|Status : Published
|Published On : Jan, 2023
|Report Code : VRICT5132
|Industry : ICT & Media
|Available Format :
|Page : 156
The global Wearable AI Devices Market is projected to reach USD 56.8 billion by 2030, registering a CAGR of 28.8% during the forecast period. Increasing adoption of AI-enabled wearables for healthcare applications, increasing disposable income, changing lifestyle, and increasing demand for augmented reality/virtual reality (AR/VR) headsets worldwide, propelling the growth of the market.
Insight by Product
On the basis of product, The Global Wearable AI Devices Market is categorized into wristwear, eyewear, earwear, and other bodywear, wherein the wristwear category held the largest share in the market in 2023. The growth of this sector is due to rising demand for wristwear with AI functionalities, such as sleep tracking, heart rate monitoring, and personal voice assistance. In addition, the wristwear category is sub-segmented into the smartwatch and fitness band.
Insight by Deployment Type
The Wearable AI Devices Market is segmented into on-premises and cloud-based by deployment type. Among the two segments, cloud-based contributes the larger revenue globally, and also it is expected to witness faster growth during the forecast period. Rising need for storing data generated in real-time and synchronizing data in smart devices is driving the growth of this segment.
Insight by Component Type
The Wearable AI Devices Market is segregated into Processor, Display, Connectivity IC, Power Management System, Sensors, Memory and Others on the basis of component type. The sensors section dominated the market and is also expected to witness the fastest growth during the forecast period due to the rising number of health and fitness monitoring applications. Wearable sensors are driven by their ability to track the performance and activity of the user. These sensors are driven by their ability to track the performance and activity of the users as these smart wearables are used for fitness and sports and entertainment.
Insight by Enduser Type
Based on Enduser type, The Wearable AI Devices Market is segmented into consumer electronics, healthcare, gaming and others. The consumer electronics sector accounted for the largest revenue share due to the increasing demand for smart wearables among consumers to track health essentials. Consumer wearable electronics refer to a range of smart wearables used for fitness and sports, multimedia and entertainment. Wearable technology is often used to track daily activities and personal health goals. The healthcare segment is expected to register the fastest growth rate due to growing customer concerns over fitness and health.
Global Wearable AI Devices Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. 56.8 Billion
Segments Covered in the Report
By Product Type, By Deployment Type, By Component, and By End-User
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Growing demand for VR headsets is the key trend observed in the wearable AI devices market, globally. With a growing number of smartphone users worldwide and the rising trend of mobile and cloud gaming, the use of VR headsets among consumers is increasing rapidly. Increasing disposable income of people in emerging economies and the increasing involvement of the young generation in the gaming area. It has been observed that there are several small companies in developing economies that are developing the latest VR devices that help gamers to be completely involved and engage themselves in the game. Hence, the wearable AI devices market is anticipated to observe high demand for VR headsets among consumers worldwide.
The global wearable AI devices market has been driven by several key factors, predominantly increasing the adoption of AI-supported wearables for consumer electronics and healthcare applications. A number of fitness and health monitoring applications are gaining eminence across the world at a rapid pace. There are several manufacturers operating in wearable devices that have assimilated contextual material and data points that help in determining motion-detecting happenings. Furthermore, the results and analysis developed from these devices further help in establishing results used for defining fitness and goals to its users.
Health and Fitness Tracking: The increasing focus on personal health and fitness has boosted the demand for wearable devices that can monitor activities, heart rate, sleep patterns, and other health-related parameters. AI algorithms help in processing and analyzing this data to provide actionable insights and personalized recommendations.
Smart Assistants and Voice Interaction: Wearable devices integrated with AI-powered virtual assistants, such as Apple's Siri, Google Assistant, or Amazon's Alexa, enable users to interact with their devices using voice commands. This functionality allows users to perform tasks hands-free and control other connected devices.
Personalized Experiences: Wearable AI devices use machine learning algorithms to gather user data and provide personalized experiences. They can learn user preferences, adapt to individual behavior patterns, and offer tailored recommendations, making the devices more intuitive and user-friendly.
Enterprise Applications: Wearable AI devices find applications in industries such as healthcare, manufacturing, logistics, and retail. They can assist workers in tasks like inventory management, remote collaboration, quality control, and real-time data analysis.
Geographically, North America has accounted for the largest share in the wearable AI devices market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of consumer electronics companies, the high per capita income of consumers, and increasing investments in technological innovation usage. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to increasing demand for wearable devices from India and China, and a rapid increase in the number of applications for wearable AI devices.
Some of the key players operating in the global wearable AI devices market are Apple Inc., Samsung Electronics Co. Ltd., Fitbit Inc., Xiaomi Corporation, Sony Corporation, BRAGI GmbH, Garmin Ltd., Huawei Investment & Holding Co. Ltd., Fossil Group Inc., Google LLC, and Microsoft Corporation.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.
The Wearable AI Devices Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research