29-Sep-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for Wearable Artificial Intelligence market was valued at approximately USD 10.11 Billion in 2019, and is expected to generate revenue of around USD 42.34 Billion by end of 2026, growing at a CAGR of around 21.2% between 2020 and 2026. The prominent players active in the global wearable artificial intelligence (AI) market consist of Samsung, Apple, Microsoft, Google, Garmin, Sony, Huawei, Fitbit, IBM, Oracle, and Amazon. These tech firms are undertaking strategic plans such as new partnerships, acquisitions & mergers, the introduction of new products to set a firm foot in the global wearable artificial intelligence (AI) market. To cite, the US-based IBM had joined hands with a Hungarian startup, HeartBit, which offers wearable electrocardiogram (ECG), to integrate intelligence within wearable devices. Its Cloud and Watson technologies are leveraged by the firm to process and represent conclusions from numerous data points from the devices.
Rising Demand For Artificial Intelligence Assistants To Boost The Market Growth
The key factors contributing to the growth of the global wearable artificial intelligence (AI) market consist of the rising demand for artificial intelligence assistants, advent of IoT & incorporation of wireless technology, rise in operations within the healthcare industry, rising expansion avenues for wearable component technology, and rise in customer preference & need for sophisticated wearable devices. Furthermore, other major reasons expected to drive the growth of the market during the forecast period are the speedy urbanization and the increase in disposable income in budding nations.
The global wearable artificial intelligence (AI) market is segmented based on operation, product, application, component, and region. The operation segment of the market is divided into cloud-based AI and on-device AI. Based on product, the global wearable artificial intelligence (AI) market is bifurcated into ear wear, smart watch, and eye wear. The application segment of the market is categorized into enterprise, consumer electronics, and healthcare. Based on component, the market is classified into connectivity IC, processor, and sensors.
Asia Pacific Is Anticipated To Rule The Global Market During The Forecast Period
Regionally, the global wearable artificial intelligence (AI) market is split into Asia Pacific, Latin America, the Middle East & Africa, Europe, and North America. The wearable artificial intelligence (AI) market in Asia pacific comprises developing nations like India and China that have a giant craving for consumer product adoption, together with the potential for diverse uses of wearable AI. Also, it is seen that the geographic regions with elevated incomes have a greater propensity to buy wearables AI devices. Thus, the increasing per capita income within Asian nations will boost the acceptance of wearable AI devices. Furthermore, the rising implementation of new technologies in industrial and enterprise applications is also expected to propel the growth of the wearable artificial intelligence (AI) market in this region.
Browse the full “Wearable Artificial Intelligence Market Product Type (Smart Watches, Ear wears, Fitness Band, Head Mounted Display), By Application (Consumer Electronics, Enterprises and Gaming Application): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/wearable-artificial-intelligence-market
The global wearable artificial intelligence (AI) market is segmented as follows:
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