AI-enabled fitness trackers have witnessed increasing adoption in the last few years, and this trend is expected to gather momentum in the coming years. AI-enabled smart trackers are basically wearable devices include fitness trackers, real-time health monitoring wearable sensors, elderly trackers, and fetal monitoring wearables.
These trackers help track fitness activities of users and collect health-related data, which in turn can help monitor health of the wearer. AI-enabled smart trackers to witness high adoption in the fitness and healthcare sectors. In 2018, the global AI enabled smart trackers ecosystem was valued at USD 3.2 Bn and is projected to grow at a CAGR of about 20% during 2019 to 2026.
The growth of the global market to be boosted by the increasing implementation of the internet of things (IoT), as this will increase the demand for smart tracking wearables. IoT is associated with machine-to-machine connectivity and communication by cloud platforms. Apart from monitoring health and activity levels of the wearer, there are some wearable devices for blind people that can help detect obstacles on the path by using ultrasounds. This enables blind people to safely navigate around objects.
Further, the demand for AI-enabled smart Bluetooth headphones is increasing significantly, and this too will give a major boost to the global market. In fact, it has been one of the important factors to drive market growth in recent times. Another factor that is playing a key role in promoting the growth of the global AI enabled smart trackers ecosystem is the introduction of smart AI-enabled rings. These smart rings embedded with AI user interface can help perform a number of actions such as controlling IoT devices and managing voice assistants.
Region-wise, North America dominated the global AI enabled smart trackers ecosystem in 2018 and is likely to maintain the same growth trend in the coming years as well. The dominance of the North American market can be attributed to the presence of major market players like Apple, Google, etc., in the region. Apart from North America, the Asia-Pacific region is expected to grow at the fastest rate over the next few years due to rising health concerns in the region, which is increasing the adoption of smart wearables.
The major players operating in the global AI enabled smart trackers ecosystem are Apple, Facebook, Garmin, Xiaomi, Microsoft, Jabra, HTC, Huawei, Google, Fitbit, and Samsung, among others. These market players are focusing on several strategies like mergers & acquisitions, product expansion, and partnerships, among others, to increase their market share and strengthen their position. Such strategies will also play a crucial role in the growth of these companies, as well as in the growth of the global market for AI-enabled smart trackers.