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The Global Smart Glasses Market size is estimated to grow by USD 65.75 million between 2022 and 2027 exhibiting a CAGR of 13.35%. Smart glasses are fitted with a small display and can also be used as conventional glass. They function like helmet-mounted displays but are sleeker than them. In this market size analysis report, the devices have a see-through display and resemble a pair of normal eyeglasses. These devices use Augmented Reality (AR) technology that blends digital content with the physical world. Devices such as Microsoft's HoloLens are used to display computer-generated images in a user's field of vision and to provide relevant information about objects in the real world. It allows the user to scan the real-world environment and provides an enhanced or augmented experience by adding computer-generated information.
The global market is driven by several key factors. With the widespread implementation of automation in the industrial sector, smart glasses are increasingly used for hands-free operation and augmented reality (AR) assistance in various manufacturing processes. Additionally, the rise in crowdfunding campaigns has facilitated the development and accessibility for consumers. Furthermore, the growing adoption of AR gaming by individuals has spurred the demand as a platform for immersive gaming experiences. These trends collectively contribute to the expansion of the market, catering to both industrial and consumer needs. This market also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the market size analysis report includes historic market data from 2017 to 2021.
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The market is experiencing substantial growth driven by advancements in wearable technology and 5G, particularly in the evolution of smart glasses. These devices have become increasingly sophisticated, offering users a seamless blend of functionality and innovation. Smart glasses now feature smart windows, specialty glass, and switchable glasses, providing capabilities such as privacy control, acoustic insulation, and light management. They incorporate cutting-edge technologies like electrochromic (EC) smart glass and polymer-dispersed liquid crystals (PDLC), enhancing their versatility and performance.
In addition to industrial and healthcare applications, smart glasses are evolving with augmented reality (AR) experiences, high-quality audio, and thermal control capabilities. These features make smart glasses indispensable in modern architecture, technology, and various professional fields. As demand grows for multifunctional optical devices like binoculars and smart glasses, the market continues to expand, catering to diverse consumer needs and enhancing operational efficiencies across sectors.
The market research report is witnessing remarkable growth driven by advancements in technology and increasing demand for smart automation. With features like automatic tinting and electrochromic technology, smart glasses offer users the flexibility to control light, heat, and privacy levels. Heads-Up Display (HUD) and AR experiences enhance user interactions, while specialty glasses like SPD, electrochromic, and photochromic glass provide advanced functionalities. Wearable technology and miniaturization have enabled the development of lightweight and immersive smart glasses, with applications ranging from autonomous vehicles to healthcare settings. With the integration of 5G technologies and sensors, smart glasses offer crystal-clear sound and immersive experiences across various industries, including industrial and emergency room areas. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic smart glasses market analysis report of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The implementation of automation in the industrial sector is a major factor driving the growth in the market size analysis growth report. Automation plays a prime role in the manufacturing industry as automation solutions carry out complex manufacturing processes. Industrial automation enables high efficiency, the predictive maintenance of machines, and good safety; it also increases profitability. The growing implementation of automation across industries is providing possible opportunities for the use in industrial automation. Some manufacturers are adopting smart glass to close their skill gaps quickly and bring critical information to the front line of the workforce.
Moreover, some smart glass companies that implemented industrial automation include In October 2020, AGL Automation Ltd, a provider of process automation solutions, announced a partnership with Epson to introduce augmented reality into its portfolio using Epson's Moverio BT-350 smart glass. As the demand for industrial automation in factories rises, the need is expected to increase substantially, which will drive the growth of the global market.
The rise in the number of strategic partnerships and acquisitions is a key global market trend. The number of strategic partnerships and acquisitions is rising in the global market. Strategic partnerships and acquisitions enable vendors to improve their services, expand their geographic presence, strengthen their market position, and develop innovative products. Some examples related to strategic partnerships and acquisitions include:
Moreover, in February 2021, Vuzix Corporation, a leading supplier of Augmented Reality (AR) technology and products, announced a strategic partnership with Rods and Cones, a provider of a fully virtual surgical collaboration platform. Through this partnership, Rods and Cones will incorporate Vuzix's M-Series smart glass as an additional video-capturing device to support optimized remote interactions between surgeons and medical experts. The rise in the number of strategic partnerships and acquisitions will have a positive impact on the market as it will result in the production of efficiency that will be compatible with advanced technologies and components. Such factors will increase the market growth and trends during the forecast period.
