PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1451941
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1451941
The wearable AI market is projected to grow from USD 62.7 billion in 2024 and is estimated to reach USD 138.5 billion by 2029; it is expected to grow at a CAGR of 17.2% from 2024 to 2029.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Product, Operation, Application and Region |
Regions covered | North America, Europe, APAC, RoW |
Increasing applications of wearable AI devices in healthcare sector, integration of wearable AI devices with Augmented Reality (AR) and Virtual Reality (VR) technologies, and increasing trend of remote work are the factors expected to fuel the growth of the wearable AI market.
"Smart earwear segment of the wearable AI market to witness high growth during the forecast period."
The wearable AI market's smart earwear segment is projected to be one of the fastest-growing segment over the forecast period. The high growth rate is attributed to growing need for hands-free communication, and immersive audio experiences is propelling the demand for smart earwear. AI functionalities in smart earwear enable features such as voice recognition, natural language processing, personalized audio tuning, and real-time translation. AI algorithms analyze user behavior, environmental data, and biometric signals to deliver customized experiences, optimize audio quality, and provide contextual information. Companies are focusing on technical advancements such as enhanced audio quality, improved connectivity, and advanced AI-driven features to have a competitive edge. For instance, in July 2023, Sony Corporation (Japan), introduced the Sony WF-C700N truly wireless earbuds which feature noise cancellation, IPX4 water resistance, and a 15-hour battery life. They come with noise-isolating memory foam and silicone ear tips, providing all-day comfort and exceptional sound quality.
"Cloud-based AI segment to witness significant growth for wearable AI market during the forecast period."
The cloud-based AI segment is poised for remarkable growth within the wearable AI market over the forecast period. Most wearables in the market with AI capabilities connect with the cloud to receive on-device AI features. Cloud computing makes the utilization of AI much easier. The rapid improvement in computing power of high-end CPU and GPU architectures is strengthening the trend of cloud-based AI. The growing demand for advanced, data-intensive applications in wearable devices fuels the expansion of cloud-based AI, offering scalability and computational power for complex functionalities and personalized experiences. In February 2024, Amazfit (US) launched Amazfit Active Smartwatch, which is packed with cutting-edge features, including the AI-driven Zepp Coach(TM), precise navigation through five satellite systems, and comprehensive health monitoring, The new watch is powered by Zepp Health's proprietary health management platform that delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. The development of dedicated cloud-based AI driven wearables devices fuels the market growth for the segment over the forecast period.
"North America to hold a major market share of the wearable AI market during the forecast period" North America is expected to hold a major market share for wearable AI market during the forecast period. The region has witnessed widespread adoption in gaming, healthcare, marketing, and entertainment sectors, where enhancing user experiences through immersive technologies is a priority. The demand for virtual reality (VR) and augmented reality (AR) applications has further accelerated the adoption of wearable AI technologies, creating new avenues for market expansion. The high disposable income in the region allows people to purchase wearable devices, and the growth in the trend of video games among the youth has led to the penetration of wearable AI accessories like augmented reality glasses. Companies are also emphasizing strategic acquisition across the wearable AI ecosystem to stay competitive in the market. For instance, in May 2022, Google (US) acquired Raxium (US), a startup that develops light displays used in AR hardware, for USD 1 billion. Their R&D teams are working on miniaturizing AI processors for wearables devices. Such strategic initiatives are expected to fuel the market growth over the forecast timeframe.
The report profiles key players in the wearable AI market with their respective market ranking analysis. Prominent players profiled in this report are Apple Inc. (US), SAMSUNG (South Korea), Alphabet Inc. (US), Microsoft (US), Meta (US), Lenovo (US), Garmin Ltd. (US), Amazon.com, Inc. (US), Xiaomi (China), and OPPO (China).
Apart from this, Sony Corporation (Japan), Huawei Device Co., Ltd. (China), Vuzix (US), Epson America, Inc. (US), Motorola Mobility LLC. (US), Imagine Marketing Limited (India), Magic Leap, Inc. (US), Humane Inc. (US), Motiv Inc. (US), Bragi (Germany), WHOOP (US), clim8 (UK), ProGlove (Germany), Biobeat (Israel), and Moov (US) are among a few emerging companies in the wearable AI market.
Research Coverage: This research report categorizes the wearable AI market on the basis of product, operation, application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the wearable AI market and forecasts the same till 2029. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the wearable AI ecosystem.
Key Benefits of Buying the Report The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable AI market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.