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How has wearable artificial intelligence market outlook transformed with the rising demand for smartwatches and gaming?
The growth graph of wearable artificial intelligence market has remained exponential since the last few years, primarily driven by the explosive demand for AI across a spate of verticals. Wearables have been a part of the mainstream for a while now, however, they have registered increased prominence in recent times, driven by the rapid advancements in AI technology.
U.S. Wearable AI Market Share, By Product, 2018
An extremely convincing litmus test of the potential held by wearable AI is the fact that it is gaining significant traction in the impenetrable healthcare industry. According to the Brookings Institution, this potential stems from wearable AI devices’ innate ability to record medical data in a substantially reliable manner than their non-AI predecessors, allowing medical professionals to use the data to diagnose & treat diseases in their early stages. Despite being at a somewhat nascent stage, wearable AI industry seems to have garnered massive mainstream popularity.
How have Apple’s innovations helped add momentum to the global wearable AI market?
Apple holds a pivotal position in the global wearables space, having pioneered its first Apple Watch back in 2015. According to The Yale Tribune, however, while the Apple Watch was not a complete failure, it did fail in living up to expectations and did not make a significant impact on the industry.
The Rise: According to the Harvard Business School, Apple’s reputation surrounding the smartwatch changed when the company started to show significant potential in the field of wearables in 2017 with the release of Apple Watch Series 3. The launch elevated Apple to a leading position in the wearable AI industry, a business vertical expansively characterized by the presence of other smartwatch enterprises.
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The Accolades: Apple smartwatches boasted of being not only the world’s most popular smartwatches but also the most popular ‘watches’ worldwide. Their shipments surpassed Swiss watch exports, reaching the 8 million mark during the fourth quarter (Q4) of 2017 against Swiss watches’ 6.8 million.
The Potential: Apple has been instrumental in helping the wearable AI market foray in the lucrative healthcare industry, given that the company’s new smartwatches are aimed at incorporating an FDA approved electrocardiograph. The EKG will be able to monitor the wearer’s heart’s electrical activity and look for signs of arrhythmia, thereby bringing considerable growth prospects for wearable AI market in the coming years.
Impact of expanding AR/VR gaming industry on wearable AI market
The gaming industry is quickly becoming a major business space, holding an edge over mainstream avenues of entertainment. According to the Association for UK Interactive Entertainment, global video game audience is estimated to range between 2.2 billion to 2.6 billion people.
The Potential: According to Fortune, fueled by the release of an array of highly anticipated videogames in 2018, the gaming industry recorded its largest sales over the previous seven years. In 2018, apparently consumers spent an overall $43 billion on video games – an increase of 18% against the 2017 numbers.
AR/VR: The gaming industry has always been a pioneer in incorporating latest technologies in video games to enhance a game’s entertainment quotient. The advancements in augmented reality (AR) or virtual reality (VR) have thus facilitated a substantial opportunity for wearable AI market players.
The Projection: VR games facilitate a highly immersive gaming experience that, through more advancements, is expected to interact with all of the user’s sensory inputs, actually tricking the mind into thinking that the experience is quite real. Driven by such advancements in AR/VR, the wearable AI market size from gaming applications, is projected to record a CAGR of 35% over 2019-2025.
On account of the expanding smartwatch industry and the exponentially flourishing gaming space, AI-based wearables are expected to command substantial attention in the years to come. According Global Market Insights, Inc., wearable AI market size is slated to surpass the $180 billion renumeration mark by 2025.
Author Name : Akshay Kedari
Augmented Reality Market to witness a commendable CAGR of 65% over 2017-2024, automotive sector to drive the application landscape
Having established itself as a rather prominent vertical of the technology sector, augmented reality market has witnessed phenomenal gains, in terms of remuneration over the recent years. In the field of software, this technology is already approaching mainstream awareness, primarily on account of the profound contribution of renowned tech giants like Blippar, PTC, Daqri, Upskill, Samsung Electronics Co. ltd., Magic Leap, Facebook Inc., and Apple. While the increasing popularity of Apple’s flagship augmented reality technology, ARkit has already created a huge buzz in the augmented reality industry, the American conglomerate’s latest breakthrough, iPhone X is an exemplar precedent depicting the signs of penetration of the business space in the territory of smartphone hardware as well. Reportedly, the advanced TrueDepth camera of the product not only include Portrait Mode and FaceID feature, but can also detect users’ 3D data and dynamic expression via a unique facial recognition function, Animoji. Though the competitive terrain of augmented reality market is all inclusive of breakthrough innovations from other rivals as well, Apple, undeniably, has turned out to be one of the most active promoters of AR technology lately.
U.S. AR market size, by application, 2016 & 2024 ($Mn)
Primarily backed by the fact that AR technology has already made profound inroads in the automotive domain since the inception of 21st century, experts claim, augmented reality industry from this particular business sphere is set to gain exceptional proceeds over the coming years. Big shot automakers across the globe have been increasingly deploying this technology in a bid to bring next version vehicle manuals. Volkswagen’s MARTA (Mobile Augmented Reality Technical Assistance) app that provide a thorough repair assistance to amateur mechanics can be placed as a testament to the aforementioned fact. Add to it, the race to develop self -driving vehicles that is presently heating up the automotive space, is also expected to open up new growth opportunities for augmented reality market. Though automotive giants are highly excited with the changing trend, there is a still a wave of inhibition among the consumers due to dearth of proper know-how. Experts believe, increasing integration of AR technology in automobiles would bridge the gap, gradually encouraging consumers to get accustomed with the new technology. From navigation to improving automobile control, automotive sector, as per experts’ opinion, is reportedly one the most remunerative growth avenues for augmented reality industry.
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Recently, Mapbox, a reputed custom online maps provider, has made to the headlines with the announcement of its acquisition of a Minsk-based artificial intelligence unicorn, Mapdata. Among the various future projects that are claimed to get onboarded through the deal, Mapdata, reportedly, would help Mapbox develop advanced augmented reality based maps that work in sync with the front cameras of the users’ devices. With increasing number of companies seeking to leverage the maximum potential of the technology across mainstream as well as off beat applications, it is certain that augmented reality market is on its way to gain substantial momentum in the years ahead.
While the underlying technology and the application expanse of augmented reality market is rapidly advancing, one of the major constraints that is somewhat acting as a deterrent in the business penetration is the privacy vulnerability concerns associated with the technology. The integration of AR technology into any platform requires disclosure of personal info, which when mishandled often lead to privacy risks. However, renowned companies partaking in augmented reality market are readily investing in research activities to come up with innovative solutions that would address the rising privacy concerns.
Considering the robust initiatives being undertaken worldwide to harness the fullest potential of this technology, augmented reality industry, though still at a nascent stage, is certain to achieve phenomenal gains over the coming seven years. Estimates by Global Market Insights, Inc. claims the overall augmented reality market size to exceed a valuation of USD 50 billion by 2024.
Author Name : Satarupa De