The wearable AI market is projected to reach USD 42.4 billion by 2023 from USD 11.5 billion in 2018, at a CAGR of 29.75% during the forecast period. Major growth drivers are increase in demand for AI assistants, augmentation of operations in healthcare industry, emergence of IoT and integration of wireless technology, growth prospects of wearable component technology, and increase in consumer preference and demand for advanced wearable devices.
Key players in the wearable AI market include Apple (US), Samsung (South Korea), Google (US), Microsoft (US), Sony (Japan), Garmin (US), Fitbit (US), Huawei (China), Amazon (US), IBM (US), and Oracle (US). Product launches and developments, and partnerships and collaborations were the key strategies adopted by players to grow in the wearable AI market from 2014 to 2017.
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Apple has been at the top position because of its existing market share in consumer electronics and high financial power. The company’s strong market position characterized by its strong brand equity coupled with technical expertise and broad offerings in the wearable AI market. Well-established market with large customer base and community imparts a significant competitive edge. The company manufactures its wearable devices and supports them with its own OS, AI solutions, and services. The company is self-sufficient in all the possible ways. With leading innovations in devices, controls, sensors, data analytics, and advanced solutions, the company focuses on opportunities in the wearable AI industry. Also, the company is financially stable with a sound liquidity position. This enables the company to make huge strategic investments in different types of emerging technologies such as artificial intelligence and machine learning. For instance, in June 2018, the company updated the Apple watch with watchOS5. The company introduced new activity and communication features such as auto workout detection, Wi-Fi, and cellular connectivity with the launch of watchOS.
Samsung ranked second in the market. The company is one of the leading providers of wearable technologies. Along with better sensing technologies in wearable, the company has been consistently focusing on developing AI technologies and bringing innovative wearable devices to the market. To grow their customer base and overall business revenue, the company largely adopts product launch as its main business strategy. For instance, in March 2017, the company launched its own voice-powered digital assistant called Bixby in competition with different virtual assistants from Apple, Amazon, and Google. Presently, Samsung is aggressively expanding its R&D facilities and investments specifically dedicated to AI with a launch of new research centers in the UK, Canada, and Russia to accelerate the development of AI technologies. Furthermore, the company faces intense competition for wearable products in different subcomponents, which includes operating systems (OS), and hardware from companies such as Google, Sony, and Apple. By focusing more on wearable devices and operating systems on smartphones, the Samsung Group manages to reduce the costs of wearable devices largely.
Wearable AI Market by Product (Smart Watch, Ear Wear, Eye Wear), Operation (On-Device AI, Cloud-Based AI), Component (Processor, Connectivity IC, Sensors), Application (Consumer Electronics, Enterprise, Healthcare), and Geography - Global Forecast to 2023
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