Published Date: 14-Apr-2020
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According to a new report Global Wearable AI Market, published by KBV research, The Global Wearable AI Market size is expected to reach $38.3 billion by 2025, rising at a market growth of 20.2% CAGR during the forecast period. The advent of the convergence of wireless technologies and IoT in different products used on a regular basis is one of the key factors for the global wearable AI industry to thrive. A range of wearables such as eyewear, accessories, watches are equipped with sophisticated AI technologies to monitor health status, location status, environment status, etc. As a result, the need for these smart devices has opened up multiple opportunities for the industry to expand. Based on the market overview of wearable AI, the market is segmented into type, application, and region.
With the sudden break of Covid-19 in late months of year 2019, the markets worldwide are unfortunately experiencing its grip. The suppliers and consumers of the products & Services are affected in a big way across the sectors resulting in declining revenues in last quarters of year 2019. The declining trend in market sizes is expected to not only sustains but will also amplify itself in year 2020 hugely disturbing the economies worldwide.
North America is one of the major investors to the wearable AI market. A major driver for the growth of the wearable AI market in North America is the increase in R&D at both academic and industry level, which broadens the application areas of wearable AI in consumer electronics, business and industrial applications and healthcare. Asia-Pacific is expected to see substantial growth in the global economy over the projected period. The growth in disposable income and customer knowledge of sophisticated wearable technology has contributed to the acceptance of wearable AI in the developing economies of the world, such as China and South Korea.
The demand for smartwatches & fitness bands is projected to expand at the highest growth rate over the forecast period due to the growing efforts of technology companies to build smart analysis innovations, including real-time health status analysis. The rising proliferation of smartphones, combined with fast connectivity, is pushing the adoption of smartwatches and fitness bands. Technology firms on the market are working with premium manufacturers to offer high-end watches that provide consumers with better visibility into their health and exposure to controls without depending on smartphones.
Consumer electronics refers to electronic devices for homes. These apps are designed to be used on a regular basis. The growth in R&D investment in wearable AI is promising to generate potential prospects. For example, hearing aids or wireless in-ear earpieces are examples of smart amplification devices that have been introduced recently. The growing demand for consumer electronics products is due to the fact that customers around the world are committed to their fitness and are able to embrace the technologies in order to stay fit. In addition, AR/VR has gained mainstream recognition in entertainment and multimedia applications.
Structural Insights: https://www.kbvresearch.com/wearable-ai-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Microsoft Corporation, Sony Corporation, Garmin Ltd., Fitbit, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., IBM Corporation, and Oracle Corporation.
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