In 2018, the wearable AI devices market generated a revenue of $11.2 million and is predicted to grow at a 29% compound annual growth rate [CAGR] in the near future, according to Research and Markets (www.researchandmarkets.com).
One of the major reasons for the popularity of these devices is the growing concern among the consumers regarding their health, adds the research group. People nowadays are becoming more and more concerned about their lifestyles and are trying to incorporate healthy habits into their daily lives.
AI-enabled wearable devices are of a great help when it comes to keeping track of what a person eats and how much he/she is eating. Moreover, based on Research and Markets’ data, AI-enabled wearable devices are also capable of suggesting changes that need to be made for improving a person’s fitness level.
The various types of wearable AI devices are earwear, wristwear, eyewear, and other bodywear.
Among these, the largest demand in 2018 was created for wristwear AI devices. This was ascribed to the increased demand for wristwear devices incorporated with AI functionalities, such as personal voice assistance, heart rate monitoring, and sleep tracking. Wristwear AI devices are of two types: fitness band and smartwatch. The fastest growth in demand is predicted to be witnessed by fitness bands in the coming years.
Gaming, consumer electronics, and healthcare sectors are the major end users of AI-enabled wearable devices, says Research and Markets. Among all these, the largest demand for wearable AI devices was created by the consumer electronic sector in 2018. This was because of the rising investments in wearable technology and growing adoption of wearable devices by consumers for monitoring their routine and health-related activities.
What’s more, due to the surging demand for these devices, established companies, such as Apple, Samsung, Huawei, and Fitbit are focusing on integrating advanced AI features in their devices for making them independent of smartphones, says Research and Markets.