Wearable AI Market is Expected to Reach US$ 230 Billion by 2033

Rockville, United States, 2023-Jul-27— /EPR Network/ —

The global wearable AI market is valued at US$ 20 billion in 2023 and is anticipated to jump to US$ 230 billion by 2033, surging ahead at a CAGR of 27.6% during the forecast period (2023 to 2033).

Wearable AI refers to artificial intelligence-enabled gadgets that are worn on the human body. The fundamental function of these wearable AI gadgets is to collect and analyze various health-related data. AI technology enhances current wearable device capabilities by incorporating features such as machine learning, analytics, and more real-time actionable visual and audio feedback.

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Key Takeaways from Market Study

• The global wearable AI market amounted to US$ 20 billion in 2023.
• Worldwide demand for wearable AI devices is estimated to expand at a CAGR of 27.6% during the forecast period.
• The global market is forecasted to touch US$ 230 billion by 2033.
• North America captured 39% share of the global market in 2022.
• Smartwatches held 29% share of the worldwide market in 2022.

Competitive landscape:

Key players in the wearable AI market are focusing on partnerships, investments, acquisitions, and new developments to widen and maintain their overseas footprint. Moreover, several start-ups are working on offering innovative products to obtain market share.

• Silvertree, an Indian-based start-up, is working on creating attractive wearables for the elderly and vulnerable people, equipped with GPS monitoring, “fall detection” that notifies a safety team, and a month-long battery.
• Apple released the Apple Smart Watch Series 8 in September 2022. The Apple Watch Series 8 has temperature sensing for insights into women’s health, vehicle collision detection, and sleep stages to understand sleep habits better.
• Google and Samsung Electronics joined forces in May 2022 to create a single Wear OS platform that links Android devices smoothly. The platform involves Google Play, which allows users access to some of Google’s most popular apps and services, including Google Pay, Google Maps, and YouTube Music. This allows Galaxy Watch4 users to download Google Assistant2 on their devices, giving them access to faster, more natural voice interactions, rapid responses to questions, and on-the-go assistance.

Prominent Players of the Wearable AI Industry

• Amazon
• Biobeats
• Apple
• Atlas
• Fitbit
• Bragi
• Focusmotion
• Garmin
• Huawei
• Google

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.

Key Segments of Wearable AI Industry Research:

·         By Product :

• Smartwatches
• Ear Wear
• Eye Wear
• Others

·         By Operation :

• On-device AI
• Cloud-based AI

·         By Component :

• Processors
• Connectivity ICs
• Sensors

·         By Application :

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

·         By Region :

• North America
• Latin America
• Europe
• Asia Pacific & China
• Middle East & Africa

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Questionnaire answered in the Market outlook Report of Wearable AI include:

• What is the key strategy deployed by large players to maximize Wearable AI Market growth?
• What are the main challenges faced by players in the Wearable AI market Demand?
• With the advent of technological advancement, how will the Wearable AI market landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Wearable AI market size?

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