Wearable AI Market size was valued at USD 31.13 billion in 2023 and is expected to reach USD 755.23 billion by the end of 2036, registering around 27.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of wearable ai is evaluated at USD 38.05 billion.
The growth of the market can be attributed to the increasing adoption of artificial intelligence (AI), along with growing demand for machine-learning in various industry verticals. Moreover, growing consumer enthusiasm for wearable, such as, glasses and watches, owing to their relevance in fashion trends, is anticipated to drive the market growth significantly. In fact, it was observed that over 440 million units of smart wearable devices were shipped across the world in 2021. Furthermore, the growing adoption of technologies, such as, advanced cloud computing, IoT, and machine to machine learning, are anticipated to boost the demand for AI-based devices, which, in turn, is projected to fuel the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
27.8% |
|
Base Year Market Size (2023) |
USD 31.13 billion |
|
Forecast Year Market Size (2036) |
USD 755.23 billion |
|
Regional Scope |
|
The market is segmented by end-user industry into healthcare, automotive, military and defense, media and entertainment, and others, out of which, the healthcare segment is anticipated to hold the notable share in the global wearable AI market over the forecast period on account of increasing use of AI wearable for tracking vitals and health status amongst the users.
Our in-depth analysis of the global market includes the following segments
|
By Device Type |
|
|
By Application |
|
|
By End User |
|
On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is likely to dominate majority revenue share by 2036, impelled by high adoption of AI based devices in developing nations, such as, China, and Japan.
North America Market Analysis
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher adoption of innovative technology, presence of major smart watch manufacturing companies, and higher disposable income of the masses. Moreover, increasing demand for smart watches in the developed nations, such as, United States, is estimated to boost the market growth.
July 14, 2021: TomTom International BV to join hands with Loop Mobility, Inc. to develop AI to monitor driving behavior in real time and provide suggestions for safer driving.
April 19, 2021: Fitbit LLC announced the launch of Fitbit Luxe, a fashion-forward fitness and wellness tracker, to provide the users a more holistic approach to your health and wellness, including stress management tools, and sleep tracker.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?