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.
New York, NY -- (SBWIRE) -- 06/23/2018 -- 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. However, the smart glasses are costlier than the conventional devices, which may hamper the global smart eyewear market over the forecast period.
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North America leads the global smart eye wear market due to high adoption of smart glasses in consumer electronics, fitness and sports market. European market is expected to exhibit a significant growth rate over the forecast period. Asia-Pacific market is expected to offer lucrative opportunities for the smart glasses market, owing to increase in the health care expenditure in the China, India, and Japan. Middle East and Africa region is expected exhibit modest growth rate over the forecast period.
The Global Smart Glasses market has been segmented based on product, application and, region. On the basis of product the market has been segmented into Android, iOS, Windows and others. The application segmentation includes Industrial/Health/Fitness Purposes and Ordinary Consumer.
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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. Windows is expected to experience high penetration in Asia Pacific owing to high awareness regarding the operating system.
Application Dynamics
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. Visitors experiences are being enhanced in museums though AR guides. Theaters are relying on eyewear to provide instant subtitling to their guests. Tourists can easily find their way around through projected navigation directions and reviews.
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Competitive Landscape
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. The hardware that will be available in the near future still has its pitfalls and will probably need a few years and iterations to be fixed.
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