The global smart glasses market is expected to post a CAGR close to 167% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global smart glasses market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing adoption of AR gaming by individuals. This growth in the rate of adoption can be attributed to the ability of AR gaming to provide a simulated environment through AR hardware products and software programs. The adoption of AR devices such as smart glasses is likely to increase during the forecast period due to rising awareness about AR gaming. Hence, game developers prefer AR devices than traditional gaming devices, as such developments will improve individual customer interest and increase the adoption of AR gaming, which in turn will augment the adoption of smart glasses, during the forecast period.
As per Technavio, the emergence of SLAM technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global smart glasses market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global smart glasses market: Emergence of SLAM technology
SLAM is a popular and important autonomous mapping and navigation technology. It allows users to easily display 3D CAD models that are overlaid on a real-world view. SLAM is an ideal technology for smart glasses as it gives a marker-less experience, which requires images to be printed. Visual SLAM is ideal for tracking in unknown environments and spaces. The technology scans and learns about the environment constantly. It allows developers to augment useful content based on location within a space. For instance, in December 2018, ThirdEye Gen announced that it had launched X2 Smart Glasses, which are integrated with SLAM capabilities that allow users to easily display 3D CAD models overlaid on their real-world view. Thus, the emergence of SLAM technology is expected to provide good opportunities for vendors to explore the use of smart glasses across a wide range of applications, thereby impacting the growth of the smart glass industry positively during the forecast period.
“Apart from the emergence of SLAM technology, several other technological advances are expected to boost the market growth for smart glasses. Currently, technological advances such as voice-based recognition, facial recognition, and integration of 3D depth sensing cameras are being integrated into smart glasses to improve the quality of it in terms of design and functionality and make them more appealing. Therefore, such factors are expected to further boost the market growth during the forecast period,” says a senior analyst at Technavio.
Global smart glasses market: Segmentation analysis
This market research report segments the global smart glasses market by product (developer and commercial), by end-user (enterprise and individual customer), and by geographical regions (Americas, EMEA, and APAC).
The Americas led the market in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas is expected to maintain its dominance in the global market and register the highest incremental growth due to the region always being in the forefront to adopt new technologies.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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