This week, market data showed that China's wearable artificial intelligence (AI) market would increase significantly at a compound annual growth rate (CAGR) of 29.6 percent during the forecast period. It was revealed that there are a number of opportunities in the country's AI technology market such as robotics and wearable AI.
According to Yahoo! Finance, the strongest AI markets in China are those involved in robotics and wearable AI. It was revealed that these industries were growing at a rapid speed and that companies engaged in these sectors would dominate by 2030.
The report claimed that in 2017, China's State Council already announced its plans for the market in a ten-year period. It was mentioned that the country would focus on the development of virtual reality, self-driving cars, smart robotics, and military applications for its AI technology over the decade.
It was also announced that the market would be segmented on the basis of application and product type. For product type, it was revealed that the market focuses would be fitness bands, smartwatches, earware, eyewear and other wearable AI products.
The said AI-based smartwatches and fitness bands segment was perceived to generate a significant yield of stock shares and would also experience significant growth during the forecast period. The said improvements were blamed on increasing product launches for AI-based products such as smartwatches and fitness bands.
On the other hand, the application of AI technology in the Chinese market would revolve around gaming, consumer electronics, enterprises, and more. The report claimed that the prevailing players in these markets were Samsung Electronics Co. Ltd., Google LLC, Microsoft Corp., LG Electronics, Inc., Apple Inc., and Garmin Ltd., among others.
In July 2018, China-based AI technology company iFlytek enhanced its healthcare offerings. The company was said to have started manufacturing smart wearable vests that would give accurate breast cancer detection - a revolutionary healthcare discovery to date.
Last February 2018, on the other hand, Chinese tech giant Xiaomi Corp. and Microsoft Corp. also signed a memorandum of understanding (MoU) engaging the companies to develop advanced cloud computing solutions. They also agreed to make AI and hardware to be integrated into Xiaomi's products.
In the forecast period, the report then concluded that China would be considered as the leading market for wearable AI. The said MoU between Xiaomi and Microsoft were among the growth opportunities highlighted to generate CAGR in the next few years.
According to a report by Morningstar, the long-term beneficiaries of the current economic troubles in China are Chinese internet companies that offer online products and services that are not yet well explored. The said improvement was due to the number of increasing consumers in the industry.
