Smart glass: Key market research findings
- Use of depth-sensing cameras
- Increased vendor participation and crowdfunding initiatives
Technavio has released a new market research report on the global smart glasses market for industrial applications, which is expected to generate revenues of $18 billion by 2020. Smart glasses in industries are used for reading manuals, checking the status of a system, and detecting possible errors. Manufacturing, service and maintenance, and construction are some of the key sectors adopting smart glasses. Europe and the US are the major revenue-contributing region in the smart glass market. Several vendors are located in these regions, especially in the US, making it easy for them to reach buyers.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Smart glasses are expected to be equipped with depth-sensing cameras in the coming years. Viewing 3D designs of buildings during construction and comparing them with actual buildings are also easier with smart glasses. An architect can compare original designs side by side with the actual building and analyze the progress of the construction,” says Sunil Singh, Hardware & Semiconductor, Technavio Research
Several vendors such as Vuzix, Sony, Osterhout Design Group, GlassUp, Meta are developing smart glasses, which are a major medium for augmented reality (AR). Increased vendor participation is expected to result in increased awareness about smart glasses among customers. Also, several AR vendors are using crowdfunding initiatives to launch new products in the market. Some successfully funded projects include ORA-1 smart glasses by Optinvent, Meta smart glasses and EyeSpeak (eye-tracking AR glasses).
The leading players in the global smart glasses market for industrial applications are Atheer, Imagine Mobile Augmented Reality, Konica Minolta, Laster Technologies, Lumus, Meta, Osterhout Design Group, Optinvent, Penny, Recon, Six15 Technologies, Technical Illusions and Vuzix. The market is still in its nascent stage, characterized by less vendors and low demand for smart glasses. However, competition is expected to intensify in the market, where several start-ups have successfully crowdfunded their innovative products. Many new vendors are expected to enter the market, since the entry barriers are low, and the market potential is huge.
A more detailed analysis is available in the Technavio report, Global Smart Glasses Market for Industrial Applications 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Glasses Market for Augmented Reality 2015-2019
- Global Smart Glasses Market for Augmented Reality 2016-2020
- Global Smart Windows Market 2016-2020
- Global Smart Glass Market 2014-2018
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