The current wearable market is dominated by major players like Apple, Google, and Samsung. However, there are opportunities for smaller companies to make a name for themselves by addressing the industry's current challenges. AI is expected to transform the medical and wearables market in the future, with companies that solve the above issues leading the way.
Key takeaways:
- The global wearables market is expected to reach $265.4 billion by 2026, with AI expected to give wearables more functionality and improved performance.
- Challenges in the wearables industry include the lack of a unified method to collect and process data, and issues with battery life.
- True artificial intelligence could revolutionize the wearables market, potentially providing features such as an AI doctor with access to all available medical information.
- Companies developing AI for wearables need to tackle issues such as trust in AI responses, data collection and privacy, and improving battery life.