The wearable AI devices market is projected to reach $49,240.6 million by 2024, witnessing a CAGR of 29.0% during 2019–2024
The wearable AI devices market was valued at $11,182.8 million in 2018, and it is projected to reach $49,240.6 million by 2024, witnessing a CAGR of 29.0% during 2019–2024 (forecast period). The market growth across the globe is primarily driven by the changing lifestyle of people, surging use of fitness bands and healthcare applications, and demand for next-generation smartwatches.
Such devices are used by consumers to track their fitness level, via inputs in the form of heat, light, sound, and pressure.
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In terms of component, the wearable AI devices market is classified into processor, connectivity integrated circuit (IC), display, power management system, sensor, memory, and others. Among these, sensors held the largest share in 2018 and are expected to witness the highest CAGR during the forecast period.
Sensors, such as accelerometers, gyroscopes, and step counters, are integrated in such devices to detect different kinds of human movements. For instance, a barometric altimeter senor measures the altitude, an accelerometer monitors physical movements, and a gyroscope tracks movements and rotation.
The end-use segment is categorized into healthcare, consumer electronics, gaming, and others.
The consumer electronics category held the largest share in the wearable AI devices market in the base year, 2018. These products provide analytical data that allows consumers to monitor, track, and improve their health with real-time insight.
The category is expected to grow during the forecast period, on account of factors, such as technological advancements, growth in electronic device sales, higher functionality of smartphones, and investments in consumer electronics.
On the basis of product, the wearable AI devices market has been classified into wristwear, earwear, eyewear, and other bodywear. Among these, the wristwear category held the largest market share in 2018 and is expected to witness the fastest growth during the forecast period.
This is mainly due to the demand for next-generation smartwatches and fitness bands, with sleep tracking, heart rate monitoring, and personal voice assistance features, enabled by AI.
The research offers market size of the global Wearable AI Devices market for the period 2014-2024.
Wearable AI Devices Market Segmentation
- Other Bodywear
- Connectivity Integrated Circuit (IC)
- Power Management System
By End Use
- Consumer Electronics
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