The wearable artificial intelligence (AI) is an advanced technology being used over a wearable device that is inserted beneath the skin in order to administer, track and record data for an individual. These wearable devices are also used over a medication application. The wearable AI consists of the intelligent devices such as smart watches, smart earwears, smart eyewear, smart gloves, and many others. The wearable AI devices also finds applications used over consumer electronics, healthcare, automotive, military & defense, media & entertainment, and many others.
According to study, “Wearable AI Market by Type (Smart Watch, Smart Glasses, Smart Earwear, Smart Glove, and Others), and Application (Consumer Electronics, Healthcare, Automotive, Military and Defense, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global wearable AI market are Amazon.com, Inc., Garmin Ltd., Fitbit, Inc., Google Inc., International Business Management Corporation (IBM), Huawei Technologies Co. Ltd., Motorola Mobility LLC, Samsung Electronics Co. Ltd., TomTom International B.V., and Sony Corporation. Some of the key manufacturers are collaborating with each other in order to produce new product to boost the growth of Wearable AI market. These key players are further focusing on the emerging economies for their investment pockets in order to expand their geographical outreach worldwide.
Based on wearable AI market analysis, market is segmented as type, application, and region. Based on type, market is segmented as smart watch, smart earwear, smart glasses, smart gloves, and others. Based on component, market is segmented as processor, display, connectivity IC, sensors, power management, memory or storage, UI and others. Based on operation, market is segmented as cloud based AI and on-device AI. In addition, based on application, market is segmented as consumer electronics, healthcare, media & entertainment, automotive, military & defense, and others. The consumer electronics segment holds major share in market owing to rise in adoption of wearable gadgets and devices round the world.
The wearable AI market is driven by growth in adoption of AI assistants, followed by rise in advancement of IoT, increase in penetration of AI in the healthcare industry, augmentation of operations in healthcare industry, growth prospects of wearable component technology and integration of wireless technology in wearable electronics. However, short life of smart wearables may impact the market. Moreover, growth in advancement in personal computing and AI assistance for animal are anticipated to create opportunities for the growth of the market.
Based on geography, the Asian-Pacific region holds major share in wearable AI market owing to an enormous utilization of smart wearable instruments in countries such as China and India. Whereas, the European and North-American regions are estimated to witness higher growth rate due to increase in the disposable income coupled with change in consumer spending patterns over the forecast period. In upcoming years, it is predicted that future of the global wearable AI market will be bright as a result of rise in adoption of VR/AR based head-mounted device in several verticals during the forecast period.
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Ankur Gupta, Head Marketing & Communications