The Smart Glasses market is projected to grow at a CAGR of 53.80%, in terms of value, from 2016 to reach USD 22.45 Billion by 2025. Over the past few years, it has been observed that the global market for Smart Glasses is growing rapidly owing to increasing demand in industrial applications.
The factors which are contributing to the growth of smart glasses market are, rapid innovations and rise in advanced technologies enables attract the sports persons across the globe. The increased awareness of smart glasses enables drive the global smart eyewear market. The smart glasses has significance in health care industry in surgeries. The advantages such as speech recognition, gesture recognition, eye tracking are enables gain the traction of global smart glasses market.
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Operating System Trends and Analysis
The demand for android based smart glasses is high in North America and Europe owing to high technology acceptance. The demand is expected to grow rapidly in Asia Pacific owing to rising automation in the manufacturing industry. The android segment accounted for 61.9% in the global smart glasses market in 2017. Latin America and Middle East and Africa are emerging as good prospects over the forecast period.
Market Segment on the basis of by manufacturers, the report covers the following companies:
Google glass, Microsoft, SONY, Samsung, Newmine, Baidu glassess, Recon, Lenovo, ITheater, Gonbes, USAMS, TESO, Shenzhen good technology, Osterhout Design Group, AOS Shanghai Electronics,Vuzix Corporation
On the basis of application the market is segmented into industrial and consumer. Industrial is largest segment owing to increasing application from manufacturing companies to healthcare. The rise in complex manufacturing and requirement of video collaboration across diverse sectors is expected to boost the application of smart glass in the industrial application. The Industrial/Health/Fitness Purposes accounted for around 91.2% in 2017. Even though the consumer market still has much to grow, various use cases are being applied today.
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Market Segment on the basis of product, the report covers:-
Market Segment on the basis of application, the report covers:
- Industrial/Health/Fitness Purposes
- Ordinary Consumer
North America is estimated to account for the largest share of the global Smart Glasses market, in terms of value, in 2016. Significant adoptions of automation in manufacturing and logistics are driving demand for smart glasses. Asia Pacific is the fastest growing segment backed by rising demand from China and India. Smart glasses demand is expected to be highest in the region owing to positive signs for manufacturing sector. The rise in domestic demand coupled with technological innovation is expected to boost market demand for smart glasses.
Various manufacturers are focused on achieving optimum business growth and establish strong market position by implementing various strategies such as acquisitions, distribution & marketing, product licensing, and intensive investments in research & development. Technological breakthrough in the market is likely to offer significant scope for the consumption of smart glasses. It is probable that there will be large investments into research and development of smart glasses because the entertainment industry, military and businesses can benefit from smart glasses and there might be a high consumer demand for them soon.
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