The wearable AI market is projected to grow from USD 62.7 billion in 2024 and is estimated to reach USD 138.5 billion by 2029; it is expected to grow at a CAGR of 17.2% from 2024 to 2029.
The growth of the wearable AI market is driven by increasing applications of wearable AI devices in healthcare sector, seamless integration with smartphones and Internet of Things (IoT), and increasing trend of remote work.
Key strategies adopted by the players in the wearable AImarket ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, partnerships and acquisitions.
In November 2023, Apple Inc. (US) expands its partnership with Amkor, making history as the first and largest customer for Amkor's new manufacturing and packaging facility in Peoria, Arizona. The collaboration reinforces Apple's commitment to US manufacturing. Amkor will invest approximately USD 2 billion in the project, and upon completion, it will employ more than 2,000 people.
In September 2023, SAMSUNG (South Korea) partnered with the University of Michigan Exercise & Sport Science Initiative (ESSI) to enhance smartwatch technology for runners. The research partnership, led by the Michigan Performance Research Laboratory, utilizes Galaxy Watches to gather precise data on VO2 max and sweat loss during indoor and outdoor runs.
Apple Inc.: Apple Inc. is engaged in design, manufacturing, marketing, and sales of smartphones, personal computers, tablets, wearables, accessories, and related services. The company’s product portfolio consists of iPhone, Mac series personal computers, iPad series multipurpose tablets, Apple TV, among others. The company also provides wearables including smartwatches, and wireless headphones. The company offers a range of smartwatches powered by its watchOS operating system, featuring models such as the Apple Watch Ultra 2, Apple Watch Series 9, and Apple Watch SE. Additionally, the company provides a selection of wireless headphones, including AirPods, AirPods Pro, AirPods Max, and various products under the Beats brand. The company’s services portfolio includes advertising, AppleCare, cloud services, digital content, and payment services.
Apple designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is extremely innovative. This has helped the company yield profitability and increased its revenue over the past few years. As a pre part of the strategy, the company focuses on expanding its platform for better digital content interaction and improving its services through different applications. In FY 2023, Apple Inc. invested USD 29.91 billion in R&D efforts, 7.8% of revenue. Apple's ability to compete with peers depends on its ability to ensure a continuous and timely introduction of innovative and competitive products, services, and technologies. The company regularly files patent applications to protect innovations emerging from the company's R&D and is currently pursuing thousands of patent applications worldwide. Furthermore, Apple Inc. is a well-established brand name in wearable devices. 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, including 5G, Al, and machine learning.
SAMSUNG: Samsung Electronics Co., Ltd. is a multinational electronics company and one of the world's largest IT companies. The company, along with its subsidiaries, operates through the following business divisions: Device Experience (DX), Device Solutions (DS), Samsung Display (SDC), and Harman. The DX division offers digital TVs, refrigerators, mobile phones, wearables, and communication systems. The DS division offers memory, foundry, and system LSI. The SDC division offers display panel products. The Harman division deals in connected car systems, audio and visual products, enterprise automation solutions and connected services. The company's wide product and service portfolios help it compete in different markets at different levels of the value chain. The company offers AI-based wearable devices such as smartwatches i.e., Galaxy Watch Pro series, and smart earwears (Galaxy Buds2 Pro). The company has 228 subsidiaries and operates with nine regional headquarters. Samsung Electronics America, Inc. (US), Samsung Electronics (UK) Ltd. (UK), Samsung Asia Pte. Ltd. (Singapore), Samsung Japan Corp. (Japan), Samsung Electronics GmbH (Germany), are few of the major subsidiaries of the company.
Samsung has a diversified geographic presence. As of December 2022, the company had 228 subsidiaries and operates with nine regional headquarters. In 2022, the Americas accounted for 39% of the company's total revenue, followed by Europe (17%), Asia and Africa (16%), China (12%), and Korea (16%). The company's wide geographic footprint reduces its exposure to risks associated with a particular market. It also provides Samsung with benefits such as cost reductions through economies of scale.
Related Reports:
Wearable AI Market by Product (Smartwatches, Fitness Tracker, AR/VR Headsets, Wearable Cameras, Smart Earwear, Smart Clothing & Footwear), Operation (On-device AI, Cloud-based AI), Application (Consumer Electronics, Healthcare) - Global Forecast to 2029
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