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  • 19-Dec-2020

Meticulous Research® –market research company is studying market titled Wearable AI Devices Market by Product Type (Smart Watch, Ear Wear, Eye Wear, Others), End-use Industry (Consumer Electronics, Healthcare, Enterprise, Gaming, Others), Components (Controllers, Sensors, Actuators, Networking, Others), Learning (Symbolic Learning, Deep Learning, Natural Language Programing, Others), Mode of Connectivity (Cellular, NFC, Bluetooth, Wi-Fi, Wi-Fi+Bluetooth, ANT+, GPS, Others), and Region - Global Forecast to 2024’’.

AI assistants is an application program that understand natural language voice commands and complete tasks for the user. It has the ability to access information from variety of online sources such as weather condition, traffic congestion, news, stock prices, user schedules, and retail prices. Many CEOs and business executives need AI assistants in order to assist them in various daily essential chores. The chores may include different responsibilities such as dealing with correspondence, replying to an email, managing diaries, scheduling appointments, organizing meeting, and booking events. In addition, business executives and owner need to be aware of specific information such as direction, retail prices, weather condition, traffic news of specific locations, and another kind of information that impact their businesses to make informed decisions. Customer also needs AI assistants to answer their queries and to help them with various basic tasks and company information such as product availability, time required to receive their order, and more. Some of the most famous AI assistants are Apple’s Siri, Amazon’s Alexa, Google’s Assistant, and Microsoft’s Cortana, which are delivered with these companies’ operating systems and mobile platforms.

In recent years, the consumer electronics industry has made a huge investment in wearable technology. Companies are producing many different wearable devices: fitness trackers, smartwatches, ear wear, eyewear, connected headsets, smart glasses, wrist bands, etc. Despite wearable’s not being new, the development of mobile technologies and the quantified-self movement related to fitness and sports activities have led to their explosion. Among the wide variety of wearable devices, wrist wearable’s such as smart watches and wrist bands seem to have become mainstream. According to the MDPI Journal Sensors, in 2019, 100 million wrist wearables will be sold, while all the other wearable devices together will achieve sale of just 7.3 million units. Thereby, increase in demand for AI assistants provides significant growth opportunity for wearable AI devices market, which is expected to grow with a CAGR of more than 30% in coming years.

The wearable AI devices market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2024 - by product, connectivity, operation, and application. The study also evaluates industry competitors and analyzes the market at regional and country level.

On the basis of product, the wearable AI devices market is segmented into smartwatch, ear wear, eyewear, and other body wear. Smartwatch segment accounted for the largest share in 2018. The large share of this segment is attributed to the simplicity of wear and convenient use of a large number of functionalities on a single touch and provide sensor data like heart rate monitoring and sleep tracking.

On the basis of application, the wearable AI devices market is segmented into consumer electronics, healthcare, enterprise and industrial, gaming, and others. Consumer electronics segment accounted for the largest share in 2018. The large share of this segment is attributed to rising usage of smart wearable devices by consumers to improve their lifestyle. However, enterprise and industrial segment is expected to witness rapid growth during the forecast period, as smart wearable devices are used across various industrial set-ups to enable employees to communicate and collaborate effectively across remote locations.

Asia-Pacific: Fastest Growing Regional Market

North America commanded the largest share of the global wearable AI devices market in 2018, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to the rising population, increasing adoption of new technologies in industrial and enterprise applications, growing per capita income in Asian countries, and rising concern for proper health.

Key Players in the Wearable AI Devices Market

The report includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). For instance, in June 2018, Apple Inc., launched the updated version of Apple watch using watchOS5 as a software, which includes more features like auto-detection of workout, Wi-Fi, and cellular connectivity.

The major players operating in the wearable AI devices market are Apple Inc. (U.S.), Amazon.Com Inc. (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Sony Corporation (Japan), Garmin Ltd. (U.S.), Oracle Corporation (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), Fitbit, Inc. (U.S.), Bragi GmbH (Germany), Motive Mechatronics Inc. (U.S.), Moov Inc. (U.S.), Focus Ventures, Inc. (Philippines), BioBeats Inc. (U.K.), and IBM Corporation (U.S.).

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