The Asia Pacific wearable AI market is predicted to register a growth rate of over 50% during the forecast timeline due to the growing average income in developing countries such as China, South Korea, India, and Japan. The companies present in these countries are introducing smart wearable products at affordable prices. The North America region held more than 30% share in the wearable AI market in 2018. The large consumer electronics providers, such as Oculus and Apple, have provided consumers with high-end wearable devices at a lower price. Moreover, the high level of adoption levels among customers within the age bracket of 16 to 34 is driving the adoption of smart wearable devices in the region.
The smartwatches and fitness bands segment holds over 85% share in the wearable AI market. The continual advancements in the design & functionality of smartwatches and along with its availability at the inexpensive price have increased its usage among consumers. Particularly, the availability of LTE connectivity in smartwatches has offered customers an alternative to bulky smartphones. The head-mounted display market is projected to attain a CAGR of more than 38% over the projected time period due to its widespread adoption in the VR-based gaming sector as it provides the gamers with immersive & high-quality gaming experience.
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The advent of high-tech gaming consoles has allowed users to communicate with the surroundings in the VR-based gaming environment in a better manner. The expensive nature of head-mounted devices is restricting its usage among consumers as they are unwilling to invest in screenless VR systems. The earwear market is expected to register a CAGR of over 43% over the projected time frame due to the rising availability of AI assistants in various smartphones. The AI assistants, such as Alexa and Siri, allow customers to conduct numerous actions through speech commands.
The growth graph of wearable AI market has remained exponential since the last few years, primarily driven by the explosive demand for AI across a spate of verticals. Wearables have been a part of the mainstream for a while now, however, they have registered increased prominence in recent times, driven by the rapid advancements in AI technology.
An extremely convincing litmus test of the potential held by wearable AI is the fact that it is gaining significant traction in the impenetrable healthcare industry. According to the Brookings Institution, this potential stems from wearable AI devices’ innate ability to record medical data in a substantially reliable manner than their non-AI predecessors, allowing medical professionals to use the data to diagnose & treat diseases in their early stages. Despite being at a somewhat nascent stage, wearable AI market seems to have garnered massive mainstream popularity.
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The wearable AI market is dominated by the multinational consumer electronics players such as Samsung, Apple, Fitbit, Microsoft, and Xiaomi. The large companies operating in the market have partnered with premium brands to contend with the traditional watch manufacturers. In 2016, Apple collaborated with Hermes and Nike to offer its private product line of luxury smartwatches and fitness bands. The companies in the wearable AI market are Bragi, Apple, Huami Jabra, Facebook, Microsoft, HTC Garmin, Xiaomi, Huawei, Fitbit, Fossil, Google, and Samsung.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.6. Methodology & forecast parameters
1.2. Data Sources
188.8.131.52. Paid sources
184.108.40.206. Public sources
Chapter 2. Executive Summary
2.1. Wearable AI industry 360º synopsis, 2016 – 2025
2.2. Business trends
2.3. Regional trends
2.4. Product trends
2.5. Application trends
Chapter 3. Wearable AI Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2016 – 2025
3.4. Industry ecosystem analysis
3.5. Market evolution
3.6. Regulatory landscape
3.7. Technology and innovation landscape
3.7.1. Virtual Reality (VR)
3.7.2. Augmented Reality (AR)
3.7.3. Mixed Reality
3.8. Industry impact forces
3.8.1. Growth drivers
220.127.116.11. Rising disposable income of consumers in emerging economies
18.104.22.168. Increasing sales of smart watches
22.214.171.124. Growing focus on fitness and health monitoring
126.96.36.199. Technological advancement in consumer electronics
188.8.131.52. Increasing smartphone & internet penetration
3.8.2. Industry pitfalls & challenges
184.108.40.206. Rising data security concerns
220.127.116.11. High cost associated with wearable devices
3.9. Growth potential analysis
3.10. Porter’s analysis
3.11. PESTLE analysis
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