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Smart Glasses Market to Grow by USD 76.5 Million (2024-2028) Driven by Industrial Automation, AI Impact on Market Trends - Technavio Report
Thursday, September 26, 2024
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global smart glasses market size is estimated to grow by USD 76.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.84% during the forecast period. Implementation of automation in industrial sector is driving market growth, with a trend towards rise in number of strategic partnerships and acquisitions. However, high initial cost of smart glasses poses a challenge. Key market players include 3M Co., AGC Inc., Alphabet Inc., Atheer Inc, Elbit Systems Ltd., Good Sky Electric Co. Ltd., Huawei Technologies Co., Ltd., Iristick NV, MAD Gaze Ltd., Magic Leap Inc., Microsoft Corp., Nreal Ltd., Optinvent, OXSIGHT Ltd., Seiko Epson Corp., Sony Group Corp., ThirdEye Gen Inc., Toshiba Corp., Vuzix Corp., and Xinology Co. Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Smart Glasses Market Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 13.84%
Market growth 2024-2028
USD 76.5 million
Market structure
Fragmented
YoY growth 2022-2023 (%) 11.92
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution North America at 64%
Key countries
US, France, UK, Germany, and China
Key companies profiled 3M Co., AGC Inc., Alphabet Inc., Atheer Inc, Elbit Systems Ltd., Good Sky Electric Co. Ltd., Huawei Technologies
Co., Ltd., Iristick NV, MAD Gaze Ltd., Magic Leap Inc., Microsoft Corp., Nreal Ltd., Optinvent, OXSIGHT Ltd.,
Seiko Epson Corp., Sony Group Corp., ThirdEye Gen Inc., Toshiba Corp., Vuzix Corp., and Xinology Co. Ltd.
Market Driver
The global smart glasses market is witnessing an increase in strategic partnerships and acquisitions. These collaborations enable vendors to enhance their offerings, broaden their reach, fortify their market position, and create innovative products. An instance of this trend is Vuzix Corporation's strategic partnership with Rods and Cones in February 2021. Through this alliance, Vuzix's M-Series Smart Glasses were integrated as an additional video-capturing device for Rods and Cones' virtual surgical collaboration platform. This partnership will lead to the development of advanced smart glasses, compatible with advanced technologies and components, thereby positively impacting the market.
The Smart Glasses Market is experiencing significant growth in various industries, including Automotive and Transportation and Consumer Electronics. The USP of smart glasses lies in their ability to transform from opaque to transparent at the click of a button, offering panoramic views through automotive glass panels like windshields, rear-view mirrors, sun visors, sunroofs, and panoramic window panels. These glasses provide superior light transmission, enhancing tourist activities and sightseeing experiences by allowing a clear view of scenic beauty. Moreover, smart glasses offer multi-functional spaces, such as thermal insulation, dimming capabilities, and 3D designing proposition, making them ideal for unique spaces like offices, hospitals, and smart facades. The use of electrochromic, photochromic, thermochromic, PDLC glass, and smart glazing in these glasses is driving innovation in this market. The integration of electrical signals and film in glass panels further enhances their functionality, providing solutions for power generation, glare reduction, and more. In the automotive industry, smart glasses are revolutionizing the way we drive, offering a safer and more comfortable driving experience. In consumer electronics, they provide a unique experience, making them a must-have gadget for tech enthusiasts. With the increasing demand for sustainable and eco-friendly solutions, waste glass panels and rare chemicals are being repurposed to manufacture these smart glasses, making them a smart choice for businesses and individuals alike.
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Market Challenges
-- The smart glasses market is currently in its innovation stage, with low
sales and customer adoption. Enterprise versions dominate the market due
to high penetration and vendor focus. The high average selling price
(ASP) of USD1,397.39 is a result of limited consumer awareness and few
AR applications. Vendors prioritize enterprise revenue, with prices
ranging from USD150 to USD10,000. Enterprise users pay USD799.99 for
Vuzix M300 Smart Glasses and USD1,799.99 for M400, while ThirdEye Gen's
X2 Mixed Reality Glasses cost USD1,950 for enterprise clients. The
market's growth may be hindered by the high ASP, limited consumer
appeal, and enterprise focus. Vendors are releasing developer and
commercial versions, catering to different use cases and price points.
-- The Smart Glasses market is experiencing significant growth due to
advancements in technologies such as Autonomous Vehicles and 5G.
Challenges include integrating heads-up displays (HUD), minimalist
architecture, and electrochromic technology for automatic tinting.
