How increase in demand for next generation smartwatches is driving wearable AI devices market

Around the world, the sale of smartwatches is rising, on account of the increasing disposable income and awareness about the latest gadgets available. Such consumer products function similar to smartphones, with features such as FM radio, Bluetooth or Wi-Fi connectivity, mobile apps, digital display, and an operating system. Some even have thermometers, digital cameras, pedometers, accelerometers, altimeters, heart rate monitors, compasses, barometers, speakers, GPS receivers, and microSD cards. With time, the demand for advanced smartwatches, integrated with artificial intelligence (AI), has risen.

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Such devices find several uses, including healthcare, consumer electronics, and gaming, among which they were purchased the most to serve as consumer electronics during 2014¬-2018. This was because of the launch of smart glasses, smart clothing, and smart sensors, expansion of the overall electronics sector, and focus of consumers on staying fit, by keeping track of various health parameters, which is made possible by smartwatches and fitness bands. In the coming years, the wearable AI technology would see the fastest increase in adoption for healthcare purposes.

Mirroring the increasing demand for next-generation smartwatches is the growing wearable AI devices market, which is projected to reach $49,240.6 million in 2024, from $11,182.8 million in 2018, at a CAGR of 29.0% during the forecast period (2019-2024). Apart from advanced smartwatches, several types of wearable cameras, fitness bands, connected shoes, body sensors, and heart rate monitors are included in the category of wearable AI devices. These inform users of their health and fitness status, with real-time insights generated by analyzing a range of audio-visual inputs.

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Such products track various activities and advise users on the ideal food intake, sleep hours, and lifestyle changes, which can potentially lead to sounder health and fitter body. Therefore, manufacturers of such electronic devices are pursuing research and development (R&D) in order to launch improved variants with artificial intelligence. For instance, a wearable blood pressure monitor, named HeartGuide, was unveiled by Omron Healthcare Co. Ltd. in January 2019. The product, initially launched in the U.S., was planned to be introduced in Asia and Europe, by year end.

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