Blog: Wearable Artificial Intelligence Market Surpass US$ 185 Bn by 2026 – Yahoo Finance
Acumen Research and Consulting, recently published report “Wearable Artificial Intelligence (AI) Market – Global Industry Analysis, Size, and Forecast, 2019 – 2026”
LOS ANGELES, May 03, 2019 (GLOBE NEWSWIRE) — The Global Wearable Artificial Intelligence (AI) Market size is estimated to grow at CAGR above 27 % over the forecast time frame 2019-2026 and reach the market value around USD 185 billion by 2026.
The key drivers for development will be increased demand for AI assistants, increased operations in the Healthcare industry, the emergence of IoT and the integration of wireless technologies and the growth of wearable component technology.
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As the majority of intelligent wearable equipment lacks basic safety mechanisms, an increasing concern for data security in smarts is preventing the growth of the wearable artificial intelligent market. Moreover, the cost of production is high and the consumption of batteries is limited.
In the forecast period, the earwear market is projected to grow at more than 43 percent. The increasing integration of AI-based voices like Siri and Alexa into the product range by large smartphone manufacturers drives the wearable artificial intelligence (AI) market. The growing popularity of AI-based voice helpers has led to firms like Bragi starting their own intelligent earwears using AI-based voice support to help users conduct different activity using voice commands. Most earwears have biosensors that track the heartbeats of the user and adapt different user experiences. For example, it individualizes soundtracks based on the heart rate of the users. The removal of 3.5 mm jack from smartphones and the increased integration of Bluetooth technology as a solution for traditional wired technology are another catalyst for the adoption of AI-based earwear devices.
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In the forecast period, the gaming market is expected to register a CAGR of over 35 %. The advances made in technology in gaming software and hardware consoles based on AR / VR are responsible for that. In AR / VR immersive environments integration of advanced video and audio graphics is rapidly becoming more popular in the gaming industry. In order to give gamers more realistic experience, intelligent wearable device manufacturers present in the countryside include different new technology products such as interactive graphics and 3D effects. The high cost of game components and the lack of standout contents prevent the use of wearable AI equipment in the gaming environment.
Geographically, five major regions were segmented in the global wearable AI market: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Because of a high per capita income in the region, North America had over 30 percent share in the wearable AI market. Consumers have access to products at low prices with the attendance of major consumer electronics companies such as Apple and Oculus. In addition, the high adoption among consumers of smart wearables between the ages of 16 and 34 (millennia) also encourages growth on the wearable market of artificial intelligence.
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Key Players & Strategies
The Wearable Artificial Intelligence (AI) market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Facebook, Apple, Samsung, Garmin, Fossil, Microsoft, HTC, Huawei, Bragi, Jabra, ANTVR, Huami and Google.
Large players like Huawei, Samsung, Facebook, Apple, Fitbit and Microsoft lead the wearable AI market. Large companies are currently working to develop cost-effective solutions to compete with Asia-Pacific regional actors. The tech players have worked with luxury brands to compete better in developing their own premium smartwatch product line with the large watch companies. Apple partnered with Nike and Hermès in September 2016, for example, to develop its own premium smart clock offering range. Startups such as Misfit and ANTVR focus on the cost-effective supply of products to take advantage of the large players on the market.