Wearable AI Market By Type (Smartwatch, Smart eyewear, Smart earwear, Others) , By Operation (On-device AI, Cloud-based AI) By Application (Consumer electronics, Healthcare, Automotive, Military and Defense, Media and entertainment, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Wearable AI Market
The wearable AI market was valued at $38.1 billion in 2023 and is projected to reach $200.8 billion by 2032, growing at a CAGR of 20.5% from 2024 to 2032.
Wearable AI involves the assimilation of artificial intelligence with the wearable devices available for humans. This technology exceeds the landscape of smartwatches & fitness trackers and involves devices designed to track, analyze, and generate responses according to the surroundings & personal data of the wearer. For instance, wearable AI technology is capable of analyzing traffic in real-time and suggesting shorter routes to the users. The major attributes of wearable AI include personalized experiences, risk management, and data-driven decision making.
Increase in awareness pertaining to health, along with the real-time fitness monitoring attribute of the technology is a major driver of the wearable AI market. Personalized recommendations by the technology encourage users to watch over their health, which is boosting the adoption of wearable AI devices. An innovative trend in the market poised for noteworthy traction in the future is the development of energy-harvesting wearables. These AI-powered wearable devices convert the energy generated through body movement or in the form of heat into usable electrical energy. The adoption of these devices is anticipated to boost in the future due to their sustainable attribute.
However, the assessment provided by the wearable AI technology is based on the analysis of the data it collects. In the case of analysis of incorrect data, the predictions are expected to be incorrect and hazardous, risking the lives of users. Furthermore, the high expense associated with R&D and development of wearable AI leads to surge in its sale value, which limits the growth of the market to highly developed countries. On the contrary, investments by government agencies for the development of innovative AI-powered devices is expected to present lucrative opportunities for market expansion. For instance, the Medicines and Healthcare products Regulatory Agency & the Department of Health and Social Care in the UK invested approximately $12.5 million in March 2024 for the advancement of AI & medical equipment.
Segment ReviewThe wearable AI market is segmented into type, operation, application, and region. On the basis of type, the market is divided into smartwatch, smart eyewear, smart earwear, and others. Depending on operation, it is bifurcated into on-device AI and cloud-based AI. As per application, it is classified into consumer electronics, healthcare, automotive, military & defense, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the smartwatch segment dominated the market in 2023.
Depending on operation, the on-device AI segment acquired a high stake in the market in 2023.
As per application, the consumer electronics segment was the highest shareholder in 2023.
Region wise, North America is projected to be the highest revenue generator by 2032.
Competition AnalysisThe leading players operating in the global wearable AI market include TOMTOM INTERNATIONAL B.V, Amazon.com, Inc, Motorola Mobility LLC, SAMSUNG ELECTRONICS CO. LTD, Garmin Ltd, International Business Machines Corporation, Fitbit, Inc., Google Inc., Huawei Technologies Co. Ltd., and Sony Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeSmartwatch
Smart eyewear
Smart earwear
Others
By OperationOn-device AI
Cloud-based AI
By ApplicationConsumer electronics
Healthcare
Automotive
Military and Defense
Media and entertainment
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
TOMTOM INTERNATIONAL B.V
Amazon.com, Inc
Motorola Mobility LLC
SAMSUNG ELECTRONICS CO. LTD
Garmin Ltd
International Business Machines Corporation
Fitbit, Inc.
Google Inc.
Huawei Technologies Co. Ltd.
Sony Corporation