Dublin, Dec. 29, 2022 (GLOBE NEWSWIRE) — The “Wearables AI Market by Type, Operations, Application, Component, and by Region – Global Forecast to 2022-2033” report has been added to ResearchAndMarkets.com’s offering.
The wearables AI market size is estimated to be USD 16,998.2 million in 2022 and is expected to witness a CAGR of 29.87% during the forecast period 2023-2033. Rapid adoption of new technologies such as artificial intelligence (AI) and 5G smartphones, development of IoT, the incorporation of wireless technologies, and rising acceptance of smartwatches among millennials and Gen Z are some of the factors contributing to the market growth. Additionally, surge in e-payments by wearables is estimated to support the market growth.
Rapid adoption of new technologies such as artificial intelligence (AI) and 5G smartphones is expected to propel the market growth during the projected period. Numerous technological developments are now occurring. Adoption of 5G, biosensors, beacon technologies, smart rings, smart implants, etc. are a few of them. Additionally, a lot of device manufacturers are putting their focus on adding wellness and personal health features to wearables, including blood oxygen sensors, heart-rate monitors, Electrocardiogram monitors, and other sensors that alert of potential health problems. For instance, Fitbit provides watches with integrated thermometers that alert users of potential fever.
Surge in e-payments by wearables is predicted to fuel the market growth during the projected period. For instance, British menswear brand Lyle & Scott and credit card company Barclaycard worked together to introduce a contactless payment jacket with a chip-in cuff that permitted making contactless payments.
Sony launched the Wena 3 smartwatch in May 2022. It may be carried as a traditional watch and supports mobile payments with Barclaycard in the UK. A wearable technology company named bPay, backed by Barclaycard, sells jackets, fobs, and stickers that enable contactless transactions.
The market is categorized into smart earwear, smart watches, smart eyewear, smart glove, and others. In the global market, the smart watches segment accounted for the largest revenue share in 2022 owing to the rising consumer health consciousness. Additionally, it is anticipated to grow at a profitable rate during the projected period as a result of the growing demand for a connected ecosystem and the significance of interconnected devices across numerous industries. Apple announced the arrival of the Apple Watch 7 and the newest iPhones in September 2021.
The company’s eighth-generation smartwatch and first new model in a while is the Apple Watch 7. The smartwatch features smaller bezels and polished corners and is available in two sizes. Smart earwear is anticipated to have the fastest CAGR over the projection period. The growth is attributable to remote employees upgrading their headphones for video calls and millennials and generation Z purchasing more headphones with AI capabilities.
The market is divided into cloud-based AI and on-device AI. In 2022, the on-device AI segment accounted for the highest revenue share due to rising demand for low latency devices, decreasing dependence on cloud-based AI for key activities, and an increase in the need for fast computing. The segment’s rise is being fueled by the responsive and potent operations offered by the on-device AI market. Researchers from Northwestern University have developed a small, portable wireless sensor that resembles a sticker. It enables health care providers to monitor crucial physiological signals without the use of an external cable.
The market is segregated into healthcare, media & entertainment, consumer electronics, military & defense, automotive, and others. In the global market, the consumer electronics segment accounted for the largest revenue share in 2022 owing to rising customer demand for smart wearables to measure health vitals. Consumer wearable electronics include a variety of smart wearables used for entertainment, sports, and fitness. A large number of individuals use wearable devices to keep checks on their daily routines and health objectives.
For instance, Noise launched its smartwatch, Noise Colorfit New, on Amazon in February 2022. The watch includes essential health monitoring functions including AI voice help, Bluetooth calling, a heart rate monitor, oxygen level, and more. The healthcare sector is anticipated to increase at the fastest rate. Customer concerns about fitness and health, which are on the upsurge, are the segment’s main drivers. It is projected that as obesity and other cardiac conditions have spread around the globe, the use of fitness trackers and smartwatches will rise.
The market is segmented into sensors, processors, connectivity IC. In 2022, the sensors segment accounted for the largest revenue share owing to growing number of applications for tracking person’s health and fitness. The capacity of wearable sensors to monitor a user’s activity and performance is their main selling point.
For instance, Robert Bosh GmbH holds one of the largest market shares globally. It offers a full range of sensors and solutions based on micro-electro-mechanical systems (MEMS). Motion-based devices including accelerometers, gyroscopes, and inertial measurement units are included in its portfolio of motion sensors. Users can find low-power, adaptable solutions for data processing and motion detection through its smart sensors. These are specifically made for always-on sensor applications in tracking devices, smartphones, and wearables.
In 2022, North America region accounted for the highest revenue in the wearables AI market and is expected to maintain its dominance during the forecast period. This is attributed to the significant private player investment and government programmes encouraging the use of AI technology. In response to the shortage of ventilators in hospitals and healthcare institutions around the world that are necessary to treat critically ill patients, Fitbit introduced Fitbit Flow in June 2020, a wearable AI device. When standard ventilators are not an option, the device was designed to act as a cheaper substitute.
Key Topics Covered:
1. Research Methodology
2. Introduction: Wearables AI
3. Executive Summary
4. Market Dynamics
5. Market Environment Analysis
6. COVID-19 Impact Analysis: Wearables AI Market
7. Market Analysis by Type
8. Market Analysis by Operations
9. Market Analysis by Application
10. Market Analysis by Component
10. Regional Market Analysis
11. North America Wearables AI Market
12. Europe Wearables AI Market
13. Asia Pacific Wearables AI Market
14. Latin America Wearables AI Market
15. MEA Wearables AI Market
16. Competitor Analysis
17. Company Profiles
18. Conclusion & Recommendations
- Garmin Ltd.
- Google Inc.
- Fitbit Inc.
- Apple Inc.
- Huawei Technologies Co. Ltd.
- TomTom International B.V.
- Samsung Electronics Co. Ltd.
- Amazon.com Inc.
- Motorola Solutions Inc.
- Sony Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/wijp3x
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