Global Smart Eyewear Market Size Expected to Reach $10.6 Billion By 2024

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Dec 13, 2023, 09:00 ET

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PALM BEACH, Fla., Dec. 13, 2023 /PRNewswire/ -- Smart glasses are considered as wearable computer glasses that add information to what the wearer sees such as navigation, health and fitness, designing, virtual reality (VR) and augmented reality (AR), and much more. Smart glasses are not yet a mainstream consumer good but are mainly used in entertainment industry, military and businesses. Soon the global smart glass market will emerge as important and trendy as the regular eyewear. Goldstein Research analyst forecasts the smart glasses market size is set to reach USD 10.6 billion by 2024, registering a CAGR of 21.5% over the forecast period. Another report from Grand View Research added that the global smart glasses market size was valued at USD 1,232 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2023 to 2030. The demand for smart glasses is increasing due to their ability to perform complex computer powered tasks. Moreover, the rising trend of wearable technology coupled with increasing technological advancements is expected to fuel the growth of smart glasses market further… the market for smart glasses is projected to benefit from new developments in 5G technologies and a rising shift toward digitization in the forecast period. The report said: "The ability of platforms to work with conservational platforms such as Google Assistant and Alexa are allowing users hands free operability. Apple Inc. is working towards its own smart glasses which will be compatible with iOS operating system and will incorporate siri to offer hands free operability experience to its users… The increased technological innovations is expected to fuel the market growth over the forecast period." Active Tech Companies active today in markets include: Innovative Eyewear, Inc. (NASDAQ: LUCY), GoPro, Inc. (NASDAQ: GPRO), Vuzix Corporation (NASDAQ: VUZI), NVIDIA Corporation (NASDAQ: NVDA), Snap Inc. (NYSE: SNAP).

"The deployment of 5G has helped smart glasses manufacturers to improve AR experience. 5G technology has helped market players to reduce their focus on processing power and storage capacity and focus on miniaturization of devices and components enabling vendors to make their sensors more versatile by bundling additional sensors into their devices. The audio smart glasses segment registered for the largest revenue share of around 29% of the market in 2022. These audio smart glasses works as a substitute for earphones or headphones as they provide audio to the speakers attached to the glasses via cable running through the sunglasses' steel hinges. Additionally, it produces crystal clear sound that goes straight into ears without any hinderances from outside, which is expected to drive the growth further… The bluetooth segment accounted for the largest revenue share of around 50% of the overall market in 2022 and is expected to register a significant growth in the forecast period."

Innovative Eyewear, Inc. (NASDAQ: LUCY): Innovative Eyewear, Inc. Launches Nautica Smart Eyewear Under Multi-Year, Global Licensing Agreement with Authentic Brands Group - Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer of smart eyewear, is pleased to announce through an agreement with Authentic Brands Group (Authentic), the launch of the Nautica Smart Eyewear collection.

"Smart eyewear was once firmly in the remit of early adopters and tech enthusiasts alone. We are changing that forever by producing smart eyewear that is not only a functional Bluetooth accessory, but a fun and trendy fashion statement," said Harrison Gross , CEO of Innovative Eyewear. "Combining our technology with the popular and storied Nautica brand is sure to delight consumers worldwide, and further advance our mission to make the future of eyewear smart. We look forward to launching the line via our optical store partners in January, as well as on Nautica.com soon after."

Nautica smart eyewear will be made in eight initial sunglass styles, with two of the styles also available with a blue light-blocking lens for indoor use. All of the frames will be able to accept prescription lenses. The collection also features Nautica's first-ever "Global Fit" frame for consumers with a low nose bridge, which paves the way for the products to be sold in additional regions. The line also features hi-fi Bluetooth 5.2 audio, 12 hours of music per charge, 99% post-consumer recycled packaging, patent-pending auto-adjusting hinges, and several branded accessories including a power brick, cleaning cloth and a slipcase with the iconic Nautica sail logo.

"When it comes to Nautica, we've always been dedicated to providing consumers with style and fashion. Partnering with Innovative Eyewear to launch Nautica Smart Eyewear allows us to take that commitment to the next level. These smart glasses not only reflect our brand ethos but also provide users with an innovative and stylish way to engage with the world," said Henry I. Stupp, President, Lifestyle EMEA - INDIA at Authentic.

