The worldwide wearables industry is projected to grow at a compound annual growth rate (CAGR) of 18% by 2026, with new strides in development particularly within health monitoring, fitness tracking, and the capabilities of virtual assistants. Artificial intelligence (AI) appears likely to enhance the functionality and performance of wearables in the future, with the caveat that AI technology still needs to mature beyond its current state to truly reach its full potential in this market.
Several new start-ups have entered the market with innovative wearable technology incorporating AI. One of them is Brilliant Labs, which offers open-source ecosystem Frame AI Glasses. The glasses make use of OpenAI’s Whisper technology, allowing users to visualise analytical data of their surroundings, blend digital and physical experiences in real-time, and retrieve web information through the glasses.
Prophetic AI, a neurotech firm, has developed a non-invasive brain device known as “The Halo.” This wearable can induce lucid dreaming through neurostimulation patterns resembling those recorded during natural lucid dreaming experiences. The Humane’s wearable device Ai Pin is the first user-friendly multi-modal device, acting as a digital assistant, helping users manage tasks like making calls, sending messages, or managing their digital life.
Another start-up, Limitless AI, has been recognized for a wearable device allowing users to tap into cloud-stored data and reminders. Tab AI provides a new AI microphone pendant capable of transcribing conversations and providing valuable insights, while Rabbit r1, an AI personal assistant gadget designed by Teenage Engineering, allows the user to control various smart home and smartphone tasks.
Finally, Neurable is developing AI solutions for brain-computer interfaces and brain signal translation, using patented signal processing technology. This wearable furthers the capability to integrate high-performing brain-computer interfaces into daily wearable products.
The current wearable market is dominated by a few key players such as Apple, Google through the acquisition of Fitbit, and Samsung among others. However, the room for development and advances using artificial intelligence opens a pathway for new start-ups to emerge. By addressing existing challenges within the industry, these new businesses stand the chance to revolutionize wearable technology, particularly in the medical space, pushing the bounds of what was once only conceivable in science fiction. The key to this new era will be solving some of the current problems faced by the industry.
