Wearable AI Devices Market

Wearable AI Devices Market Size, Trends & Growth (2022 - 2027)

Wearable AI includes smartwatches, smart earwear, smart eyeglasses, smart gloves, and other intelligent devices.

Artificial intelligence (AI)-enabled wearable devices are becoming increasingly popular. The crucial reason for the success of these devices is that people are becoming increasingly concerned about their health. Moreover, when it comes to keeping track of what a person eats and how much they eat, AI-enabled wearable devices come in handy. Furthermore, based on this data, AI-enabled wearable devices can recommend modifications that need to be made to improve a person's fitness level.

Recent Developments in Wearable AI Devices Market

Facebook announced a new machine learning approach dubbed 'Anticipative Video Transformer (AVT)' in October 2021, which can predict future actions via visual interpretation. AVT could be particularly beneficial in applications like an AR "action coach" or an AI assistant, as it can warn someone if they're about to make a mistake while completing a task or react ahead of time with a helpful prompt for the next step.

Fitbit Inc released a new software update for its flagship devices in September 2021, enabling Snore & Noise Detection, as well as an "Always-On-Display (AOD)" and SpO2 monitoring systems.

In October 2021, Garmin® International, Inc. released the Dexcom Connect IQ apps, which enables individuals with both Type 1& 2 diabetes who use the Dexcom® G6 Continuous Glucose Monitor (CGM) System to see their glucose levels and trends on their compatible Garmin smartwatch or cycling computer – even while exercising.

Wearable AI Devices Market Drivers

The rise of the wearable AI market can be attributed to the increasing adoption of advanced technologies such as AI and 5G smartphone usage. Smartphones are frequently used to collect and analyze data from wearable devices. The instant growth of the smartphone industry has accelerated the development of Android and IoT-enabled wearable device apps that are both responsive and user-friendly. Rapid urbanization and increased disposable income in developing economies boost market expansion and dictate future wearable technology trends.

Restraints

Market expansion is being stifled by problems such as a scarcity of experienced technicians and engineers. Furthermore, integrating complex integrated systems and AI solutions into current systems is challenging and curtails growth. Additionally, data privacy compliances and regulations and the quickly expanding consumer electronics industry with a shorter life cycle are possible barriers to the overall growth of the Global Wearable AI Market.

REPORT COVERAGE:

Wearable AI Devices Market Segmentation

By Product: 

• Smart Watch
• Eyewear
• Earwear
• Others

The market is segmented into Smart Watch, Eyewear, Earwear, and Others.

The market for smartwatches and fitness bands is predicted to rise at a CAGR of more than 20% over the forecast period, owing to increased efforts by technology companies to develop smart analytic technologies, such as real-time health status analysis. The adoption of smartwatches and fitness bands is driven by the increased smartphone penetration combined with fast connectivity. In addition, technology businesses are collaborating with luxury brands to create high-end timepieces that provide consumers with more significant health insights and control without smartphones.

By Technology: 

• WiFi
• Bluetooth
• NFC
• ANT+
• GPS
• Others

The market is segmented into WiFi, Bluetooth, NFC, ANT+, GPS, and Others.

During the projected period, the ANT+ category is expected to grow at the fastest rate. The causes that can be ascribed to the employment of AI help in various residential, commercial, and industrial sectors include the ease and convenience with which the activity can be completed.

By Application: 

• Consumer Electronics
• Enterprise & Industrial
• Healthcare
• Others

The market is primarily augmented into Consumer Electronics, Enterprise & Industrial, Healthcare, and Others.

The Gaming (Consumer Electronics) application segment is expected to have a market share of roughly 2% by 2026 because of the growing use of Augmented Reality (AR) and Virtual Reality (VR) in gaming software consoles. Manufacturers of smart wearable devices incorporate next-generation technology into their product offerings, such as interactive visuals, to boost the game's entertainment value. The demand for gaming wearables is skyrocketing, thanks to the ability of wearable device applications to incorporate motion detection and gesture tracking to enhance the gaming experience.

Regional Analysis of Wearable AI Devices Market

The popularization of wearable technology in countries like the United States and Canada provides the North American wearable AI market with a leading market share of over 35 percent by 2026. In addition, the FDA recently approved Current Health's artificial intelligence (AI) wearable gadget that measures numerous vital signs for patients to use at home.

The APAC market has a significant hunger for consumer product adoption and the potential for various wearable AI applications. The use of wearable AI gadgets will also be fueled by increased per capita income in Asian countries. As a result, the Asia-Pacific wearable AI market is expected to rise at a CAGR of more than 29 percent during the projected period. China, India, and Japan are among the countries contributing to the region's market growth. Investment from AI businesses and a massive surge in big data are driving the market in the area. As a result of the vast amount of data generated, AI systems can generate more complex insights, allowing businesses to cut costs, scale operations, boost productivity, and provide consumers with better-focused products and services.

The wearable medical devices market in Europe is predicted to rise at a CAGR of 18.36% in the next six years. The growth of remote patient monitoring is fueled by an increase in the number of persons with chronic medical illnesses and an increase in the senior population. Remote patient monitoring (RPM) can help manage chronic disease by assessing crucial risk indicators like glucose, blood pressure, and other vital signs. Patients can utilize a mobile medical device to do a routine test and submit the results to healthcare experts in real-time. According to the Germany Federal Statistical Office 2020 report, Germany has an estimated 83 million people, 16.2 million over the age of 67. This figure is expected to rise to 21.4 million by 2040. The older population is predicted to grow soon, making them more vulnerable to chronic diseases such as diabetes, cardiovascular disease, respiratory disease, neurological disease, and other illnesses, which would positively impact the wearable AI devices market over the forecast period.

Wearable AI Devices Market Leaders

Samsung, Apple, and Microsoft are the leading players in the market.

Wearable AI Devices Market Key Players

• Fitbit Inc
• Garmin
• Facebook
• Huawei
• IBM
• Amazon
• Oracle
• Sony
• Google
• Fossil
• Xiaomi
• Jabra

Impact of COVID-19 of Wearable AI Devices Market

The production and distribution of Wearable AI Devices were halted by the worldwide lockdown concerning COVID-19, which imminently hampered the sales revenue of the related companies in 2020. Subsequently, the pandemic invoked health awareness among people worldwide, which nudged people into purchasing AI-enabled healthcare wearable devices. Additionally, the lockdown brought about a culture of remote activities. Hence, people- from students to working professionals- transitioned to AI-enabled wearable devices to persevere their operations smoothly. Therefore, driving the Wearable AI Devices market.