The study of Markets and Markets shows that the wearable AI market is expected to grow from 11.5 billion US$ of 2018 to 42.4 billion US$ by the year 2023. The CAGR during the forecast period of 2019 to 2023 is expected to be 29.75%. The drivers of the market include the integration of wearables in the health care industry, the growth of related technologies, the demand for an advance wearable device and increase demand of AI assistants in general. The continuously evolving technology is restraining the market because it decreases the life span of such technology due to constant upgrades of technology.
The market of wearable beside wrist wearable is expected to grow at a high rate. The collaboration between different companies is constantly evolving the wearable devices and is bringing new types of wearables to the market. Different companies around the world are partnering devices to integrate AI into wearables. The integration of AI into different wearables is developing new types of smart wearables which will ultimately grow the wearable AI market.
The wearable display is expected to dominate the market of smart wearable devices due to their use in smartwatches. The increased awareness of people regarding the benefits of a better display is the reason for the increasing demand for such components. The demand for AR and VR is also driving the market of wearable devices displays.
The major players of the world along with the regions have also been included in the report. The Asia Pacific is expected to see the highest growth rate in the forecast period. The rising per capita is driving force behind the market growth in this region. The increased adoption of wearable on industrial and enterprise level is also expected to grow the market in the Asia Pacific.