Artificial Intelligent Wearable Technology Market Are Estimated To Witness High Growth Owing To Rising Investment In Healthcare Technologies
The Artificial Intelligent Wearable Technology Market Is Estimated To Be Valued At US$ 143.44 Bn In 2023 And Is Expected To Exhibit A CAGR Of 12% Over The Forecast Period 2023-2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
The Artificial Intelligent Wearable Technology Market Comprises Products That Use Artificial Intelligence And Integrate Technology Into Accessories Like Clothing And Eyewear. Some Key Applications Of These Products Include Healthcare And Fitness Monitoring, Education And Training, Retail, Military And Defense, And Entertainment. With Advancements In Sensor Miniaturization And Machine Learning Capabilities, These Wearables Are Able To Track Vital Signs, Detect Falls, Monitor Blood Pressure, Calories Burned, And Provide Personalized Health Insights To Users.
Market Dynamics:
One Of The Major Drivers For Growth Of AI Wearable Technology Is The Increasing Investment By Healthcare Companies In Digital Health Technologies. Key Players Are Investing Heavily In Research And Development Of AI-Powered Wearables To Monitor Patients Remotely And Provide Personalized Care And Treatment Suggestions. Further, The Growing Popularity Of The Internet Of Things Is Augmenting The Demand For Connected Devices And Sensors. The Increasing Availability Of Low-Power Wireless Technologies Like Bluetooth And ANT+ Is Facilitating Seamless Transfer Of Biometric Data From Wearables To Smartphones And Cloud Servers. Lastly, The Rising Prevalence Of Chronic Diseases Is Spurring The Adoption Of Remote Patient Monitoring Solutions Using AI-Enabled Smartwatches, Fitness Trackers, And Virtual Assistants.
Writing The SWOT Analysis
Strength: Wearable Technology Allows Real-Time Health Monitoring Which Helps In Early Detection Of Health Issues. These Devices Are Compact And Come With Long Battery Life Which Allows Continuous Usage. Technology Advancement Has Made These Devices More Affordable And Available To Mass Consumer Segment.
Weakness: Data Privacy And Security Concerns Persists As Health And Fitness Data Is Stored Online. Interoperability Issues Between Devices And Apps From Different Manufacturers Leads To Data Transfer Issues. Limited Apps Availability And Coverage For Certain Devices Is Also A Weakness.
Opportunity: Growing Aging Population And Demand For Remote Patient Monitoring Presents An Opportunity. Integration Of More Medical Grade Sensors Will Expand Usage Of These Devices Beyond Fitness. Usage Of These Devices For Workplace Productivity And Safety Enhancement Also Provides New Opportunities.
Threats: Stringent Regulations Around Health Data Collection And Usage Poses Compliance Challenges. Competition From Low-Cost Alternatives Like Smart Phones Threaten Dedicated Wearable Devices. Technological Breakthroughs Like Artificial Intelligence In Mobile Also Poses A Threat To Current Business Models.
Key Takeaways
The Global Wearable Technology Market Growth Is Expected To Witness High Growth, Exhibiting CAGR Of 12.% Over The Forecast Period, Due To Increasing Health Awareness Among Consumers. Remote Monitoring Solutions Allow Round The Clock Health Tracking Driving Adoption.
Regional Analysis - North America Dominated The Market In 2023 With A Share Of Over 35%, Owing To High Disposable Income And Fast Technology Adoption In United States And Canada. Asia Pacific Is Expected To Be The Fastest Growing Region, Exhibiting A CAGR Of 15% During The Forecast Period Due To Rising Health Awareness In Emerging Countries Like China And India.
Key Players Operating In The Wearable Technology Market Are Adidas, Suunto, Abbott Laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., And Apple Inc. These Players Are Focusing On Integrating More Medical Grade Sensors To Expand Into Medical Monitoring Segment From Fitness Usage. Partnerships With Health Tech Companies And Apps Developer Is Also A Key Strategy Adopted By Top Players.
For more insights, read- https://cmiinfopiece.blogspot.com/2023/12/ai-is-fastest-growing-segment-fueling.html
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