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Wearable AI Market 2024: The Future of Intelligent Wearables
Wearable AI Market 2024: The Future of Intelligent Wearables
Wearable AI Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $120.7 billion In 2028 At A CAGR Of 30.3%.
The wearable ai market size has grown exponentially in recent years. It will grow from $32.12 billion in 2023 to $41.92 billion in 2024 at a compound annual growth rate (CAGR) of 30.5%. The growth in the historic period can be attributed to introduction of smartwatches, growth in fitness tracking devices, rise in health and wellness awareness, increase in mobile connectivity, development of low-power processors.
The wearable ai market size is expected to see exponential growth in the next few years. It will grow to $120.7 billion in 2028 at a compound annual growth rate (CAGR) of 30.3%. The growth in the forecast period can be attributed to surge in consumer interest in wearables, integration with smartphones, expansion of healthcare applications, rise in remote patient monitoring, integration of biometric authentication, growth in smart clothing solutions, development of wearables for elderly care. Major trends in the forecast period include advances in flexible display technologies, advancements in sensor technologies, technological advancements in miniaturization, integration with augmented reality (ar), ai-powered wearable assistants, integration of 5g connectivity.
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Wearable AI Market Major Segments
The wearable ai market covered in this report is segmented -
1) By Type: Smart Watch, Smart Eyewear, Smart Earwear, Other Types
2) By Component: Processors, Connectivity IC (Integrated Circuit), Sensors
3) By Operation: On-Device AI (Artificial Intelligence), Cloud-Based AI (Artificial Intelligence)
4) By Application: Consumer Electronics, Healthcare, Automotive, Military And Defense, Media And Entertainment, Other Applications
Key Driver - Surging Demand For Advanced Wearable Devices To Drive Market Growth
The demand for advanced wearable devices is expected to propel the growth of the wearable AI market going forward. Wearable devices are electronic devices used in the human body that communicate with other devices to transmit or gather data. Wearable devices play an essential role in driving the growth of the wearable AI market by encouraging user adoption, generating massive amounts of data for AI algorithms, and enabling seamless integration of AI-driven features and functionalities, resulting in increased demand and market opportunities for wearable AI technologies. For instance, according to the Italian Watch Spotter, an Italy-based community of luxury watch fans, 15.8 million watches were exported in 2022, an increase from 15.7 million in 2021. Therefore, the demand for advanced wearable devices drives the wearable AI market.
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Prominent Trend - Technological Advancements Driving Innovation In Wearable AI Market
Technological advancement is a key trend gaining popularity in the wearable AI market. Major companies operating in the wearable AI market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Apollo Neuroscience Inc., a US-based provider of healthcare solutions and wellness products, launched Apollo Labs, the first AI-driven wearable technology that reacts to changes in the body rather than just tracking them. The Apollo wearable transmits Apollo Vibes, low-frequency sound waves that are scarcely noticeable and restore the nervous system's balance while enhancing sleep, boosting cardiovascular measures, and lowering stress and anxiety levels.
Wearable AI Market Players
Major companies operating in the wearable ai market report are Amazon Inc., Apple Inc., Google Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Misfit Inc., Huawei Technologies Co. Ltd., Sony Corporation, LG Electronics Inc., International Business Machines Corporation, Qualcomm Technologies Inc., Oracle Corporation, Xiaomi Inc., Bose Corporation, Nokia Corporation, Asus, Motorola Solutions Inc., Seiko Epson Corporation, Garmin Ltd., Fossil Group Inc., Razer Inc., Fitbit Inc., TAG Heuer S.A., Zepp Health Corporation, TomTom International B.V., Polar Electro Oy, Suunto Oy, Vuzix Corporation, Aliph Brands LLC, Zephyr Technology Corporation
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Largest And Fastest Growing Region In The Market
North America was the largest region in the wearable AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wearable AI Market Report Structure
3. Wearable AI Market Trends And Strategies
4. Wearable AI Market - Macro Economic Scenario
5. Wearable AI Market Size And Growth
…..
27. Wearable AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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