Wearable AI Market worth $42.4 Billion USD by 2023, at a CAGR of 29.7%

November 15 20:51 2022
Wearable AI Market worth $42.4 Billion USD by 2023, at a CAGR of 29.7%
Wearable AI Market
Wearable AI market Research Report, identifies new revenue opportunity in wearable AI industry. The report aims at estimating the market size and future growth of the wearable AI based on offering, process, application, vertical, and region.

The report Wearable AI Market by Product (Smartwatch, Ear Wear, Eye Wear), Operation (On-Device AI, Cloud-Based AI), Component (Processor, Connectivity IC, Sensors), Application (Consumer Electronics, Enterprise, Healthcare), and Geography – Global Forecast to 2023″ The Wearable AI market is projected to grow from USD 11.5 billion in 2018 to USD 42.4 billion by 2023; it is expected to grow at a CAGR of 29.7% from 2018 to 2023. The growth of the Wearable AI market is driven by increasing demand for AI assistants, the emergence of IoT, and the integration of wireless technologies. Wearable as a service and wearables for pets and animals are creating market opportunities for Wearable AI across the globe.

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Browse 70 market data Tables and 49 Figures spread through 153 Pages and in-depth TOC on “Wearable AI Market by Product (Smartwatch, Ear Wear, Eye Wear), Operation (On-Device AI, Cloud-Based AI), Component (Processor, Connectivity IC, Sensors), Application (Consumer Electronics, Enterprise, Healthcare), and Geography – Global Forecast to 2023”

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Wearable AI Market

By product, the other body wear segment is projected to grow at the highest rate in the market during the forecast period

The market for other body wear, including smart clothes, footwear, and fitness trackers, is expected to grow at the highest CAGR during the forecast period. The increasing partnerships and collaborations for bringing AI functionalities to wearable devices ensure the growing trend of AI-enabled other body wear devices in the near future. AI-enabled smart shoes can sync with Google Maps and give instructions or notifications via vibration to one of the shoes, telling the user when and where to turn while walking.

In 2020, textiles experts at Nottingham Trent University (UK) designed shoelaces that light up and flash to improve safety at night for joggers and cyclists. The laces, created by researchers in the Advanced Textiles Research Group (ATRG) in collaboration with leading science and engineering company QinetiQ, are also intended to become a fashion accessory. These laces contain light-emitting diodes (LEDs) and are switched on or off by the wearer tapping his shoes together. As the LEDs are encapsulated in a waterproof resin, the laces are fully washable and wearable, so they can be worn and used like any other pair of laces. Along with the above collaboration, EasyJet, the British low-cost airline carrier based in London, has envisioned the future of travel with a new smart shoe. It made walking across Europe easier and less time-consuming. This is why Europe is growing at a significant pace worldwide in the Wearable AI market.

By component, sensors for Wearable AI market are stipulated to witness highest growth rate

The market for sensors is expected to grow at the highest CAGR during the forecast period. The sensor is a major connecting link between communicating data related to various parameters, such as temperature, pressure, motion, and magnetic field, and is likely to be among the essential components for wearables. Increasing advancement toward smaller, smarter, and cheaper sensors, as well as miniaturization trends in sensors and improved compatibility of sensors toward other components, are driving the demand for sensors in wearables. The advent of newer sensors further drives the market to ensure high accuracy and measurement of a more significant number of physiological parameters that would facilitate better AI integration in wearables owing to the availability of large data sets.

In Europe, Germany has more than 70 medium-sized companies that manufacture various types of sensors, the primary input component for any wearable device. STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), and Infineon Technologies (Germany) are among the major companies that offer wearable sensors in Europe.

Europe is expected to hold the second-largest share in the market by 2023

The European region is expected to hold the second-largest share of the Wearable AI market during the forecast period. Countries such as Germany, the UK, France, and Italy play a significant role in the European wearable AI market and will continue to do so in the coming years. Germany has been involved in the R&D of AI in several applications, of which wearable is one of the major focus areas. For instance, the German Research Center for Artificial Intelligence is developing the “Competence Center Wearable AI”. France holds significant opportunities for applications of wearable AI in areas such as virtual test drives, training and development, interactive product manuals, real-time alerts, and driver vital health monitoring for the automotive industry. The wearable AI market in the UK is mainly driven by technological features such as measurement reliability, appearance, and design. Europe region has witnessed many innovative start-ups in the wearable AI market space. These factors are significant contributors to the growth of the market in Europe.

Key Players in the Market

The key players operating in the wearable AI market are Apple (US), Samsung (South Korea), Google (US), Microsoft (US), and Sony (Japan), among others.

  • In May 2022, Samsung Electronics (South Korea) and Google (US) teamed up to build a unified Wear OS platform that seamlessly connects Android devices. The platform includes Google Play, which gives users access to some of the most popular apps and services from Google, including Google Maps, Google Pay, and YouTube Music. This enables Galaxy Watch4 users to download Google Assistant2 on their devices, gaining access to fast, more natural voice interactions, quick answers to questions, and on-the-go help.
  • In May 2022, Sony (Japan) launched Wena 3, a smartwatch that can be used as a regular watch; however it accepts mobile payments via Barclaycard in the UK. bPay, a wearable technology company backed by Barclaycard, offers jackets, fobs, and stickers that can be used to perform contactless payments.

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