Indian Wearable AI market is estimated to grow significantly at a CAGR of 33.3% during the forecast period. India is one of the fastest emerging economies for wearable AI in the Asia-Pacific. The growth of the market in the region is attributed to the adoption of various government policies to drive AI innovation, and proliferation in various sectors such as information & technology, healthcare, consumer goods among many other sectors. For instance, in May 2019, NITI Aayog, Department of the Indian government, has drawn up a plan for creating an institutional framework for AI in the country. The department has circulated a cabinet note to provide $750 million in funding for the creation of a cloud computing platform called AIRAWAT and research institutes. Moreover, in June 2018, the Indian government defined a national policy on AI in a working paper titled National Strategy for AI #AIforAll. The NITI Aayog has announced to focus on five sectors that are envisioned to benefit from AI.
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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. AI-based smartwatches and fitness bands segment is estimated to hold a significant share and is estimated to show optimistic growth during the forecast period owing to the increasing product launches for AI-based smartwatches and fitness bands. Further, on the basis of application, the market is segmented into consumer electronics, gaming, enterprise, and others.
In India, several startup companies are involving for the improvement of the healthcare infrastructure, and to assist doctors and practitioners for the diagnosis of several chronic diseases even at early stages. With the help of such predictive analytics, the companies are manufacturing diagnostic tools that assist doctors to diagnose with more accuracy. For instance, ten3T, a medical wearable startup company, manufactures medical-grade wearable devices attached with a Cicer that aids in monitoring the patient’s health. Whereas, mFine, a healthcare startup company headquartered in Bengaluru has close to 1200 diseases in the system to give 85% of accurate diagnosis.
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India Wearable AI Market Segmentation
By Product Type
- Smartwatches and Fitness Bands
- Eyewear
- Earwear
- Others
By Application
- Consumer Electronics
- Gaming
- Enterprise
- Others
Company Profiles
- Apple, Inc.
- Google LLC
- Huawei Technologies Co. Ltd.
- iFlytek Co. Ltd.
- LG Electronics, Inc.
- Microsoft Corp.
- Samsung Electronics Co. Ltd.
- Sony Corp.
- Xiaomi Corp.
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