Global smart eyewear technology market expected to reach USD 6892.44 million by 2028 with the expected CAGR of more than 12% between the years 2022 and 2028. Smart Eyewear Technology industry share by Technology, Product, Distribution Channel, Operating System, Application and region.
Smart Eyewear Technology Market
The Smart Eyewear Technology market forecast from 2022 to 2028 is included in the report titled "Smart Eyewear Technology Market By Technology (Augmented Reality, Virtual Reality And Other) By Product Type (Head-Mounted Displays, Assisted Reality Glasses, Mixed Reality Holographic Displays, Smart Helmets And Others) For Consumer Electronics, Healthcare, Enterprise And Industrial Applications And Other Application: Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2022 – 2028" The report provides detailed information on the market's past and present values, projections for the future, trends, competition, market dynamics, and recent developments.
The research provides in-depth information on the factors that can alter the market, including new developments, market drivers, growth opportunities, and constraints. There is a thorough look at several parts of the market, broken down by product type, end-use, and market leader.
Smart eyewear technology is a wearable device that adds information to glasses. Smart eyewear can collect information from internal or external sensors. Smart eyewear is a wireless technology that includes Bluetooth, Wi-Fi, and GPS. This can also be operated via mobile and function as a portable media player to send audio and video files to the user.
Wearable computing in the form of "smart eyeglasses" can superimpose additional data over existing visual cues or help individuals see more clearly in challenging lighting conditions. To do this, one needs a pair of optical computerized internet-connected glasses, or a head-mounted display, that uses a transparent heads-up display, or augmented reality. Accelerometers, image sensors, gyroscopes, touch sensors, pressure sensors, and thermometers are only some of the sensors utilized in smart glasses.
The global smart eyewear technology market was valued at USD 3,541.6 million in the year 2021 and is expected to reach USD 6892.44 million by 2028 with an expected CAGR of more than 12% between the years 2022 and 2028.
The major factor driving the growth of the market is the increasing adoption of virtual reality technologies. Rising demand for smart devices enabled with AR and VR technologies is expected to propel the growth of the market in the future. According to research, AR and VR devices are expected to be valued at around USD 105 billion by 2028. As per data, over 20 million U.S. consumers are willing to wear augmented reality devices. Considering these factors, the smart eyewear technology market is expected to reach around USD 6892.44 Million.
Increasing investment by major players such as Google, Microsoft, and Facebook in the market will boost the revenue of the smart eyewear technology market. The increase in start-ups across the globe would help in the dynamic growth of the smart eyewear technology market. Additionally, Facebook invested USD 2 billion in the acquisition of virtual reality gear maker Oculus in 2014. These factors will contribute to the growth of the smart eyewear technology market.
However, the Smart eyewear technology market is expected to face some challenges such as high initial investment and limited battery life. Increasing demand for lightweight head-mounted displays and portable devices is expected to offer growth opportunities for the market.
The mixed reality segment is expected to register the highest CAGR of over 43% over the forecasted period. This can be attributed to mixed reality technology that can provide enterprise employees with the best physical and digital worlds. Mixed reality includes various features such as mapping physical surroundings, language processing for voice recognition, monitoring gestures, and others. Such features will propel the growth of the mixed reality segment in the years to come.
Head-mounted displays (HMDs) segment accounted for the largest market share of around 60% in 2016. This is mainly driven by technological advancements like 3D viewing, the development of high-resolution HMDs, and the integration of AR and VR technologies that will lead to the increasing demand for the head-mounted displays segment.
The growth of this market can be attributed to the availability of low-cost headsets such as Google Daydream View and Samsung Gear VR raising the demand for the head-mounted displays segment. The increasing number of small and medium players in the market with offerings of headsets at low cost is one of the key reasons behind the wide adoption of head-mounted display headsets.
The online store segment is expected to project a high CAGR of 36% in 2022-2028. Global e-retail sales were USD 1.9 trillion in past years and are expected to reach up to USD 5.06 trillion by 2020. Looking into this, the online store's segment is expected to post rapid growth in the near future.
The market for the Android segment is expected to grow at the highest CAGR of 40% between 2017 and 2022. The growing adoption of Android as the built custom application of wearable devices for increasing revenue attains tremendous business growth. Android has many features such as it is an open-source operating system, a middleware framework for smart devices, low investment with high ROI, multiple language supporters, and user-friendly. These factors are fueling the growth of this segment.
The consumer electronics segment acquired the largest market share and is anticipated to dominate the market during the forecast period. The increasing demand for smart gadgets and gaming devices is driving the growth of the smart eyewear technology market for the consumer electronics vertical.
|Report Attributes||Report Details|
|Report Name||Smart Eyewear Technology Market Research Report|
|Market Size in 2021||USD 3,541.6 Million|
|Market Forecast in 2028||USD 6892.44 Million|
|Compound Annual Growth Rate||CAGR of 12%|
|Number of Pages||183|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Google Inc, Sony Corporation, Microsoft Corporation, Epson America Inc, Lumus Ltd, Vuzix Corporation, Meta Company, Optinvent SA, Osterhout Design Group, Kopin Corporation, Lenovo, Recon Instruments, Samsung Electronics Co Ltd|
|Segments Covered||By Technology, By Capacity, By Ship Type and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2018 - 2022|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America held the largest share of the smart eyewear technology market between 2022 and 2028. The presence of global leading players in the U.S. and the growing demand for consumer electronics products will boost the growth of the market in the North American region. In addition, growing investments by key players and innovations in technologies such as augmented and mixed reality are driving the growth of the smart eyewear technology market across the globe.
The report includes detailed profiles of the prominent market players that are trending in the market.
The lists of the players that are compiled in the report are:
The prominent market players maintain the competitive edge in the global market by making investments in mergers and acquisitions and by increasing their product portfolio. In September 2017, BAE Systems launched augmented reality glasses for military and commercial customers.
We examined the Smart Eyewear Technology Market through primary and secondary sources. This data helped us analyze the market's current state, including the supply-demand gap, pricing trends, product preferences, consumer behaviors, and so on. Primary interviews with experts and opinion leaders in a variety of fields and nations helped to corroborate the study's conclusions. Multiple approaches of market estimation and data validation are then used to further compile and verify the data. We also have our own way of looking at data to predict how the market will grow until the year 2028.
By Distribution Channel
By Operating System
According to study, global smart eyewear technology market expected to reach USD 6892.44 million by 2028 with the expected CAGR of more than 12% between the years 2022 and 2028.
The global Smart Eyewear Technology Market is projected to expand over 2022-2028 Smart eyewear technology is a wearable gadget that gives spectacles more information. Information can be gathered by internal or external sensors in smart eyewear. Smart eyewear uses Bluetooth, Wi-Fi, and GPS wireless technologies. This can be used as a portable media player to transfer audio and video files to the user and can also be controlled via a mobile device.
The global Smart Eyewear Technology Market is led by players like Google Inc, Sony Corporation, Microsoft Corporation, Epson America, Inc, Lumus Ltd, Vuzix Corporation, Meta Company, Optinvent SA, Osterhout Design Group, Kopin Corporation, Lenovo, Recon Instruments, Samsung Electronics Co., Ltd.
North America held the largest share of the smart eyewear technology market between 2022 and 2028. The presence of global leading players in the U.S. and the growing demand for consumer electronics products will boost the growth of the market in the North American region.
The global smart eyewear technology market was valued at USD 3,541.6 million in the year 2021 and is expected to reach USD 6892.44 million by 2028
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