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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..
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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
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Segment Overview
This smart glasses market report extensively covers market segmentation by
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
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/
SOURCE Technavio
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