Research Nester published a report titled “Wearable AI Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global wearable AI market in terms of market segmentation by device type, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global wearable AI market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of device type into smart watch, smart glasses, ear wear, gloves, and others. Out of these, the smart watch segment is anticipated to witness highest growth over the forecast period owing to the increasing acceptance of smart watches amongst common people, along with the rising disposable income of the masses.
The global wearable AI market is estimated to grow on the back of increasing adoption of AI amongst various end-user industries, including healthcare and defense. For instance, in 2019, more than 35% of the organizations globally, were using artificial intelligence. Moreover, the growing penetration of advanced technologies, such as, cloud-computing, machine learning, and IoT, are estimated to boost the market growth in the upcoming years.
On the basis of geographical analysis, the global wearable AI market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of higher adoption of innovative technology, along with growing penetration of AI based devices in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Growing Penetration of Artificial Intelligence to Boost the Market Growth
The advancement in technology, along with higher adoption of advanced technologies is expected to boost the demand for wearable AI in the upcoming years. Moreover, AI-based devices are already a crucial part of modern lifestyle, with the presence of AI voice assistants in smartphones and other devices. In addition to this, the growing demand for smart watches, is also estimated to boost the market growth.
However, manufacturing wearable AI requires a huge investment, which is expected to operate as key restraint to the growth of global wearable AI market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global wearable AI market which includes company profiling of Apple Inc., Google LLC, Sony Group Corporation, Fitbit LLC, TomTom International BV, Microsoft Corporation, Garmin Ltd., Huawei Technologies Co., Ltd., Samsung Group, and Suunto Oy. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wearable AI market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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