12-Jun-2024 | Facts and Factors
According to Facts and Factors, the global smart eyewear technology market size was worth USD 13.21 billion in 2023 and is estimated to grow to USD 64.12 billion by 2032, with a compound annual growth rate (CAGR) of approximately 19.10% over the forecast period. The report analyzes the smart eyewear technology market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the smart eyewear technology market.
Browse the full “Smart Eyewear Technology Market Size, Share, Growth Analysis Report By Technology (Virtual Reality (VR), Augmented Reality (AR), and Other), By Operating System (Linux, Android, and Others), By Product Type (Mixed Reality Holographic Displays, Head-Mounted Displays, Assisted Reality Glasses, and Others), By End-User (Healthcare, Enterprise & Industrial, Consumer Electronics, Sports & Fitness, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/smart-eyewear-technology-market-report
Information collection and object viewing may be done simultaneously owing to smart eyewear technology. A robust Internet of Things infrastructure, cost savings, long battery life, new developments in virtual reality, and improvements in hardware & ergonomics are all projected to impact the expansion of the global smart eyewear technology market during the forecast years. The development of smart eyewear technology also helps us comprehend the value of virtual reality. Additionally, smart eyewear technology helps employees complete tasks by giving them information and virtual directions. It is used to coordinate production operations with seasonal personnel fluctuations and for eCommerce logistics. Employees that use smart eyewear technologies are better able to complete difficult tasks.
Smartphones, iPhones, and mobile devices with AR and VR systems are anticipated to fuel the expansion of the global smart eyewear technology market. Additionally, throughout the forecast period, the market for smart eyewear technology is anticipated to benefit from the expanding popularity of electric vehicles and the general inclination for portable consumer electronics. Furthermore, due to large investments made by the main corporations in creating smart eyewear, the sector is anticipated to grow during the term. Additionally, throughout the projection period, the market for smart eyewear technology will see new growth opportunities thanks to the enormous development potential of wearable technology's next-generation displays. The revenue of the smart eyewear technology market will increase as major players like Google, Microsoft, and Facebook increase their investments in the market. The market is expected to grow rapidly due to the rise in start-ups worldwide. The market for smart eyewear technology is anticipated to confront significant difficulties, such as high starting costs and short battery life. Opportunities for market expansion are anticipated as the demand for portable devices and light head-mounted displays rises.
The global smart eyewear market has been segmented into technology, product type, application, end-user, and region. Based on the technology, the smart eyewear market is segregated into augmented reality, virtual reality, and others. Among these, the other segment led the market in 2023 and is expected to maintain its dominance throughout the forecast period. Based on the product type, the smart eyewear technology market is segregated into head-mounted displays, assisted reality glasses, mixed reality holographic displays, smart helmets, and others. Among these, the head-mounted displays segment led the market in 2023 and is expected to maintain its dominance throughout the forecast period. The smart eyewear technology market is into industrial applications and others based on application. Among these, the industrial applications segment led the market in 2023 and is expected to maintain its dominance throughout the forecast period. The smart eyewear technology market is segmented into consumer electronics, healthcare, and enterprise based on end-user. Among these, the consumer electronics segment led the market in 2023 and is expected to maintain its dominance throughout the forecast period.
The global smart eyewear technology market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. In 2023, North America dominated the global smart eyewear technology market. The regional market is expected to increase throughout the anticipated period due to the launch of new products and rising consumer and business demand for smart wearable technology. Due to the existence of significant multinational competitors and the growing demand for consumer electronics products, the market in North America will grow. The significant presence of big businesses in countries like the U.S. and the rising demand for electronic gadgets with AR & VR systems will also speed the development of the local market. It indicates that the market's growth in the North American region will be positively influenced by the exploding popularity of smart devices and gaming gear.
Recent Developments:
- January 2022: Indian eyewear giant Titan Eye+ stepped into the future with the launch of their Titan EyeX. These weren't your average sunnies – boasting built-in audio and a slew of other functionalities, they signaled a growing trend of smart eyewear becoming mainstream, not just a niche gadget.
- June 2022: Indian consumer electronics brand Noise unveiled its Noise i1, marking their debut in the smart eyewear market. This move underscored the rising interest in smart glasses within the Indian tech landscape, potentially paving the way for wider adoption.
- July 2022: Industry leader EssilorLuxottica (think Ray-Ban) joined forces with the prestigious Politecnico di Milano to establish the EssilorLuxottica Smart Eyewear Lab. This powerhouse collaboration hinted at the future of smart glasses design, with a focus on pushing the boundaries of what's possible in this exciting space.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 13.21 Billion |
Projected Market Size in 2032 |
USD 64.12 Billion |
CAGR Growth Rate |
19.1% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Amazon Inc., Ampere LLC, Bose Corporation, Flows Bandwidth, Google LLC, Lenovo, Lumus Ltd., Magic Leap, Meta Company, Microsoft Corporation, Qualcomm Technologies Inc., Razer Inc., Seiko Epson Corp., Sony Corporation, TCL, Vuzix Corporation, and Others. |
Key Segment |
By Technology, By Operating System, By Product Type, By End-User, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Some major players covered in the global smart eyewear technology market are; Amazon Inc., Ampere LLC, Bose Corporation, Flows Bandwidth, Google LLC, Lenovo, Lumus Ltd., Magic Leap, Meta Company, Microsoft Corporation, Qualcomm Technologies, Inc., Razer Inc., Seiko Epson Corp., Sony Corporation, TCL, Vuzix Corporation, and others.
Global Smart Eyewear Technology Market is segmented as follows:
By Technology
- Virtual Reality (VR)
- Augmented Reality (AR)
- Other
By Operating System
By Product Type
- Mixed Reality Holographic Displays
- Head-Mounted Displays
- Assisted Reality Glasses
- Others
By End-User
- Healthcare
- Enterprise & Industrial
- Consumer Electronics
- Sports & Fitness
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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