Wearable AI Market: Consumer electronics segment held the major share

PORTLAND, Ore. - Oct. 12, 2020 - PRLog -- According to the report published by Allied Market Research, the global wearable AI market was estimated at $10.63 billion in 2019 and is expected to hit at $69.51 billion by 2026, registering a CAGR of 26.5% from 2019 to 2026. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and wavering market trends.

Rising penetration of AI in the healthcare industry, increase in adoption of AI assistants, and advancement of IoT and integration of wireless technology fuel the growth of the global wearable AI Market. On the other hand, short span of smart wearables impedes the growth to some extent. However, AI assistance for animals and advancement in personal computing are expected to pave the way for an array of opportunities for the key players in the industry.

AI-based algorithms can be most useful in yielding information about patients who have already been identified with COVID-19 or who are suspected of being affected. Checking these patients remotely with clinical-grade devices and gathering data on several physiological signals can enhance clinical decision-making for providers, and the method can also aid them in learning more about the virus. This way, they can treat it better. Nevertheless, the overall growth of the wearable AI market will slow down a bit, due to the impact of the outbreak on the supply chain.

By application, the consumer electronics segment accounted for nearly one-third of the total market revenue in 2018, and is expected to rule the roost by the end of 2026. The military and defense segment, on the other hand, is anticipated to portray the fastest CAGR of 30.1% till 2026.

By type, the smart watch segment contributed to more than one-fourth of the global market share in 2018, and is projected to rule the roost throughout the forecast period. Simultaneously, he smart glove segment would portray the fastest CAGR of 29.1% during the study period.

By geography, North America held the major share in 2018, generating more than one-third of the global market. At the same time, Asia Pacific is predicted to manifest the fastest CAGR of 31.1% from 2019 to 2026. The other two provinces discussed in the report include Europe and LAMEA.

The key market players analyzed in the global wearable AI market report include Fitbit, Inc., Garmin Ltd., TomTom International B.V., Sony Corporation, Google Inc., Motorola Mobility LLC,  Huawei Technologies Co. Ltd., Amazon.com, Inc., International Business Management Corporation (IBM), AND Samsung Electronics Co. Ltd. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flairs in the industry.

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