The high initial cost is a major factor hindering the market growth in the market size analysis growth report. The market is in its early innovation stage, with low sales and customer adoption. Enterprises dominate the market as most vendors focus on enterprise versions. Limited awareness and AR applications contribute to high average selling prices (USD 150 to USD 10,000). Enterprises integrate these to boost productivity. The high ASP of USD 1,397.39 indicates vendors prioritize enterprises over individuals. Vendors target enterprises due to their higher adoption rates.
However, vendors release developer and commercial versions, priced based on use cases. For example, Vuzix offers the M300 smart glass at USD 799.99/unit for enterprises and the M400 smart glass at USD 1,799.99/unit for individuals. ThirdEye Gen provides the X2 Mixed Reality Glass at USD 1,950/unit for enterprise users. These factors may hinder market growth.
The global market share growth of the developer segment will be significant during the forecast period. The developers are commonly called prosumers, and they could be prospective customers involved in further design, manufacture, and development. The vendors in the AR market offer the developer version. Developers have an important role in creating AR hardware and software. The developer version enables developers to test them and recommend solutions to improve them further. Developer-version products are available in the form of a developer kit, which can be bought only by developers (not for commercial use). Currently, several vendors are generating revenues by selling developer-version products to individual developers. This will facilitate market size analysis growth report during the forecast period.
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The developer segment was valued at USD 28.44 million in 2017. The demand for developer kits for AR technology and apps has risen, leading to an increased launch of developer kits. This trend will foster the growth of an ecosystem, drive new product development, optimize hardware components, and advance attractive designs. As a result, vendors in the market often prioritize the release of developer versions before focusing on commercialization.
North America is estimated to contribute 61 % to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market Trends and drivers that shape the market during the market forecast period.
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North America holds a dominant position in the market, primarily due to its longstanding reputation for early technology adoption. The region has consistently been at the forefront of embracing new technologies, making it a prime market for innovative products. This can be attributed, in part, to the presence of major crowdfunding platforms such as Kickstarter and Indiegogo, which have played a crucial role in supporting startups in raising funds for the development of cutting-edge products.
Moreover, North America serves as a hub for prominent OEMs (Original Equipment Manufacturers) like Alphabet, Atheer Inc., Optinvent, Vuzix, and Microsoft. These companies are actively involved in the research, development, and manufacturing, contributing to the region's leadership in the market whilst driving the AR and VR smart glasses market size. Additionally, many startups choose to introduce their products first in North America, particularly in the United States, where there is increased awareness of the potential benefits. This early exposure helps build traction and paves the way for successful market penetration.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
3M Co. - The company offers smart glasses such as 3M securefit eye protection glasses.
The AR VR smart glasses market size analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative smart glasses market analysis report of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The smart glasses market share report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Million for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
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The global AR VR smart glasses market is rapidly expanding with the integration of cutting-edge technologies. Autonomous vehicles and heads-up display (HUD) systems are driving demand for smart glasses with automatic tinting and minimalist architecture. Electrochromic technology and smart windows offer users the flexibility of switchable glasses and privacy smart glass. Specialty glass like SPD glass and acoustic insulation are enhancing the user experience, providing light control and heat rejection.
Furthermore, Wearable technology advancements, along with 5G technologies, are enabling immersive AR experiences and miniaturization of sensors in smart glasses. Audio smart glasses deliver crystal clear sound, while electrochromic (EC) smart glass and polymer-dispersed liquid crystals (PDLC) ensure adaptive visibility. From industrial to healthcare applications, smart glasses are revolutionizing various sectors with their advanced functionalities. In the market, healthcare smart glasses are incorporating features like electrochromic glass, photochromic glass, and thermochromic glass to enhance emergency room areas with smart automation and immersive smart glasses capabilities.
Moreover, the global AR VR smart glass market is rapidly evolving, especially in outdoor sports, healthcare, and industrial sectors. Smart glasses with AR experience and immersive capabilities provide enhanced experiences for users. Anti-glare properties and full HD displays ensure clear visibility in various environments. Powered by the Linux operating system and equipped with Bluetooth and USB connectivity, smart glasses offer seamless integration with other devices. Industrial smart glass is seeing increased adoption by aerospace and automotive companies, transforming areas like emergency rooms and tourist activities.
However, with features like monocular and binocular displays, smart glasses provide immersive experiences and multi-functional spaces. Photochromic and SPD technologies enhance light transmission and thermal insulation, while panoramic windows and skylights offer panoramic views and smart facades redefine architectural design possibilities.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.35% |
Market growth 2023-2027 |
USD 65.75 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
11.11 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 61% |
Key countries |
US, China, France, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., Xinology Co. Ltd., and 3M Co. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by OS
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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