Wearable AI Market size surpassed USD 35 billion with demand of more than 150 million units in 2018 and is set to register CAGR of around 30% from 2019 to 2025.
The wearable AI market growth is attributed to rising proliferation of advanced technologies including AI and 5G smartphone penetration. Smartphones are widely used for gathering and analysis of data collected from wearable devices. The exponential growth of the smartphone market has augmented the development of android & IoT-enabled responsive and user-friendly wearable device apps. Other factors accelerating market growth are the rapid urbanization and rising disposable income in developing economies, which dictate the wearable technology future trends.
With rapid industrialization and rising employment in service-based industries, there has been a fundamental shift in consumer spending patterns toward consumer electronics products such as fitness & health monitoring smart wearables.
The technology companies including Microsoft, Apple, Google, and other established players are expanding their market share with the introduction of new smart wearables, fueling market growth.