ADDITIONAL LUCY NEWS: Innovative Eyewear, Inc. Announces the 2.0 Release of its Android ChatGPT App for Smart Eyewear – Also the Company announced a key update to the Company's Lucyd app for Android, the first app to enable a voice interface for ChatGPT.

The launch of the 2.0 update delivers powerful new features and usability improvements, following similar upgrades made to the iOS version earlier this year.

A ChatGPT toolbox has been added to the app with the following capabilities: the ability to write a paragraph from a prompt, translate English into Spanish, synopsize long tracts of text, improve the readability of text, generate an email with a prompt, and analyze the emotion of text. These tools use pre-specified parameters to generate useful types of analysis and copywriting from ChatGPT more rapidly.
An updated visual interface, with smoother graphics and intuitive controls for a more user-friendly experience.
Textual chat responses to queries now appear in an updated stream format.
The voice quality of the app's text-to-speech functionality has been improved.
The sharing feature has been updated to include the ability to export ChatGPT responses to email, SMS and social apps.
Additionally, the app is in the final stages of approval with Google for enabling handsfree Google Voice access to ChatGPT on Lucyd Eyewear. This final feature of the 2.0 update is expected to go live later this month.

Harrison Gross , CEO of Innovative Eyewear, said "We are excited to launch the new version of the Lucyd app for Android, which powers seamless voice access to ChatGPT on Lucyd eyewear. The new state-of-the-art interface makes the world's most popular AI language model easier to use than ever on our glasses and while on the go.

We look forward to introducing additional features, a shop, and a pro version of the app in the near future. We also anticipate making the app a hub for connecting to multiple AI systems through our glasses with voice control, as outlined in our pending utility patent on the app. We believe this will deliver more functionality to our community and foster the development of an additional revenue stream from users of other "hearables" that want seamless voice access to ChatGPT." BOTH RELEASES CONTINUED… Read these full Press Releases for Innovative Eyewear at: https://lucyd.co/blogs/blog

In other tech developments in the markets of recent:

GoPro (NASDAQ: GPRO) recently announced a new partnership with Vans that will deliver immersive POV footage from the lineup at the iconic Vans Pipe Masters surf contest. GoPro is the official camera of the event, featuring the world's top tube riders vying for the title. The Vans Pipe Masters contest is the most globally watched surf event in the world, with the 2022 contest reaching more than 700K live viewers and garnering more than 14M views of event content.

"GoPro is a leader in bringing a unique perspective—the surfers point of view—to the viewer. We're excited to partner with an innovative company like GoPro to provide an elevated viewer experience from the competitors point of view at the Vans Pipe Masters," says Scott Sisamis, Director of Brand Marketing Surf, at Vans.

Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, recently announced it has completed delivery against the final stage of a development program from a leading US-based defense contractor and information technology services provider.

Vuzix has delivered a custom-designed waveguide and custom light engine that are intended to be used in head borne systems designed for military applications. This initial development program was part of a phased effort that would ultimately address a broad market for US and allied military personnel. These customized waveguide-based display engine prototypes offer a high brightness, high index waveguide design with a wide FOV (field-of-view) for a variety of field operational conditions.

NVIDIA Corporation (NASDAQ: NVDA) recently announced a generative AI microservice that lets enterprises connect custom large language models to enterprise data to deliver highly accurate responses for their AI applications.

NVIDIA NeMo™ Retriever — a new offering in the NVIDIA NeMo family of frameworks and tools for building, customizing and deploying generative AI models — helps organizations enhance their generative AI applications with enterprise-grade retrieval-augmented generation (RAG) capabilities.

As a semantic-retrieval microservice, NeMo Retriever helps generative AI applications provide more accurate responses through NVIDIA-optimized algorithms. Developers using the microservice can connect their AI applications to business data wherever it resides across clouds and data centers. It adds NVIDIA-optimized RAG capabilities to AI foundries and is part of the NVIDIA AI Enterprise software platform, available in AWS Marketplace.

Snap Inc. (NYSE: SNAP) recently announced financial results for the quarter ended September 30, 2023. "Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA as our reprioritized cost structure demonstrated the leverage in our business model," said Evan Spiegel, CEO. "We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success."

Jerry Hunter, Chief Operating Officer, has notified Snap that he will retire. Mr. Hunter joined Snap seven years ago and served an important role in building the company's engineering and business structures. Mr. Hunter's duties and responsibilities will be transitioned by the end of the month and he will continue to support Snap through July 1, 2024 to help ensure this transition is effective.

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