Wearable AI Market Size Worth $166.47 Billion By 2030

Wearable AI Market Growth & Trends

Wearable AI Market Report Highlights

  • The smartwatches type segment held the largest revenue share of over 30.0% in 2021 owing to increased investments in R&D, significant spending by the government and private sector on the IT and ICT industry, and the existence of prominent companies such as Google Inc.; Fitbit, Inc.; and Amazon.com, Inc.
  • The smart earwear type segment is expected to register the fastest CAGR of 30.6% over the forecast period. The growth is attributed to the increased upgradation of headphones by remote workers for video calling and increased purchase of AI-enabled headphones by millennials and Gen Z
  • Based on the application, the consumer electronics segment accounted for the largest revenue share of over 30.0% in 2021 owing to the increasing globalization and the rapid development of technology. In November 2021, Fire Boltt launched its AI smartwatch in India at an affordable rate. The smartwatch offers features such as Bluetooth calling and a SpO2 monitor
  • The healthcare application segment is expected to register the fastest growth rate of 30.8% from 2022 to 2030. The segment is driven primarily by growing customer concerns over fitness and health. It is anticipated that the use of fitness trackers and smartwatches would increase as obesity and other heart problems become more prevalent around the globe
  • The on-device AI operations segment dominated the market with a share of over 55.0% in 2021 and is expected to witness the fastest CAGR over the forecast period. The growth can be attributed to the growing requirement for fast computing and less dependency on cloud-based AI for critical operations
  • Based on component, sensors dominated the market in 2021 with a share of over 50.0%. The sensors are gaining prominence due to the rising number of health and fitness monitoring applications globally
  • North America dominated the market in terms of revenue share of over 37.0% in 2021 pertaining to the factors such as rising demand for contactless payments using wearables, the advent of IoT, expansion of operations in the healthcare industry and the introduction of wireless technology
  • Some of the key players operating in the market are Amazon.com, Inc.; Fitbit, Inc.; Garmin Ltd.; Google, Inc.; Huawei Technologies Co. Ltd.; IBM; TomTom International B.V.; among others.

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Rajesh Varma

Hello guys I am Market Research Analyst @ Grand View Research, preparing and publish research report on Technology, Next Generation Technologies