Categories: Market Research

Wearable AI Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Wearable AI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Wearable AI Global Market Report 2024, 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.

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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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

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.

The wearable ai market report table of contents includes: