Global Wearable AI Market Grows Tremendously at a CAGR of 26.3%

Introduction

AI in wearable devices enhances the system's functionality and performance by supplying real-time data and statistics, augmenting the decision-making process, monitoring, and interacting with users. The Internet of Things (IoT) enables machine-to-machine communication and connectivity to a cloud platform, allowing peripheral devices to utilize artificial intelligence.

Wearable AI can monitor and analyze a user's speech patterns, heartbeats, and mood to detect danger signals. AI technology augments the capabilities of existing wearable accouterments by adding features such as machine learning, analytics, and enhanced real-time aural and visual feedback, among others. Modern wearable technology has various applications, including Bluetooth headsets, VR headsets, AI smart wearable glasses, fitness trackers such as smartwatches, and fitness jewelry.

Market Dynamics

Advancement of IoT and Integration of Wireless Technology Drives the Global Market

The primary goal of IoT and AI is wireless connectivity coupled with intelligent operation control. The development of these technologies and the miniaturization of computational devices facilitate the incorporation of AI into these wireless peripheral devices. The hearable or wireless in-ear computational earpiece is an example of a device that has recently and rapidly acquired a popularity for boosting intelligence. Apple's AirPods are an example of intelligent earphones that connect to Apple devices and function with Siri via voice commands. Moreover, Apple has applied for a patent for earphones equipped with biometric sensors that monitor the user's heart rate, temperature, and movement.

Similarly, Google's Pixel Buds provide users with direct access to Google Assistant and its formidable knowledge graph. Google Assistant also provides users with highly personalized recommendations, assists in automating personal communication, and relieves users of monotonous duties, such as setting timers, managing lists, and controlling IoT devices. Thus, the development of IoT and the incorporation of wireless technology are anticipated to stimulate market expansion.

Advancement in Personal Computing Creates Tremendous Opportunities

Personal computing has advanced over time as a result of technological developments. Executives have a tremendous opportunity to benefit from intelligence-enhancing technologies. Each new device reduces the information divide between individuals and organizations and provides a new platform for businesses to develop tools for connecting with customers, employees, and business partners. In addition, business leaders and stakeholders have begun to plan for an update of their computing systems that would include intelligent interactions between the nodes and servers, as intelligence-enhancing devices are anticipated to be the primary means by which humans interact with the world. Consequently, the above factors will continue contributing to the market's growth opportunities over the forecast period.

Regional Analysis

North America is the most significant global wearable AI market shareholder and is anticipated to exhibit a CAGR of 22.6% over the forecast period. North America is regarded as amongst the world's most developed regions. The advancement of these nations from automation to autonomous technologies has increased the demand for wearable AI devices. Due to their high disposable income, people can purchase wearable devices such as smart watches, smart wearables, and other similar devices. In addition, the prevalence of wearable AI accessories, such as gloves, headgear, and gaming accessories, has resulted from the prominence of video games among youth. The development of healthcare has also increased the demand for ubiquitous AI devices that monitor patients' health continuously. Furthermore, the United States is the dominant market due to the highest industrial revolution 4.0 penetration. The industrial use of IoT and AI has increased the demand for ubiquitous AI technology. Smart peripheral technologies support industrial operations. In addition to being profitable, developing AI and machine learning will support the local ubiquitous AI market.

Europe is estimated to exhibit a CAGR of 24.9% over the forecast period. The industrial sector supports the European economy. The demand for AI devices has been driven by the industrial adoption of wearable AI for applications such as connected workers, remote management, safety, and security. The region contains technologically sophisticated nations, most developed and developing. Consequently, technological advancement is one of the primary factors influencing the adoption of pervasive AI technology. In addition, Germany is a developed nation with significant automotive, pharmaceutical, metal, coal, shipbuilding, and textile industries. German industries have adopted AI-assisted autonomous devices over time. Consequently, the region requires ubiquitous AI for various automotive applications, particularly augmented and predictive modeling. For instance, the embedded camera in Epson's Moverio BT-350 Smart Glasses enables the spectacles to overlay digital information related to the wearer's vision. It has applications in construction and design because it can augment the design and construction process, providing a virtual image of the model that must be built.

Key Highlights

• The global wearable AI market was valued at USD 27,067.75 million in 2022. It is estimated to reach USD 221,351.41 million by 2031, growing at a CAGR of 26.3% during the forecast period (2023–2031).
• Based on type, the global wearable AI market is bifurcated into smart watches, smart glasses, smart earwear, smart gloves, and others. The smart glasses segment dominates the global market and is expected to grow at a CAGR of 24.5% over the forecast period.
• Based on application, the global wearable AI market is segmented into consumer electronics, healthcare, automotive, military and defense, media and entertainment, and others. The consumer electronics segment owns the highest market share and is estimated to exhibit a CAGR of 23.9% during the forecast period.
• North America is the most significant global wearable AI market shareholder and is anticipated to exhibit a CAGR of 22.6% over the forecast period.

Competitive Players

Competitive Players

The key global wearable AI market players are Amazon.com, Inc., Fitbit, Inc., Garmin Ltd., Google Inc., Huawei Technologies Co. Ltd., International Business Management Corporation (IBM), Motorola Mobility LLC, TomTom International B.V., Samsung Electronics Co. Ltd., and Sony Corporation.

Recent Developments

Market News

• In March 2023, Apollo Neuroscience announced the arrival of Apollo LabsTM, the first wearable technology powered by artificial intelligence that responds to changes in your body instead of simply monitoring them.  The ApolloTM wearable emits low-frequency sound waves, felt as scarcely perceptible, calming vibrations known as Apollo VibesTM, that restore balance to the nervous system, enhancing cardiovascular metrics and sleep and decreasing feelings of stress and anxiety.
• In May 2023, Zepp Health Corporation, a world leader in smart wearables and health technology, announced the development of new generative AI-powered intelligent features and solutions that will continue to empower individuals throughout their fitness and wellness journeys.

Segmentation

Global Wearable AI Market: Segmentation

By Type

• Smart Watch
• Smart Glasses
• Smart Earwear
• Smart Gloves
• Others

By Applications

• Consumer Electronics
• Healthcare
• Automotive
• Military and Defense
• Media and Entertainment
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA