Wearable AI Devices Market Key Trends And Opportunity Areas by Leading Players

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2022
Wearable AI Devices Market Analysis, Emerging
Trends, Key Players, Future Scope
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The increasing public awareness about fitness
level and surging public focus on healthy
lifestyle, owing to the hectic work schedule and
the sedentary life of people, are propelling the
usage of wearable devices worldwide. People use
wearable devices to track vitals, such as
heartbeat, calorie intake, and calories burnt.
The real-time information displayed by these
devices helps reduce diabetes cases and encourage
people to exercise regularly. Owing to the
various benefits of artificial intelligence
(AI)-powered wearable devices, electronics
manufacturers are increasingly adopting AI
technologies in their products. Additionally,
the mounting per capita income of people will
also help the wearable AI devices market propel
at a whopping CAGR of 29.0 during 20192024.
According to PS Intelligence, the market was
valued at 11,182.8 million in 2018, and it will
generate 49,240.6 million revenue by 2024. For
instance, the World Bank states that the per
capita gross national income (GNI) of China,
Australia, and France grew from 10,390 in 2019
to 10,610 in 2020, 48,660 in 2018 to 50,540 in
2019, and 47,600 in 2018 to 50,400 in 2019,
respectively. Currently, wearable device
manufacturers are integrating AI technology in
wristwear, such as fitness bands and
smartwatches, earwear, and eyewear. In earlier
times, AI-enabled wristwear was preferred over
other wearables as they are equipped with AI
functionalities, such as heart rate monitoring,
sleep tracking, and personal voice assistance.
All the above-mentioned AI-supported wearables
consist of displays, sensors, memory devices,
processors, power management systems, and
connectivity integrated circuits (ICs). These
advanced wearable devices are used in the gaming,
healthcare, and consumer electronics industries.
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In recent years, AI-enabled wearable device
manufacturers are predominantly focusing on
partnerships to facilitate the adoption of their
products among a greater number of people. For
example, in January 2018, Xiaomi Corporation
partnered with Oculus to introduce standalone VR
headsets, such as Xiaomi Mi and Oculus GO VR
Standalone. Both these headsets use Snapdragon
mobile VR platform to meet high-processing
requirements. Companies such as Fitbit Inc.,
Google LLC, BRAGI GmbH, Apple Inc., Fossil Group
Inc., and Huawei Investment Holding Co. Ltd.,
are also entering into partnerships to lure more
customers. Globally, North America dominated the
wearable AI devices market in the recent past due
to the presence of numerous consumer electronics
manufacturers, the high per capita income of
people, and hefty investments that were made to
encourage AI integration in wearable devices in
the region. For instance, the World Bank states
that the per capita GNI of the U.S. was 66,060
in 2019. The organization also estimates that the
per capita GNI of Canada grew from 49,430 in
2018 to 49,990 in 2019. Request to Get the
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In the upcoming years, the Asia-Pacific (APAC)
region will emerge as a significant user of
AI-enabled wearable devices, owing to the surging
disposable income of people, booming population,
and increasing adoption of advanced technologies,
such as AI. For example, the Reserve Bank of
India (RBI) data reveals that the gross national
disposable income of India rose from INR
1,73,15,933 crore in financial year (FY)
20172018 to INR 1,92,37,943 crore in FY
20182019. Thus, the rising public focus on a
healthy lifestyle and escalating per capita
income of people are encouraging the usage of
wearable AI devices worldwide. More Latest
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This study covers 1. Historical and the present
size of the Wearable AI Devices Market 2. Future
potential of the market through its forecast for
the period 2020 2030 3. Historical and the
present size of the market segments and
understand their comparative future
potential 4. Potential of on-demand logistics
services, so the market players make informed
decisions on the sales of their
offerings 5. Competitive scenario of various
market segments across key countries in several
regions for uncovering market opportunities for
the stakeholders 6. Major players operating in
the market and their service offerings
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publications. However, the information in
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