To improve the website's functionality, we use cookies, including third-party cookies. Read our Privacy Policy for more information
I AgreeAnalysis of Wearable AI Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
The COVID-19 outbreak initially had a major impact on the global market. Several manufacturers and retailers suffered losses as a result of the lockdown enacted by various governments. Nonetheless, the demand for wearable AI devices grew gradually due to rising telemedicine demand.
Due to the social distancing norm, medical practitioners moved to telemedicine, which enabled them to treat patients virtually without risking viral spread. Furthermore, researchers examined data from AI devices to monitor patients with coronavirus symptoms.
Moreover, various wearable manufacturers began upgrading their products to aid in the early diagnosis of COVID-19. Algorithms for measuring respiratory activities were developed. This allowed fewer affected persons to be monitored remotely, reducing the strain on hospitals. Numerous market players invested heavily in R&D to include COVID-19 tracking technology in wearables.
Smart devices such as smartwatches, smart earwear, smart eyewear, and others are in high demand for a variety of applications. E-payments via wearables are a new market trend.
Furthermore, numerous market participants are focusing on gen Z and launching advanced AI-enabled wearable products.
According to Fact.MR, a market research and competitive intelligence provider, such factors are predicted to raise the global demand for wearable AI devices substantially over the next ten years.
Report Attributes |
Details |
Wearable AI Market Size in 2023 |
US$ 20 Billion |
Projected Market Value (2033) |
US$ 230 Billion |
Global Market Growth Rate (2023 to 2033) |
27.6% CAGR |
North America Market Share (2022) |
39% |
Smartwatches Segment Market Share (2022) |
29% |
Key Companies Profiled |
|
Don't Need a Global Report?
Save 40% on Country & Region specific reports
“Rising Demand for AI Assistants”
Intelligent virtual assistants handle large amounts of data, facilitate successful communication, and perform intelligent activities such as speech recognition, visual perception, and decision-making that would otherwise necessitate human intelligence and involvement.
Additionally, virtual assistants can create an emotional association that is specifically tailored to a customer's decision-making process. Furthermore, virtual assistants can create meaningful online interactions as a substitute for human support, increasing customer engagement and satisfaction. Virtual assistants are also being used in the wellness and sports industries. AI-powered wearables collect a large quantity of data to learn from the behavioral patterns of athletes and users based on specific physiological indicators.
“Substantial Investments in AI Technology”
Organizations are extensively investing in the development and advancement of AI technology.
Furthermore, firms are partnering, investing in other companies, and absorbing businesses to improve technologies and produce more sophisticated AI-based wearable gadgets.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
“Shorter Life Cycle of Smart Wearables”
The consumer electronics industry is a continually changing marketplace. As new technologies emerge, items using older technologies lose value. Companies struggle to keep pace with technological breakthroughs since technology evolves when engineers create a prototype.
New technologies are being created at a quick rate and are being incorporated into numerous goods to provide extra capabilities. Customers prefer more feature-rich, technologically advanced products. To keep up with the rapid growth of the wearable technology sector, businesses must adopt new technologies and shorten design and production cycles.
“High Usage of Smartwatches in the Country”
This high market share is mainly due to the early acceptance of this technology, the rising popularity of wearable devices, the growing demand for innovative consumer electronics, and rising investment in AI technology. The United States is contributing majorly to the regional market due to the increasing adoption of smartwatches in the country.
Moreover, the rising incidence of obesity and diabetes, as well as increasing awareness and a shift in the population's lifestyle toward a healthy and fit lifestyle, are driving market expansion in the United States.
“Strong Investments in Advancement of AI Technology”
The Asia Pacific market is growing at a tremendous pace. Asia Pacific has densely populated countries, which raises consumer electronics usage. Moreover, the middle class in emerging economies in Asia Pacific has grown significantly over the previous decade.
As a result, the consumer spending pattern has shifted significantly toward consumer electronics. This pushes smart device producers to capitalize on changing lifestyles and rising customer spending trends in emerging markets.
South Korea and Japan are important markets in Asia Pacific. Numerous companies in South Korea and Japan are heavily investing in the advancement of AI technology. Major technology companies such as Sony are keen on developing advanced wearable AI gadgets.
Furthermore, manufacturers of wearable devices in these countries are constantly improving and innovating wearable devices to get a competitive advantage and boost their growth.
“High Demand for Smart Earwear”
Demand for smart wearables is skyrocketing in Europe due to growing awareness among people regarding fitness, the availability of high-speed internet, and technological improvements.
Germany is seeing a surge in demand for smart earwear due to remote employees upgrading their headphones for video calling and gen Z and millennials purchasing AI-enabled headphones. As a result, many German players are concentrating on offering innovative smart earwear to gain market share.
“Increasing Health Awareness and Disposable Income”
This is due to growing health awareness and disposable income. Smartwatches offer real-time health status assessment as well as multimodal sentiment analysis. Newly designed smartwatches are outfitted with certain distinctive, sophisticated capabilities that aid in the monitoring of health-related disorders as well as making the diagnosis procedure more effective and comfortable for both healthcare providers and patients.
Furthermore, the increasing penetration of smartphones is boosting the use of smartwatches. Such factors are raising the usage of smartwatches.
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.
- Premium Report Details -
- Let's Connect -
- Quick Contact -
- Get Started -
Get insights that lead to new growth opportunities
Buy NowGet A Special pricing for start-ups and universities
Enquiry Before Buying- Humble, Yet Honored -
- Related Reports -
The global wearable AI market stands at US$ 20 billion in 2023.
Global demand for wearable AI devices is predicted to surge at a CAGR of 27.6% from 2023 to 2033.
The market for wearable AI is expected to reach US$ 230 billion by 2033.
North America accounted for 39% share of the global market in 2022.
Amazon, Biobeats, Apple, Atlas, Fitbit, Bragi, Focusmotion, Garmin, Huawei, and Google are leading players in the global market.