DUBLIN--(BUSINESS WIRE)--The "Wearable AI Market by Product (Smart Watch, Ear Wear, Eye Wear), Operation (On-Device, Cloud-Based), Component (Processor, Connectivity IC, Sensors), Application (Consumer Electronics, Enterprise, Healthcare), and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The wearable AI market is projected to reach USD 42.4 billion by 2023, from USD 11.5 billion in 2018, growing at a CAGR of 29.75% during that period.
The expected market growth can largely be attributed to increase in demand for AI assistants, augmentation of operations in healthcare industry, emergence of IoT and integration of wireless technology, growth prospects of wearable component technology, and increase in consumer preference and demand for advanced wearable devices. However, rapidly evolving consumer electronics sector with a shorter life cycle inhibits the growth of the wearable AI market.
There has been a wide adoption for smart watches from companies such as Apple (US), Huawei (Japan), and Samsung (South Korea) owing to the ease in access to the AI functionalities offered by them. Moreover, the introduction of Android wear 2.0 OS in android-based smart watches leads to on-board voice assistance through internet connectivity.
Smart watches have got a wide consumer preference resulted from the simplicity of wear and convenient use of a large number of functionalities on a single touch. Considering all these factors, the smart watch segment is expected to dominate the market during the forecast period.
Sensor is a major connecting link between communicating data related to various parameters such as temperature, pressure, motion, and magnetic field and are likely to be among the important components for wearable. Increasing advancement toward smaller, smarter, and cheaper sensors and improved compatibility of sensors with other components are driving the demand for sensors in wearables. Cloud computing makes the utilization of AI much easier.
The rapid improvement in computing power of high-end CPU and GPU architectures is strengthening the trend of cloud-based AI. Moreover, cloud-based AI is preferred as most wearable applications are not critically sensitive to time response and big data applications.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Wearable AI Market, By Product
7 Wearable AI Market, By Component
8 Wearable AI Market, By Operation
9 Wearable AI Market, By Application
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
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