April 01, 2020
According to the research report titled ‘Wearable Artificial Intelligence (AI) Market Size By Product, Earwear), By Application , Industry Analysis Report, Regional Outlook , Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global wearable artificial intelligence market is expected to exceed USD 180 billion and record sales of 1 billion units by the year 2025.
Escalating disposable income in emerging economies has enhanced the adoption of wearable artificial intelligence devices which in turn is driving the market growth. Growing middle-class population, rapid industrialization, and increasing awareness pertaining to healthy lifestyle are further aiding the market expansion. Increased pervasiveness of obesity and heart disorders has impelled the demand for health monitoring devices. This factor along with rising integration of AI with fitness band and smartwatches is fostering the growth of wearable artificial intelligence industry across the globe.
As per product type, the report states that smart watches & fitness bands segment presently accounts for 85% market share. Technological advancements in the functionality and design of smartwatches along with availability of such devices at relatively low costs are fueling the segmental growth.
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On the other hand, HMD (head mounted display) segment is expected to grow with a CAGR of 38% during 2019-2025. Rising incorporation of the product in VR-based gaming devices is stimulating the industry outlook. However, high costs associated with head mounted devices may hamper product adoption.
Based on the application spectrum, wearable artificial intelligence market share from gaming application is predicted to grow with a CAGR of 35% through 2025. Advancements in VR/AR technology along with integration of interactive modules and 3D graphics to enhance user experience is facilitating the business scenario.
Considering the geographical landscape, North America held 30% share in the global wearable artificial intelligence market in 2018. The growth is attributed to high concentration of key industry players in the region and rising adoption of smart wearables among millennial population.
Meanwhile, Asia-Pacific wearable artificial intelligence industry is set to exhibit a growth rate of 50% over 2019-2025. Increasing disposable income and availability of smart wearables at affordable prices are augmenting the regional outlook.
Xiaomi Corp., Starkey Hearing Technologies, Sony Corp., Samsung Electronics Co. Ltd., Panasonic Corp., ANTVR Technology Co. Ltd., Misfit, Microsoft Corp., LG Electronics Inc., Lenovo Group Ltd., Jabra, Huawei Technologies Co. Ltd., HTC Corp., Google LLC, Garmin Ltd., Fossil Group Inc., Fitbit Inc., Facebook Inc., Bragi GmbH and Apple Inc. are the prominent companies operating in wearable artificial intelligence market.
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