Wearable technology, sensors, and Bluetooth connectivity are essential
features. Audio smart glasses offer crystal clear sound, while smart
glasses enhance outdoor sports and gaming experiences. Industrial and
healthcare applications require specialty glasses with privacy features,
switchable lenses, and Linux operating systems. Monocular and binocular
designs cater to various needs. Miniaturization, AR experience, and
acoustic insulation are key trends. Aerospace companies explore smart
glasses for cockpit displays and SPD glass for light control, heat
rejection, and acoustic insulation.
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Segment Overview
This smart glasses market report extensively covers market segmentation by
1. Product
-- 1.1 Developer
-- 1.2 Commercial
2. OS
-- 2.1 Android
-- 2.2 Windows
-- 2.3 Others
3. End-user
-- 3.1 Enterprise
-- 3.2 Individual
4. Geography
-- 4.1 North America
-- 4.2 Europe
-- 4.3 APAC
-- 4.4 Middle East and Africa
-- 4.5 South America
1.1 Developer- Smart glasses developers, also known as prosumers, play a crucial role in the advancement of the smart glasses market. They are individuals involved in the design, manufacture, and development of these innovative devices. Vendors provide developer versions of smart glasses, which are not intended for commercial use. These developer kits enable developers to test and improve the hardware and software of smart glasses. Nreal, an augmented reality company, recently launched its developer version of air glasses in the US in September 2022. The demand for developer kits to create AR technology and apps is on the rise, leading to an ecosystem of new product development, effective use of hardware components, and appealing designs for smart glasses. Consequently, most vendors in the market initially release developer versions before commercializing their products.
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Research Analysis
The Smart Glasses market is experiencing significant growth due to the integration of advanced technologies such as Autonomous Vehicles, Heads-Up Display (HUD), and Augmented Reality (AR) experience. These glasses offer features like automatic tinting, minimalist architecture, and smart windows, providing optimal light control, heat rejection, and acoustic insulation. Electrochromic, SPD, photochromic, and thermochromic technologies are used to create switchable glasses, offering privacy and convenience. Specialty glass types include industrial and healthcare applications, with sensors and 5G technologies enabling smart automation and real-time data processing. Wearable technology advancements have led to the development of audio smart glasses with crystal clear sound experiences. The market is also exploring miniaturization and integration of various sensors for enhanced functionality.
Market Research Overview
The Smart Glasses market is experiencing significant growth due to the integration of advanced technologies such as Autonomous Vehicles, Automatic tinting, and Heads-Up Display (HUD). Minimalist architecture and Electrochromic technology are key trends in this sector, enabling glasses to adapt to various lighting conditions. Wearable technology, 5G technologies, and Augmented Reality (AR) experience are also driving innovation in this field. Miniaturization, Sensors, and Audio smart glasses with crystal clear sound are popular choices for outdoor sports enthusiasts. Smart glasses offer anti-glare properties, making them ideal for use in industrial and healthcare settings. Monocular and Binocular Smart Glasses, Smart Glasses, and Polymer-Dispersed Liquid Crystals (PDLC) are some of the popular types. Linux operating system and Linux kernel, Bluetooth, USB, and Full HD display are essential features. Smart glasses have applications in gaming, healthcare, industrial, and specialty glass industries. They offer HDMI connectivity, thermal insulation, and smart facades. Smart construction materials, sightseeing destinations, and unique spaces are also potential markets for smart glasses. Opaque and Transparent options with dimming capabilities are available, replacing conventional glasses and waste glass panels. Rare chemicals and electronic systems are used in the production of Electrochromic and Photochromic glass, Thermochromic glass, and PDLC film. Smart glazing, film, and glass panels are used in various applications, including automotive glass panels, rear-view mirrors, windshields, sun visors, sunroofs, panoramic view windows, and light control. Smart glasses offer acoustic insulation, heat rejection, and privacy features, making them essential in emergency room areas and smart automation. Aerospace companies and automotive industries are major consumers of smart glass technology, with applications in USP, rear-view mirrors, windshields, sunroofs, and panoramic view windows. Smart glasses offer light transmission and are ideal for tourist activities, providing a panoramic view of scenic beauty. Smart construction materials, smart facades, skylights, office spaces, hospital partitions, and smart automation are other potential markets for smart glasses.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Product
-- Developer
-- Commercial
-- OS
-- Android
-- Windows
-- Others
-- End-user
-- Enterprise
-- Individual
-- Geography
-- North America
-- Europe
-- APAC
-- Middle East And Africa
-- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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