The North American Wearable AI market is estimated to grow significantly at a CAGR of over 28% during the forecast period.
The North American market for wearable AI includes the analysis of two major countries; the US and Canada. The factors that are contributing significantly to the market growth include R&D and high expenditure by the government as well as private organizations in AI technology. The region has well-developed ICT infrastructure and has witnessed a huge adoption of a large number of connected devices. The presence of major AI players such as Microsoft, IBM, and Google in North America further gives a boost to the growth of the market in the region. Moreover, high internet penetration is one of the major factors that is augmenting market growth in North America.
Canada is a promising market for the wearable AI market owing to increasing government expenditure and the penetration of AI technology in the automotive, healthcare and IT sector. The government is adopting several strategies and collaborations for the improvement of AI technology. In March 2017, the Canadian government introduced the $94.9 million Pan-Canadian AI Strategy in collaboration with three newly established AI institutes - the Alberta Machine Intelligence Institute (AMII) in Edmonton, Mila in Montreal and the Vector Institute in Toronto.
The market is segmented on the basis of product type and application. Based on the product type, the market is segmented into smartwatches and fitness bands, eyewear, earwear, and others. Earwear segment is estimated to grow at a significant CAGR during the forecast period. The segmental growth is attributed to the growing manufacturers' interest in integrating advanced AI technology to earwear devices. Apple's AirPods and Google's pixel buds are some of the AI-enabled earwear that is currently popular in the market. Further, on the basis of application, the market is segmented into consumer electronics, gaming, enterprise, and others.
The major players in the North American market include Google LLC, Microsoft Corp., and Apple, Inc. Some of the major strategies adopted by the market players include mergers and acquisitions, product launches, and partnerships and collaborations to expand market share and gain a competitive advantage. For instance, in November 2019, Fitbit, Inc. entered into a definitive agreement to be acquired by Google LLC. The aim of the acquisition was to accelerate innovation in the wearable category and scale faster and make AI-enabled wearable devices more accessible. In addition, the introduction of new and innovative products is adopted as the key market strategy by the major and small market players.
The report covers:
Comprehensive research methodology of the North American Wearable AI market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the North American Wearable AI market.
Insights about market determinants which are stimulating the North American Wearable AI market.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.
Key Topics Covered
1. Report Summary 1.1. Research Methods and Tools 1.2. Market Breakdown 1.2.1. By Segments 1.2.2. By Geography
2. Market Overview and Insights 2.1. Scope of the Report 2.2. Analyst Insight & Current Market Trends 2.2.1. Key Findings 2.2.2. Recommendations 2.2.3. Conclusion 2.3. Rules & Regulations
5. Market Segmentation 5.1. North American Wearable AI Market by Product Type 5.1.1. Smartwatches and Fitness Bands 5.1.2. Eyewear 5.1.3. Earwear 5.1.4. Others 5.2. North American Wearable AI Market by Application 5.2.1. Consumer Electronics 5.2.2. Gaming 5.2.3. Enterprise 5.2.4. Others
6. Regional Analysis 6.1. United States 6.2. Canada
7. Company Profiles 7.1. Apple Inc. 7.2. Empatica Inc. 7.3. Garmin Ltd. 7.4. Google, LLC 7.5. IBM Corp. 7.6. Intel Corp. 7.7. Microsoft Corp. 7.8. Oracle Corp. 7.9. PhysIQ 7.10. Sensoria, Inc.