data, AI-enabled wearable devices are also capable of suggesting changes that need to be made for improving a person’s fitness level.

Gaming, consumer electronics, and healthcare sectors are the major end users of AI-enabled wearable devices. Among all these, the largest demand for wearable AI devices was created by the consumer electronic sector in 2018. This was because of the rising investments in wearable technology and growing adoption of wearable devices by consumers for monitoring their routine and health-related activities. Moreover, due to the surging demand for these devices, established companies, such as Samsung Electronic Co. Ltd., Apple Inc., Huawei Investment & Holding Co. Ltd., and Fitbit Inc., are focusing on integrating advanced AI features in their devices for making them independent of smartphones.

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North America was the largest consumer of wearable AI devices in 2018. The reason for this was the strong presence of consumer electronics companies, which offer advanced products at low prices, high per capita income of consumers in the region, and rising investments for technological innovations in order to broaden the scope of AI applications of wearable devices in different end-use industries. The fastest growth in demand is projected to be registered by the Asia-Pacific region in the coming years. This can be attributed to the rising demand for wearable devices in the region, mainly in India and China.

With the increasing adoption of wearable AI devices, the demand for virtual reality (VR) headsets is also on the rise. The reason for this is the surging penetration of smartphones and growing trend of mobile and cloud gaming. Moreover, the video games market is projected to attain $92.0 billion by 2020, growing from $76 billion in 2017. Due to this, the companies are focusing on launching VR headsets in order to provide best visual experience and improved sound quality to the users.

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, Fossil Group Inc., Microsoft Corporation, Sony Corporation, and BRAGI GmbH.

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This news is published on Reuters.

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