Wearable AI Devices Global Market Report 2024

The wearable AI devices market size has grown exponentially in recent years. It will grow from $16.21 billion in 2023 to $21.97 billion in 2024 at a compound annual growth rate (CAGR) of 35.6%. The growth observed in the historical period can be attributed to several factors, including advancements in sensor technology, increased health consciousness among consumers, the miniaturization of components and innovative designs, integration with smartphones and other IoT (Internet of Things) devices, and the expansion of applications beyond fitness-related purposes.

The wearable AI devices market size is expected to see exponential growth in the next few years. It will grow to $74.71 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The anticipated growth in the forecast period can be attributed to advancements in artificial intelligence, an increasing emphasis on health and wellness, the integration of smart assistant functionalities, the proliferation of smart wearables in workplace settings, and ongoing innovation in fashion and design. Major trends expected in the forecast period encompass advancements in health monitoring capabilities, deeper integration with smart assistants, the integration of augmented reality (AR) features, enhanced privacy and security measures, and a focus on customization and personalization options.

The rising demand for augmented reality and virtual reality (AR/VR) devices is poised to drive significant growth in the wearable AI devices market. Augmented reality (AR) devices overlay digital content onto the real world, while virtual reality (VR) devices immerse users in entirely virtual environments. These immersive experiences fuel the increasing demand for AR/VR devices, enhancing education, entertainment, training, and remote collaboration while revolutionizing industries such as healthcare, gaming, and retail with innovative solutions. Integrating augmented and virtual reality (AR/VR) devices into wearable AI devices enables immersive simulations and real-time data visualization, thereby enhancing user experiences and decision-making capabilities. For example, data from the Department for Business and Trade in January 2022 projects a robust growth rate of 78.3% for spending on augmented reality (AR) and virtual reality (VR) in the UK until 2024, with anticipated total expenditure reaching £62.5 billion ($79.22 billion) by 2030. Consequently, the increasing demand for AR/VR devices is a key driver propelling the growth of the wearable AI devices market.

Leading companies in the wearable AI device market are strategically focusing on developing technologically advanced products, such as laser ink displays, to gain a competitive edge. Laser ink display technology utilizes lasers to manipulate ink droplets, creating high-resolution images or text on a surface. For instance, Humane Inc., a US-based consumer electronics company, introduced the AI Pin in November 2023, an OpenAI-powered wearable device featuring a Snapdragon processor for voice control, camera, gestures, and a compact built-in projector. The AI Pin streamlines technology interaction by facilitating voice commands and touch interactions, eliminating the need for a conventional interface. Additionally, it connects to AI models via software called AI Mic, offering functionalities such as messaging, calling, email digests, food recognition, real-time translation, and more.

In January 2021, Google LLC made a significant move in the wearable AI devices market by acquiring Fitbit Inc. for $2.1 billion. Through this acquisition, Google aims to enhance the quality and affordability of wearable devices in the upcoming generation. Fitbit Inc., a US-based consumer electronics company, specializes in offering wearable AI devices, thus complementing Google's strategic objectives for expansion and innovation in the wearable technology sector.

Major companies operating in the wearable AI devices market are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, LG Electronics Inc., International Business Machines Corporation, Qualcomm Technologies Inc., Oracle Corporation, Xiaomi Corporation, Koninklijke Philips N.V., Seiko Epson Corporation, Motorola Solutions Inc., Garmin Ltd., Polar Electro Oy, Jabra, TomTom N.V., Hinge Health, HTC Corporation, Suunto Oy, Withings S.A., Moov Inc., Misfit Inc., BioBeats Inc.

North America was the largest region in the wearable AI devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable AI devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wearable AI devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Wearable AI devices encompass portable gadgets such as smartwatches, fitness trackers, and augmented reality glasses, embedded with artificial intelligence capabilities. Their purpose is to elevate user experiences, monitor health metrics, facilitate communication, and deliver personalized assistance through AI algorithms and data analysis. Equipped with sensors, microprocessors, connectivity options, and user interfaces, these devices enable real-time data collection, processing, and interaction to support various tasks and applications in everyday life or specialized domains such as healthcare, fitness, navigation, and productivity.

The primary categories of wearable AI devices include wristwear, eyewear, earwear, and other products. Wristwear denotes devices worn on the wrist, such as smartwatches and fitness trackers, offering features such as activity tracking, notifications, and health monitoring to cater to diverse consumer needs. Components encompass processors, displays, connectivity ICs, power management systems, sensors, memory, and other elements, deployed either on-premises or through cloud-based solutions. Technologies integrated into these devices include Wi-Fi, Bluetooth, NFC, ANT+, GPS, among others. Their applications span across consumer electronics, healthcare, enterprise, industrial, gaming, and other sectors.

The wearable AI devices research report is one of a series of new reports that provides wearable AI devices market statistics, including the wearable AI devices industry's global market size, regional shares, competitors with wearable AI devices market share, detailed wearable AI devices market segments, market trends and opportunities, and any further data you may need to thrive in the wearable AI devices industry. This wearable AI devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wearable AI devices market consists of revenues earned by entities by providing services such as health and fitness monitoring, navigation and location services, and language translation. The market value includes the value of related goods sold by the service provider or included within the service offering. The wearable AI devices market also includes sales of fitness trackers, health monitoring devices, and smart clothing. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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