AI in Smartphone and Wearable Market Ecosystem Emerging Growth Factors & Regional Forecast to 2023
Leading manufacturers of smartphones and wearables like Samsung, Apple, Huawei, Fitbit, etc., are using AI in smartphones and smart wearables to enhance customer experience.
The smart wearable market is growing rapidly with an 8.3% YoY, and there were 27.9 million units of smart wearables shipped in 2018. AI is enhancing the capabilities of connected devices like smartphones and wearable by making them more efficient and intelligent. Technologies like machine vision, voice recognition, audio processing, and others are used in the new generation AI-enabled consumer electronics. 3% of smartphones sold in 2018 were AI-enabled and by the end of 2020, 35% smartphones are expected to be integrated with AI technologies.
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Technological progress in miniaturized electronics and mobile access to computational power are driving the growth of the wearable AI industry. According to our estimates, 85% of the AI wearables market is dominated by smartwatches and fitness bands in 2018 and by the end of 2023, the AI-enabled smartphones & wearables market is expected to witness ~30% CAGR.
Global AI in Smartphone and Wearable Market
Artificial Intelligence (AI) has transformed the outlook of smartphone and wearables. Smartphones have been using AI for some time now. The combination of AI and 5G will facilitate the emergence of a new generation of devices. The latest smartphones and wearables have integrated cloud-based AI, along with built-in AI. The benefit of the on-device AI hardware is data privacy and security. Personal biometric data or other sensitive data can remain on the device and do not need to be sent over the internet for processing in the cloud. In terms of growth in Product, the smartwatch segment is driving the market with a CAGR of 15.0%, while the smartphone segment is well placed in terms of value. Key countries like China and the US are expected to drive maximum gains from AI in smartphones and wearables by the end of 2026. Revenue of the US in the consumer electronics segment amounts to US$74,316m in 2019, while the revenue generated in China amounts to US$128,240m in 2019. With the emergence of 5G network and AI, the US and China will double their revenue.
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