Report estimates wearable AI market to grow at 26% CAGR

March 17, 2020 //By Rich Pell
Wearable AI market to grow at 26% CAGR through 2026, says report
A new report from market research firm Allied Market Research finds that the global wearable AI market generated $10.63 billion in 2019, and is expected to reach $69.51 billion by 2026 - a compound annual growth rate (CAGR) of 26.5%.

The prime determinants of growth of the wearable AI market, says the firm, are the increased penetration of AI in the healthcare industry, growth in adoption of AI assistants, and advancement of IoT and integration of wireless technology. However, the short life of smart wearables restrains the market growth. On the other hand, AI assistance for animals and advancement in personal computing offers new opportunities in coming years.

The consumer electronics segment contributed to nearly one-third of the total share of the global wearable AI market in 2018, and is estimated to maintain its lead position throughout the forecast period. However, the military and defense segment is expected to witness the highest CAGR of 30.1% from 2019 to 2026 as it adopts cordless and intelligent technology at a fast pace. Other applications include healthcare, automotive, and media and entertainment.

Smart watches held the highest market share of the global wearable AI market, contributing to more than one-fourth of the total market share in 2018, and the segment is estimated to continue its dominant position in terms of revenue by 2026. However, the smart glove segment is expected to register the fastest CAGR of 29.1% from 2019 to 2026. Other segments include smart glasses and smart earware.

Based on region, North America accounted for the highest share on the basis of revenue, contributing to more than one-third of the global wearable AI market in 2018, and is expected to continue its highest share during the forecast period. On the other hand, the region across Asia Pacific is projected to register the fastest CAGR of 31.1% from 2019 to 2026.

Noted leading market players in the space include Amazon, Fitbit, Garmin, Google, TomTom International, Samsung Electronics, Sony Corporation, Huawei Technologies, IBM, and Motorola Mobility. For more, see " Wearable AI Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026 ."

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