SAN FRANCISCO, Oct. 6, 2022 /PRNewswire/ -- The global wearable AI market size
is expected to reach USD 166.47 billion by 2030, based on a new report by
Grand View Research, Inc., expanding at a CAGR of 29.3% from 2022 to 2030. The
continuous research and development by key players are driving the market in
industry verticals, such as healthcare, automotive, media and entertainment,
military and defense, and consumer electronics. For instance, in June 2020,
Fitbit announced Fitbit Flow, in response to the lack of ventilators in
hospitals and medical facilities around the world that are required to treat
critically ill patients. The equipment is intended to serve as an alternative
to more expensive traditional ventilators when they are not available.
Key Industry Insights & Findings from the report:
* The smartwatches type segment held the largest revenue share of over 30.0%
in 2021 owing to increased investments in R&D, significant spending by the
government and private sector on the IT and ICT industry, and the
existence of prominent companies such as Google Inc.; Fitbit, Inc.; and
Amazon.com, Inc.
* The smart earwear type segment is expected to register the fastest CAGR of
30.6% over the forecast period. The growth is attributed to the increased
upgradation of headphones by remote workers for video calling and
increased purchase of AI-enabled headphones by millennials and Gen Z.
* Based on the application, the consumer electronics segment accounted for
the largest revenue share of over 30.0% in 2021 owing to the increasing
globalization and the rapid development of technology. In November 2021,
Fire Boltt launched its AI smartwatch in India at an affordable rate. The
smartwatch offers features such as Bluetooth calling and a SpO2 monitor.
* The healthcare application segment is expected to register the fastest
growth rate of 30.8% from 2022 to 2030. The segment is driven primarily by
growing customer concerns over fitness and health. It is anticipated that
the use of fitness trackers and smartwatches would increase as obesity and
other heart problems become more prevalent around the globe.
* The on-device AI operations segment dominated the market with a share of
over 55.0% in 2021 and is expected to witness the fastest CAGR over the
forecast period. The growth can be attributed to the growing requirement
for fast computing and less dependency on cloud-based AI for critical
operations.
* Based on component, sensors dominated the market in 2021 with a share of
over 50.0%. The sensors are gaining prominence due to the rising number of
health and fitness monitoring applications globally.
* North America dominated the market in terms of revenue share of over 37.0%
in 2021 pertaining to the factors such as rising demand for contactless
payments using wearables, the advent of IoT, expansion of operations in
the healthcare industry and the introduction of wireless technology.
* Some of the key players operating in the market are Amazon.com, Inc.;
Fitbit, Inc.; Garmin Ltd.; Google, Inc.; Huawei Technologies Co. Ltd.;
IBM; TomTom International B.V.; among others.
Read full market research report for more Insights, " Wearable AI Market Size,
Share & Trends Analysis Report By Type (Smartwatches, Smart Eyewear, Smart
Earwear), By Application, By Operations, By Component, By Region, And Segment
Forecasts, 2022 - 2030 ", published by Grand View Research.
Wearable AI Market Growth & Trends
Wearable AI devices are electronic products with advanced technologies
incorporated with artificial intelligence with the ability to execute
intelligent operations that are manufactured to be worn on the user's body.
The COVID-19 pandemic had a moderate impact on the market for wearable AI. The
lockdown imposed in various countries had a negative impact on the supply
chain and therefore the availability of products to the consumers.
Additionally, the pandemic had a positive impact on the medical AI wearable
segment.
The wearable technologies assisted in the COVID-19 pandemic and numerous
wearable manufacturers started modifying their products to help with the early
detection of COVID-19. Algorithms for measuring coughing and other respiratory
activities were developed. This enabled less affected individuals to be
monitored remotely, which eased the burden on hospitals. Many companies in the
market focused on high investment in R&D for incorporating technologies in the
wearables to track COVID-19. For instance, Masimo SafetyNet, a disposable
fingertip attachment worn on a wearable bracelet, helped in tracking a
patient's blood oxygen levels, breathing rate, and pulse both inside and
outside of a hospital setting.
Wearable AI Market Segmentation
Grand View Research has segmented the global wearable AI market based on type,
application, operations, component, and region:
Wearable AI Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
* Smartwatches
* Smart Eyewear
* Smart Earwear
* Others
Wearable AI Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
* Consumer Electronics
* Healthcare
* Automotive
* Military & Defense
* Media & Entertainment
* Others
Wearable AI Market - Operations Outlook (Revenue, USD Million, 2017 - 2030)
* On-device AI
* Cloud-based AI
Wearable AI Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
* Processor
* Connectivity IC
* Sensors
Wearable AI Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
* North America
* U.S.
* Canada
* Europe
* U.K.
* Germany
* France
* Italy
* Spain
* Russia
* Asia Pacific
* China
* Japan
* India
* Australia
* South Korea
* Singapore
* Latin America
* Brazil
* Mexico
* Argentina
* Middle East & Africa
* South Africa
* Saudi Arabia
* UAE
List of Key Players of Wearable AI Market
* Amazon.com, Inc.
* Fitbit, Inc.
* Garmin Ltd.
* Google, Inc.
* Huawei Technologies Co. Ltd.
* IBM
* Motorola Solutions, Inc.
* TomTom International B.V.
* Apple, Inc.
* Samsung Electronics Co. Ltd.
* Sony Corporation
Check out more related studies published by Grand View Research:
* Artificial Intelligence In Healthcare Market - The global artificial
intelligence in healthcare market size is expected to reach USD 208.2
billion by 2030, according to a new report by Grand View Research, Inc.
The market is expected to expand at a CAGR of 38.4% from 2022 to 2030. The
growing demand for personalized medicine, rising demand for value-based
care, growing datasets of patient health-related digital information,
advancements in healthcare IT infrastructure, penetration of smartphones,
improved internet connectivity, and shortage of care providers is
propelling the growth of the market over the forthcoming years.
* AI-based Surgical Robots Market - The global AI-based surgical robots
market size is expected to reach USD 25.2 billion by 2030, registering a
CAGR of 18.5% during the forecast period, according to a new report
published by Grand View Research, Inc. Robot-assisted surgery allows
physicians to perform several types of complex surgical procedures with
more flexibility, fewer risks, and with a faster recovery time.
* AI-based Clinical Trial Solutions For Patient Matching Market - The global
AI-based clinical trial solutions for patient matching market size is
expected to reach USD 1.9 billion by 2030, registering a compound annual
growth rate (CAGR) of 26.7% during the forecast period, according to a new
report by Grand View Research, Inc. The major factors attributing the
industry growth are the increasing worldwide incidences of chronic
diseases, rising investment in the expansion of the healthcare sector, and
the introduction of new technologies.
Browse through Grand View Research's Healthcare IT Industry Research
Reports.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company,
provides syndicated as well as customized research reports and consulting
services. Registered in California and headquartered in San Francisco, the
company comprises over 425 analysts and consultants, adding more than 1200
market research reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries worldwide. With
the help of an interactive market intelligence platform, Grand View Research
Helps Fortune 500 companies and renowned academic institutes understand the
global and regional business environment and gauge the opportunities that lie
ahead.
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