Global Wearable Artificial Intelligence (AI) Market 2023-2030

Global Wearable Artificial Intelligence (AI) Market 2023-2030

Global Wearable AI Market Size, Share & Trends Analysis Report by Product (Smart Watch, Ear Wear, Eye Wear, and Others), by Component (Display Processor, Power Management, Connectivity IC Memory/Storage, and Sensors UI), by Operation (On-Device AI, and Cloud-Based AI), and by Application (Consumer Electronics, Enterprise & Industrial Healthcare, and Others) Forecast Period (2023-2030)

The global wearable AI market is anticipated to grow at a CAGR of 29.8% during the forecast period (2023-2030). The market's growth is driven by the increasing global awareness of fitness monitoring. People worldwide are becoming more interested in tracking various fitness metrics like steps taken, distance covered, calories burned, and workout modes as they strive to improve their fitness levels. Consequently, industry players are introducing new products to meet the demand for advanced devices like the Smart Vital Ultra and GOQii Stream. For instance, in August 2022, GOQii, launched the Smart Vital Ultra and GOQii Stream devices aimed at encouraging young adults and youth to pursue active and healthy lifestyles. Smart Vital Ultra is a device that features a large, high resolution screen. It is capable of monitoring blood oxygen saturation levels (SpO2), heart rate, sleep patterns, steps, distance, calories burnt, and active time. It additionally supports 18 different exercise modes, including indoor, outdoor, and water sports.

Segmental Outlook

The global wearable AI market is segmented on the product, component, operation, and application. Based on the product, the market is sub-segmented into smart watch, ear wear, eye wear, and others. Based on the component, the market is sub-segmented into display processor, power management, connectivity IC memory/storage, and sensors UI. Based on the application, the market is sub-segmented into on-device, and cloud-based. Furthermore, on the basis of application, the market is sub-segmented into consumer electronics, enterprise & industrial healthcare, and others. Among the application, the consumer electronics sub-segment is anticipated to hold a considerable share of the market owing to the growing demand for consumer wearable electronic devices used for fitness tracking, sports, entertainment, and multimedia. Wearable technology used to keep track of regular activities and health goals. For instance, in February 2022, Noise launched a new smartwatch Noise Colorfit. The watch includes AI voice assistance, Bluetooth calling, a heart rate monitor, an oxygen level sensor, and other essential health monitoring functions.

The Smart Watch Sub-Segment is Anticipated to Hold a Considerable Share of the Global Wearable AI Market

Among the product, the smart watch sub-segment is expected to hold a considerable share of the global wearable AI market. The growth of this segment can be attributed to the increasing accessibility and convenience of smartwatches. Smartwatches like the Maxima Pro Turbo 2 now offer features such as Bluetooth calling, making it easier for customers to stay connected without having to take out their smartphones. This enhanced connectivity is a significant motivator for consumers. As a result, market players are introducing new products to meet the demand for AI-powered smartwatches. For instance, in June 2023, Maxima launched the AI-powered Maxima Pro Turbo 2 smartwatch. It has an active rotating crown for navigating through menus and functions, a 1.96-inch Ultra HD display, and an ultra-premium metallic design. Additionally, it has one-tap Bluetooth calling, that allows users to place and receive calls.

Regional Outlook

The global wearable AI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing acceptance of new technologies in commercial and industrial applications.

The North America Region is Expected to Grow at a Significant CAGR in the Global Wearable AI Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. The growth of wearable technology in various regions can be attributed to the incorporation of advanced sensors into these devices. Innovations in sensor technology have significantly improved the accuracy of health data collected by wearables. These sensors are now capable of monitoring a wide range of physiological parameters, enhancing the ability to detect diseases early. Consequently, market players are adopting new strategies, such as disease detection. For instance, in May 2023, the US Department of Defense (DoD) developed a wearable device designed to detect diseases six days prior symptoms appear. The Defense Innovation Unit (DIU) created an AI system in collaboration with the corporate sector that was extremely effective at detecting illnesses during the COVID-19 pandemic.

Market Players Outlook

The major companies serving the wearable AI market include Amazon.com, Inc., Fitbit LLC, Garmin Ltd., Google, GOQii. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2022, IBM signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS), with desires to offer a wide range of its software catalog as Software-as-a-Service (SaaS) on AWS.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global wearable AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.