According to a new report, published by KBV research, The Global Wearable AI Market size is expected to reach $180.01 billion by 2031, rising at a market growth of 28.5% CAGR during the forecast period.
The On-device AI segment captured the maximum revenue in the Global Wearable AI Market by Operations in 2023, thereby, achieving a market value of $98.3 billion by 2031. On-device AI refers to processing and analyzing data directly on the wearable device without requiring constant internet connectivity. This approach is particularly valued for its real-time processing capabilities, enhanced data privacy, and reduced dependency on external servers. This approach is particularly valued for its real-time processing capabilities, enhanced data privacy, and reduced dependency on external servers.
The Smartwatches segment is experiencing a CAGR of 27.6 % during the forecast period. Due to their multifunctionality, smartwatches have gained immense popularity, offering features such as health monitoring, fitness tracking, notification management, and integration with other smart devices. Advancements in AI-powered functionalities, such as predictive analytics for health and fitness, further support the widespread adoption of smartwatches, making them an indispensable accessory for tech-savvy consumers.
The Sensors segment led the maximum revenue in the Global Wearable AI Market by Component in 2023, thereby, achieving a market value of $92.3 billion by 2031. The widespread adoption of smart devices, industrial automation, and healthcare monitoring systems has accelerated the demand for sensors that enable seamless data collection. Industries such as automotive, where ADAS (Advanced Driver Assistance Systems) rely on multiple sensors, and healthcare, where wearable fitness trackers and medical diagnostics use biosensors, are key growth drivers.
The Consumer Electronics segment is growing at a CAGR of 27.5 % during the forecast period. The consumer electronics segment is experiencing growth due to the growing demand for multifunctional wearable devices that improve productivity, connectivity, and lifestyle. Advancements in AI technologies, such as personalized recommendations, real-time notifications, and seamless integration with smartphones and smart home systems, have made devices like smartwatches and fitness trackers indispensable.
Full Report: https://www.kbvresearch.com/wearable-ai-market/
The North America region dominated the Global Wearable AI Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $59 billion by 2031. The Europe region is anticipated to grow at a CAGR of 28% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 29.1% during (2024 - 2031).
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