Global Wearable AI Devices Market is Set to Reach USD 50.8 billion by 2024, Observing a CAGR of 28.2% during 2019–2024

The global wearable AI devices market is expected to grow at a CAGR of 28.2% during the forecast period with its market size predicted to reach USD 50.8 billion by 2024. Globally, wearable AI devices industry players are leveraging market growth through product launches, partnerships, and geographic expansion. For example, Huami Corporation, (brand of Xiaomi Corporation), launched a GTR smartwatch in its Amazfit series. The smartwatch facilitates sleep analysis, heart rate monitoring, exercise tracking, and other features.

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Sensors category held largest share in 2018 in the global wearable AI devices market
On the basis of component, the global wearable AI devices market is divided into processor, display, connectivity ic, power management system, sensors, memory, and others. Among all the categories, the sensor category held the largest share in 2018 in the market and is also expected to witness fastest growth during the forecast period. The growth of this segment is owing to the increasing demand for different types of sensors in AI wearables to track fitness activities performed by the users.

On the basis of end user, the global wearable AI devices market is categorized into consumer electronics, healthcare, gaming, and others. Of all, the consumer electronics category held largest share in the market in 2018 owing to the increasing adoption of wearable devices among the population to monitor their health.

Geographically, North America has accounted for the largest share in wearable AI devices market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of consumer electronics companies, high per capita income of consumers, and increasing investments in technological innovation usage.

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Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to increasing demand for wearable devices from India and China, and rapid increase in the number of applications for wearable AI devices.
Competitive Insight

Some of the key players operating in the global wearable AI devices market are Apple Inc., Samsung Electronics Co. Ltd., Fitbit Inc., Xiaomi Corporation, Sony Corporation, BRAGI GmbH, Garmin Ltd., Huawei Investment & Holding Co. Ltd., Fossil Group Inc., Google LLC, and Microsoft Corporation.

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