Smart Glasses Market size to record USD 65.75 million growth from 2023-2027, Rise in number of strategic partnerships and acquisitions is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global smart glasses market size is estimated to grow by USD 65.75 million from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 13.35% during the forecast period.

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Key Trends Fueling Growth

• Rise in number of strategic partnerships and acquisitions: 
• The global smart glasses market is witnessing a surge in strategic partnerships and acquisitions, driving vendors to enhance services, expand geographic reach, fortify market presence, and innovate products. Notably, Vuzix Corporation, a leading Smart Glasses and Augmented Reality (AR) technology supplier, forged a strategic alliance with Rods and Cones in February 2021.
• This collaboration integrates Vuzix's M-Series Smart Glasses into Rods and Cones' virtual surgical collaboration platform, augmenting remote interactions between surgeons and medical experts. The burgeoning trend of strategic partnerships and acquisitions promises efficient smart glasses production, fostering compatibility with advanced technologies and components.

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Major Challenges:

• High initial cost of smart glasses 
• The smart glasses market is still in its early stages with low sales and adoption rates. Enterprises dominate the market as vendors mainly release enterprise versions. Limited awareness of smart glasses benefits and AR applications keeps prices high, ranging from $150 to $10,000. Enterprises integrate smart glasses to boost productivity. Vendors' focus on enterprise versions leads to an average selling price (ASP) of $1,397.39, showing indifference towards individual customers.
• ASP is unlikely to decrease due to few AR apps, unattractive designs, and low value addition. Vendors prioritize developer and commercial versions, priced differently for various use cases. For example, Vuzix sells M300 Smart Glasses to enterprises for $799.99/unit and M400 to individuals for $1,799.99/unit. ThirdEye Gen offers X2 Mixed Reality Glasses to enterprises for $1,950/unit. These factors may hinder market growth.

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Segmentation Overview

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- During the projected period, the Global Smart Glass Market is set to witness significant expansion in the developer segment. Often referred to as prosumers, developers play a crucial role in the enhancement and advancement of smart glass technology. This segment, which primarily consists of prospective customers engaged in the design and development process, is pivotal in refining both hardware and software aspects of augmented reality (AR) products.

• AR market vendors cater to this segment by offering developer versions, allowing developers to test and offer feedback for further improvements. These developer kits, exclusively available to developers for non-commercial purposes, have seen increased demand in recent years. Consequently, market players are focusing on releasing developer versions ahead of commercial offerings, driving revenue generation in this segment.
• The developer segment, valued at USD 28.44 million in 2017, has witnessed continuous growth, fueled by the rising demand for AR technology and application developer kits. This trend is expected to foster ecosystem growth, spur new product development, optimize hardware components, and encourage innovative designs in the smart glass market.

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Analyst Review

The Smart Glasses Market is thriving with innovative features like automatic tinting, Heads-Up Display (HUD), and minimalist architecture. Electrochromic technology and smart windows enhance user experience, while wearable tech and 5G technologies ensure seamless connectivity. AR experiences, miniaturization, and advanced sensors contribute to the versatility of these glasses.

Audio smart glasses deliver crystal clear sound, and immersive smart glasses offer a unique viewing experience. Electrochromic (EC) smart glass and Polymer-Dispersed Liquid Crystals (PDLC) provide anti-glare properties for outdoor sports enthusiasts. Linux operating systems power these glasses, along with Bluetooth and USB connectivity. Full HD displays, industrial applications, and healthcare solutions are also integral to the market.

From monocular to binocular options, smart glasses cater to various needs. Privacy smart glass finds utility in emergency room areas, while smart automation ensures efficient use. Specialty glass with SPD technology offers acoustic insulation, light control, and heat rejection. Aerospace and automotive industries utilize smart glass panels for rear-view mirrors, windshields, and sunroofs, showcasing the vast potential of this market.

Market Overview

The smart glasses market is witnessing remarkable growth with the emergence of innovative technologies like switchable glasses, SPD glass, and electrochromic glass. These glasses offer users enhanced experiences across various sectors. From autonomous vehicles to industrial and healthcare applications, smart glasses are revolutionizing how we interact with the world.

Wearable technology has paved the way for AR experiences, integrating digital information seamlessly into the user's environment. Audio smart glasses provide hands-free communication and entertainment options, while photochromic and thermochromic glasses adapt to changing light and temperature conditions. With industrial and healthcare smart glasses, professionals can access vital information conveniently, improving efficiency and safety. As demand for wearable tech continues to rise, the smart glasses market is poised for substantial growth and innovation.

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Key Topics Covered:

 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 Venodr Landscape
11 Vendor 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: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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