Wearable AI Market Trends: The Rise Of Personal Health Monitoring

Wearable AI Industry Overview

The global wearable AI market size was valued at USD 21.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 29.8% from 2023 to 2030. The market is witnessing significant growth due to the exponential rise of emerging technologies, such as artificial intelligence (AI), and 5G smartphone adoption. The increased adoption of smart wearables enabled with AI is due to the advancement of IoT, integration of wireless technology, and the increasing popularity of smartwatches among millennials and Gen Z.

Gather more insights about the market drivers, restrains and growth of the Wearable AI Market

The COVID-19 pandemic had a moderate impact on the market as the supply chain was disrupted during the pandemic and many manufacturers and retailers incurred losses due to the lockdown imposed by the government of different countries. However, the medical wearable AI device segment witnessed a positive impact due to the COVID-19 pandemic owing to the growing demand for telemedicine.

Due to the social distancing norm, medical professionals turned to telemedicine, which allowed them to treat patients virtually without taking the risk of the spreading of the virus. Moreover, researchers studied different data collected from AI wearables to track patients with COVID-19 symptoms. For example, the Oura ring from Oura Health Ltd. was utilized by scientists at the University of California, San Francisco in 2020 to test the physiological data collected by the ring to forecast the onset, progression, and recovery of new COVID-19 cases.

Many key players in the market are targeting gen Z and introducing AI-enabled wearable products, for instance, in June 2022, Noise launched its eyewear, the Noise i1. It offers voice assistance and wireless music streaming by connecting to smartwatches through Bluetooth and attending phone calls. Noise i1 also allows one to play or pause music, answer, or decline calls, and activate the voice assistant on a user's phone.

Various cutting-edge wearable sensory devices with minimally intrusive health monitoring platforms have been developed due to the advancements. As a result, consumers now have a way to better diagnose diseases at an early stage and pay less overall for more invasive routine diagnostic services. Additionally, a smart implantable is another wearable device that will use artificial intelligence for sensors to monitor blood pressure, heart rate, glucose level, etc. For instance, Proteus, a bioscience company, produced a digital pill, which allows consumers to understand body metrics, as after swallowing the pill, the consumers get their body metrics using an external device.

There are various technological advancements taking place in the market. Some of them include the adoption of 5G, biosensors, beacon technology, smart rings, smart implantable, etc. Moreover, many device manufacturers are focusing on incorporating wellness and personal health features in the wearables such as blood oxygen sensors, heart rate monitors, electrocardiogram monitors, and other sensors that alert potential health issues. For instance, Fitbit offers watches with built-in thermometers that alert people regarding potential fever, especially during the COVID-19 pandemic.

E-payments through wearables are another trend that is driving the market.

For instance, Lyle & Scott, a British menswear designer, collaborated with Barclaycard to launch a contactless payment jacket with a chip-in cuff that allowed conducting contactless payment. For instance, in October 2015, Ringly, in collaboration with Mastercard, allowed customers to make contactless payments by wearing their rings. In May 2022, Sony introduced Wena 3, a smartwatch that can be used as a regular watch but it accepts mobile payments via Barclaycard in the U.K. bPay, a wearable technology company, backed by Barclaycard, offers jackets, fobs, and stickers that can be used to perform contactless payments.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

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Wearable AI Market Segmentation

Grand View Research has segmented the global wearable AI market based on type, application, operations, component, and region:

Wearable AI Type Outlook (Revenue, USD Million, 2017 - 2030)

• Smartwatches

• Smart Eyewear

• Smart Earwear

• Others

Wearable AI Application Outlook (Revenue, USD Million, 2017 - 2030)

• Consumer Electronics

• Healthcare

• Automotive

• Military & Defense

• Media & Entertainment

• Others

Wearable AI Operations Outlook (Revenue, USD Million, 2017 - 2030)

• On-device AI

• Cloud-based AI

Wearable AI Component Outlook (Revenue, USD Million, 2017 - 2030)

• Processor

• Connectivity IC

• Sensors

Wearable AI Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

o U.S.

o Canada

• Europe

o U.K.

o Germany

o France

o Italy

o Spain

o Russia

• Asia Pacific

o China

o Japan

o India

o Australia

o South Korea

o Singapore

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

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Key Companies profiled:

• Amazon.com, Inc.

• Fitbit, Inc.

• Garmin Ltd.

• Google, Inc.

• Huawei Technologies Co. Ltd.

• IBM

• Motorola Solutions, Inc.

• TomTom International B.V.

• Apple, Inc.

• Samsung Electronics Co. Ltd.

• Sony Corporation