PORTLAND, Oregon, March 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wearable AI Market by Type (Smart Watch, Smart Glasses, Smart Earwear, Smart Glove, and Others), and Application (Consumer Electronics, Healthcare, Automotive, Military and Defense, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global wearable AI market generated $10.63 billion in 2019, and is expected to reach $69.51 billion by 2026, witnessing a CAGR of 26.5% from 2019 to 2026.
Prime determinants of growth Increased penetration of AI in healthcare industry, growth in adoption of AI assistants, and advancement of IoT and integration of wireless technology drive the global wearable AI market. However, short life of smart wearables restrains the market growth. On the other hand, AI assistance for animals and advancement in personal computing offers new opportunities in coming years.
The consumer electronics segment to maintain its lead position throughout the forecast period Based on lighting technology, the consumer electronics segment contributed to nearly one-third of the total share of the global wearable AI market in 2018, and is estimated to maintain its lead position throughout the forecast period. This is due to various product launch, development and other such strategies. However, the military and defense segment is expected to witness the highest CAGR of 30.1% from 2019 to 2026. Military and defense across the world is adopting cordless and intelligent technology at a fast pace, which increases its market demands.
The smart watch segment to continue its dominant position in terms of revenue by 2026 Based on type, the smart watch segment held the highest market share of the global wearable AI market, contributing to more than one-fourth of the total market share in 2018, and is estimated to continue its dominant position in terms of revenue by 2026. This is due to due to its market demand catalyzed by high competition. However, the smart glove segment is expected to register the fastest CAGR of 29.1% from 2019 to 2026.
North America to rule the roost Based on region, North America accounted for the highest share on the basis of revenue, contributing to more than one-third of the global wearable AI market in 2018, and is expected to continue its highest share during the forecast period. North America is one of the developed regions with people having high disposable income, which influences the market demand. On the other hand, the region across Asia Pacific is projected to register the fastest CAGR of 31.1% from 2019 to 2026Asia Pacific is a developing region which accommodates a large part of the world population. This factor increases the market demand.
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