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.
Top 2 players in the wearable AI market:
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.
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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.
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