The wearable ai devices global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Wearable AI Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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 in the historic period can be attributed to advancements in sensor technology, health consciousness among consumers, miniaturization of components and design innovation, integration with smartphones and other IoT (Internet of Things) devices, and expanded applications beyond fitness.
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 growth in the forecast period can be attributed to advancements in artificial intelligence, growing emphasis on health and wellness, smart assistant functionalities, the rise of smart wearables in workplaces, and fashion and design innovation. Major trends in the forecast period include health monitoring advancements, integration with smart assistants, augmented reality (AR) integration, enhanced privacy and security features, and customization and personalization.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –The increasing demand for augmented reality and virtual reality (AR/VR) devices is expected to propel the growth of the wearable AI devices market going forward. Augmented reality (AR) devices overlay digital content onto the real world, while virtual reality (VR) devices immerse users in a completely virtual environment. The immersive experiences drive the increasing demand for AR/VR devices, enhancing education, entertainment, training, and remote collaboration while advancing industries like healthcare, gaming, and retail with innovative solutions. Augmented and virtual reality (AR/VR) devices integrated into wearable AI enable immersive simulations and real-time data visualization for enhanced user experiences and decision-making capabilities. For instance, in January 2022, according to the Department for Business and Trade, a UK-based ministerial department, the anticipated growth rate for spending on augmented reality (AR) and virtual reality (VR) in the UK is projected to be 78.3% until 2024. This growth is anticipated to result in a total expenditure of £62.5 billion ($79.22 billion) by the year 2030. Therefore, the increasing demand for augmented reality and virtual reality (AR/VR) devices is driving the growth of the wearable AI devices market.
Market Trends – Major companies operating in the wearable AI device market are focusing on developing technologically advanced products such as laser ink displays, to gain a competitive edge. A laser ink display is a technology that utilizes lasers to manipulate ink droplets, creating high-resolution images or text on a surface. For instance, in November 2023, Humane Inc., a US-based consumer electronics company, launched the AI Pin, an OpenAI-powered wearable. A Snapdragon processor fuels it, providing voice control, a camera, gestures, and a compact built-in projector. The AI Pin is designed to streamline technology interaction by facilitating voice commands and touch interactions, eliminating the necessity for a conventional interface. It links to AI models via software known as AI Mic, offering functionalities such as messaging, calling, email digests, food recognition, real-time translation, and additional features.
The wearable ai devices market covered in this report is segmented –
1) By Product: Wristwear, Eyewear, Earwear, Other Products
2) By Component: Processor, Display, Connectivity IC, Power Management System, Sensors, Memory, Other Components
3) By Deployment Type: On-Premises, Cloud-Based
4) By Technology: Wireless Fidelity (Wi-Fi), Bluetooth, Near-Field Communication (NFC), Autonomous Navigation Technology (ANT), Global Positioning System (GPS), Other Technologies
5) By Application: Consumer Electronics, Healthcare, Enterprise, Industrial, Gaming, Other Applications
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Regional Insights – 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.
Key Companies – 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
Table of Contents
1. Executive Summary
2. Wearable AI Devices Market Report Structure
3. Wearable AI Devices Market Trends And Strategies
4. Wearable AI Devices Market – Macro Economic Scenario
5. Wearable AI Devices Market Size And Growth
…..
27. Wearable AI Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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