The global wearable AI market is anticipated to garner USD 230 billion by 2033. It will rise at an impressive 27.6% CAGR from 2023 to 2033, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider.
AI in wearable devices helps to improve the system’s functionality and performance by delivering real-time data and statistics, enhancing the decision-making process, monitoring, and communicating with users. The internet of things (IoT) enables machine-to-machine communication and cloud platform connectivity, allowing the usage of artificial intelligence in wearable devices.
Wearable AI includes intelligent devices such as smartwatches, smart earphones, smart eyeglasses, and others. Leading players such as Samsung, Apple, Sony, and others are using various techniques to develop and improve technology, increasing the demand for wearable AI.
The global wearable AI market is growing at a rapid pace due to the increasing proliferation of advanced technologies such as AI and 5G smartphone penetration. The rapid rise of the smartphone market has accelerated the development of Android and IoT-enabled and user-friendly wearable device applications.
Additional factors driving market expansion include rapid urbanization and rising disposable income in emerging nations, which will shape the future of wearable technology. Moreover, increasing concerns about various chronic diseases are pushing the use of wearable gadgets such as fitness trackers, body monitors, smartwatches, and others, which provides real-time information on overall health problems as well as multimodal sentiment analysis.
North America is dominating the global wearable AI market due to the increasing adoption of novel technology and the existence of key smartwatch manufacturing businesses in the region. Furthermore, rising demand for smartwatches in developed countries like the United States is driving market expansion.
Key Takeaways from Market Study
- The global wearable AI market amounted to US$ 20 billion in 2023.
- North America captured 39% share of the global market in 2022.
- Smartwatches held 29% share of the worldwide market in 2022.
Winning Strategy
Key market players are focusing on collaborations to introduce new products and expand their market presence.
- Fitbit Health Solutions and Google released the Device Connect for Fitbit solution in September 2022, with the goal of providing healthcare organizations with a more comprehensive view of patients outside of clinical settings by utilizing data from wearable devices.
- Fitbit and LifeScan, a global pioneer in blood glucose monitoring, collaborated in August 2021 to provide people with diabetes with a comprehensive picture by offering insights into daily nutrition, activity, and sleep. The OneTouch Reveal app from LifeScan employs a cloud-based digital ecosystem to give a powerful combination of technology, data, and insights for enhanced diabetes management, as well as the capacity to connect patients to healthcare providers. People will receive a Fitbit Premium and Fitbit Inspire 2, which includes hundreds of workouts, guided programs, a wellness report, mindfulness material, and more tailored insights in the Fitbit health metrics dashboard as a result of this collaboration.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global wearable AI market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
Further, the study divulges essential insights on the market based on product (smartwatches, ear wear, eye wear, others), operation (on-device AI, cloud-based AI), component (processors, connectivity ICs, sensors), and application (consumer electronics, healthcare, automotive, military & defense, media & entertainment, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
These insights are based on a report on Wearable AI Market by Fact.MR.
