Wearable AI Market size is predicted to reach USD 180 billion by 2025; according to a new research report by Global Market Insights Inc.
The wearable AI market growth will observe a robust growth rate over the forecast timeline due to the rising consumer focus on fitness and health monitoring. A wide variety of devices are available in the market, offering functionality ranging from activity tracking to mobile connectivity to medical monitoring. For instance, the demand for smartwatches and fitness bands are rapidly rising as consumers want to be at peak fitness levels for health, sport, and aesthetics reasons. With the growing usage of wearables, the implementation of machine learning and AI algorithms will increase to effectively interpret data collected through devices. The government agencies globally are supporting the usage of wearable technology to promote healthy living amid rising health issues. For instance, in July 2019, the Singapore government collaborated with Fitbit to provide its citizens, free fitness trackers. The government is trying to promote a healthier lifestyle as a part of its national health program, Live Healthy SG.
The head-mounted displays in wearable AI market is expected to grow at a CAGR of over 20% from 2019 to 2025 because of the growing usage of these devices in the gaming sector. These devices provide engaging experiences to users by combining physical and digital worlds for a real-time view of the surrounding environment. Technological advancements in the head-mounted display landscape has led to the development of high-performance controller and gaming consoles, allowing gamers to better interact with their surrounding environment.
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The enterprise applications segment will exhibit a growth rate of over 35% as smart wearables are extensively used across various industrial verticals, enabling employees to effectively communicate with remote users. For instance, in the manufacturing sector, wearable camera technology is used by engineers and field technicians to perform a deeper diagnosis, resulting in better utilization of resources and enhancing productivity. Companies including Theatro, Hipaax, and Notable are developing business wearables, which help to keep employees connected to enterprise systems through customizable notifications.
Browse key industry insights spread across 250 pages with 148 market data tables & 28 figures & charts from the report, “Wearable AI Market Size By Product (Smartwatch & Fitness Band, Head Mounted Display (HMD), Earwear), By Application (Consumer Electronics, Gaming, Enterprise), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
The Latin America wearable AI market is expected to grow at a CAGR of above 20% during the forecast timeline due to the rise in consumer electronics sales in the countries including Brazil and Mexico. It is estimated that around 240 million wearables were sold in 2018 in Brazil. The increase in sales of Apple Watch Series 3 in Brazil has also accelerated the smart wearable market growth. The wearable AI is forecasted to have a bright future in the region due to the increase in purchasing power, people are inkling toward the buying of electronics products.
Companies operating in the wearable AI market are focusing on strategic partnerships and new product developments to cater to the needs of the customer base. For instance, in July 2018, the Fossil Group collaborated with BMW to design and manufacture BMW-branded watches & smartwatches till 2023. The collaboration aims at selling more than 4,000 smartwatches through BMW retail channels globally. In October 2016, Google acquired, Eyefluence, a company that builds eye-tracking technology for virtual reality. The acquisition aims at developing innovative products that work on virtual reality. In October 2018, Huawei launched its two new wearables, Huawei Watch GT and Huawei Band 3 Pro. The new products are designed for urban explorers, providing advance tracking of activities and fitness coaching features.
Some of the companies operating in the wearable AI market are Fitbit, Apple, Garmin, Xiaomi, Jabra, Bragi, Huawei, ANTVR, Huami, Facebook, Microsoft, HTC, Fossil, Samsung, and Google.
The wearable AI market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2025 for the following segments:
- Smartwatch and fitness band
- Head Mounted Display (HMD)
- Consumer electronics
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia