Smart Glasses Market Size, Analysis, Share, Research, Business Growth and Forecast to 2029
The global smart glasses market size is expected to witness impeccable growth in the forthcoming years. The rising penetration of display devices such as tablets, smartphones, and others and the increasing technological advancements in smart glasses are anticipated to fuel the market growth. Fortune Business Insights™ has presented this information in an upcoming report titled, “Smart Glasses Market, 2022-2029”.
According to the report, the smart glasses market is gaining immense popularity for several reasons. For instance, educational institutes use the product to create a delightful experience by blocking the sun rays. The increasing development of the educational infrastructure is expected to stimulate market growth.
COVID-19 Impact:
The market has witnessed a moderate impact of the humanitarian crisis. The lockdowns and curfews imposed by the governments of several nations resulted in declined production and disrupted supply chain networks. The stringent regulations also caused a halt to the construction and infrastructural development activities. However, the impact is expected to be short-termed as the product is vital to several end-use industries, and their demand is expected to rise at a rapid pace post-pandemic. The vaccines are available to the masses, and the market is slowly gaining traction. The market is likely to witness steep growth once the pandemic is over.
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Fortune Business Insights™ lists out all the smart glasses market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- Hitachi Chemical
- Vision Systems
- SAGE Electrochromic
- Asahi Glass Co.
- Glass Apps
- Gentex
- Research Frontier
- Polytronix
- RavenWindow
- Scienstry
- Smartglass International
Drivers & Restraints-
Surging Penetration of Display Devices to Stimulate Market Growth
The rising penetration of display devices such as tablets, smartphones, and others is anticipated to be the major driver of global smart glasses market growth. Moreover, the rising up-gradation and development of smart glasses by major companies such as Apple, Samsung, Lenovo, and LG for enhanced pixel quality, brightness, and resolution are projected to boost the market's growth.
The product is widely utilized in the architectural sector. Smart glasses are used to detect flaws in the planning phase. The increasing demand for the sustainable and smart housing sector and the rising renovation activities in the household sector are anticipated to stimulate market growth.
The expanding sports and gaming industries are expected to create tremendous demand for smart glasses for paragliding, ice skinning, swimming, and VR gaming applications.
The rising worldwide demand for 4D entertainment systems in theatres and cinema halls is estimated to augment the market growth.
However, the high cost of the product is expected to restrain the market growth.
Regional Insights-
Technological Advancements to Trigger Growth in North America
North America is projected to attain the largest global smart glasses market share. The United States is expected to be the leading region. The key players present in the US, such as Gentex Corporation, Corning Inc., and View Inc., are expected to complement market growth. Additionally, technological advancements are anticipated to augment market growth. For instance, North, a Canadian startup, launched AR-based smart glasses in September 2019.
Asia Pacific is anticipated to witness rapid growth in the forthcoming years. The rapid increase in developing countries such as India and China and the favorable government support in transportation facility development that need smart glass amidst vehicle construction are expected to bolster the market growth. As per the Indian Brand Equity Foundation (IBEF), approximately USD 10.97 billion were allotted by the government of India during 2018-19 to develop national highways in India.
Segmentation-
On the basis of product type, the market segments into mixed reality smart glasses, audio augmented reality glasses, binocular, smart glasses, and monocular smart glasses. On the basis of technology, the market fragments into micro blinds, polymer suspended liquid crystal glasses, electrochromic glasses, and suspended particle glasses. On the basis of its applications, the market divides into architectural, consumer electronics, healthcare applications, and security applications. Geographically, the market is classified into Africa & Middle East, Europe, South America, Asia Pacific, and North America.
Smart Glasses Market Size Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the Smart Glasses market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Smart Glasses market
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Key questions answered in the report:
- Which are the five top players of the Smart Glasses market?
- How will the Smart Glasses market change in the next five years?
- Which product and application will take a lion’s share of the Smart Glasses market?
- What are the drivers and restraints of the Smart Glasses market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the Smart Glasses market throughout the forecast period?
Competitive Landscape-
Key Players to Launch Technologically Advanced Products
The key players in the global market are focusing on the development of technologically advanced products incorporated with ingenious technologies such as artificial intelligence and augmented reality. The key players emphasize on various growth strategies such as new product launches, technological advancements, partnerships, mergers, collaborations, and others. For instance, Vusix and VSee entered into a strategic partnership in September 2019 to offer smart glass telemedicine solutions for medical applications.
Report Coverage-
- The report offers a comprehensive analysis of the prospected market.
- The report highlights different segments such as product type, technology, and applications.
- The report analyses the impact of the COVID-19 pandemic.
- The report incorporates PESTLE Analysis and Porters’ Five Forces Analysis.
- The report provides valuable insights into the regulatory scenarios of the market.
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