Global Smart Glasses Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

Smart Glass Market Forecast 2023-2027

The Global Smart Glass Market size is estimated to grow by USD 65.75 million between 2022 and 2027  exhibiting a CAGR of 13.35%. The growth of the market depends on several factors, including the implementation of automation in the industrial sector, an increase in the number of crowdfunding campaigns, and the growing adoption of AR gaming by individuals.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Smart Glass Market Size During the Forecast Period?

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Market Definition

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 report, the devices have a see-through display and resemble a pair of normal eyeGlass. 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.

Market Dynamics

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Driver

The implementation of automation in the industrial sector is a major factor driving the market growth. 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. 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.

Significant Trends

The rise in the number of strategic partnerships and acquisitions is a key 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:

• 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.

Major Challenge

The high initial cost is a major factor hindering the market growth. 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.

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 USD1,950/unit for enterprise users. These factors may hinder market growth.

Market Segmentation by Product, End-User, Geography

Product Analysis

The 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 the 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 segment growth during the forecast period.

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The developer segment was valued at USD 28.44 million in 2017 and continued to grow until 2021. 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.

End-User Analysis

Based on end-user, the enterprise segment holds the largest market share. The segment is well-developed, while commercial smart Glass lag behind. Vendors prioritize enterprise applications and collaborate with technology providers and OEMs. The market's growth is driven by diverse applications and content developers focusing on market. The revenue mainly comes from enterprises, with sectors like healthcare and logistics expected to contribute significantly. In summary, the market is thriving with a strong focus on collaboration and enterprise applications.

Regional Analysis

North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the 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 like smart Glass. 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. 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.

However, the market in North America faced challenges in 2020 due to the COVID-19 pandemic. The pandemic led to widespread lockdowns and disruptions in the market. Nevertheless, with the successful implementation of large-scale vaccination programs and the subsequent easing of lockdown restrictions, the market began to recover. The shift in consumer preferences towards online shopping created new opportunities for vendors to expand their product offerings through online sales channels.

As restrictions were gradually lifted and manufacturing units and offline sales channels reopened, the market regained momentum. The demand increased, driven by the growing popularity of smart wearable devices. This positive trend is expected to continue, contributing to the overall growth of the market in North America during the forecast period.

Who are the Major Smart Glass Market Companies?

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.

Thirdeyegen-  The company offers B2C e commerce services such as Home Decor including Home and Office furniture.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including: 

• 3M Co.
• AGC Inc.
• BASF SE
• Cardinal Glass Industries Inc.
• Carlex Glass America LLC
• ChromoGenics AB
• Compagnie de Saint Gobain SA
• Corning Inc.
• e Chromic Technologies Inc.
• Eastman Chemical Co.
• Gentex Corp.
• Heliotrope Technologies
• ICE AV Technology
• Invisishade LLC
• Krea Ltd.
• LTI Smart Glass Inc.
• Nippon Sheet Glass Co. Ltd.
• PPG Industries Inc.
• Xinology Co. Ltd.
• Innovative Glass Corp.

Qualitative and quantitative analysis of vendors 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.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027. 

• Product Outlook (USD Million, 2017 - 2027)
  • Developer
  • Commercial
• OS Outlook (USD Million, 2017 - 2027)
  • Android
  • Windows
  • Others
• End-user Outlook (USD Million, 2017 - 2027)
  • Enterprise
  • Individual
• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Brazil
    • Argentina

Market Analyst Overview

The market is witnessing growth driven by technological advancements and the integration of wearable technology. These glasses offer a range of features, including Google Assistant integration, augmented reality (AR) experiences, and compatibility with 5G technologies.

Manufacturers are focusing on improving supply chain efficiencies and leveraging advanced manufacturing facilities to meet demand. The use of innovative materials such as Electrochromic (EC) smart glass and Polymer-dispersed Liquid Crystals (PDLC) enhances user experience. Key players are leading the market with their audio, which offers a blend of style and functionality. These glasses often run on the Android or Linux operating systems, providing a familiar interface for users. As digitization continues to drive market growth, they are becoming more than just a fashion statement, offering practical applications across various industries.

Smart Glass 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	Fragmented
YoY growth 2022-2023(%)	11.11
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 33%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	3M Co., AGC Inc., BASF SE, Cardinal Glass Industries Inc., Carlex Glass America LLC, ChromoGenics AB, Compagnie de Saint Gobain SA, Corning Inc., e Chromic Technologies Inc., Eastman Chemical Co., Gentex Corp., Heliotrope Technologies, ICE AV Technology, Invisishade LLC, Krea Ltd., LTI Smart Glass Inc., Nippon Sheet Glass Co. Ltd., PPG Industries Inc., Xinology Co. Ltd., and Innovative Glass Corp.
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our market research 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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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market vendors

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