Smart Eyewear Market is Forecast to Grow at the CAGR of 18.4% in the Forecast Period
Published | 08 November 2021
The global smart eyewear market is growing at a high CAGR because of the increasing penetration of artificial intelligence (AI) and virtual reality (VR) and the growing adoption of advanced technologies and gears in various industries such as medical, personal, wellness, etc...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the smart eyewear market was worth USD 9.8 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 18.4%, earning revenue of around USD 31.9 billion by the end of 2027. The smart eyewear market is gaining significant traction because of the increasing penetration of artificial intelligence (AI) and virtual reality (VR) and the growing adoption of advanced technologies and gears in various industries such as medical, personal, wellness, industrial, etc. Furthermore, the manufacturers are also investing significantly towards research and development activities and technological advancements, which is estimated to boost the market growth in the forecast period.
Increasing Medical Application Of Smart Eyewear Is Projected To Boost The Market Growth
The healthcare industry is emerging as the major end-user segment for smart eyewear. Hand-free photo and video documentation, telemedicine, electronic health record retrieval and input, rapid diagnostic testing and analysis, education and live streaming, and other medical applications are all possible with smart eyewear. Several countries, especially emerging economies are expanding their healthcare infrastructure for the adoption of advanced medical technologies too. Such factors are estimated to fuel the smart eyewear market growth in the forecast period.
Expanding Penetration Of Online Sales Channels Is Anticipated To Drive The Smart Eyewear Market
The online platforms are emerging as the major sales channels, driving the growth of the smart eyewear market. Consumer goods platforms like Amazon have deep penetration among consumers, especially the younger demographic, who prefer buying products in the comfort of their homes. Therefore, smart eyewear brands are exhibiting their products on e-Commerce websites to accelerate their sales. Moreover, several top manufacturers, such as Vue Glasses, have their own separate websites where customers can browse their extensive range of items, as well as customer reviews and online payment options.
Smart Eyewear Market - By End-User
Based on end-users, the smart eyewear market is segmented into consumer electronics, healthcare, enterprise, and industrial. Among these, the consumer electronic segment accounts for the largest market share. Smart eyewear is used for various purposes such as head-up-display or remote control as well as for communication of data such as calls, SMS, emails, and calendar invites. The increasing use of smart eyewear for information visualization, navigation, and data sharing is significantly contributing to the segment’s growth. However, the healthcare segment is anticipated to witness the highest growth rate during the forecast period owing to the increasing healthcare expenditure and adoption of advanced medical technologies.
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Smart Eyewear Market - Regional Insights
Geographically, the smart eyewear market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the smart eyewear market because of the high concentration of industry players in the region, such as Google, Microsoft, Meta, etc. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The growing demand for smart eyewear in the sports & fitness segment and the growing disposable income of consumers are emerging as the major factors driving the market growth. Furthermore, the flourishing medical industry in emerging economies such as Japan, China, India, etc., and increasing investment in the healthcare sector are also fueling the demand for smart eyewear.
Impact of COVID-19 on Smart Eyewear Market
The sudden breakout of the COVID-19 pandemic has a detrimental influence on the smart eyewear market. The market's growth is primarily reliant on research and development and technical breakthroughs. Due to lockdown and social distance standards, however, the research activities were discontinued. Because the resources were oriented toward vaccine development, market expansion was significantly hindered. Furthermore, due to restrictions on import and export activity, the production and sales routes were impeded. The pandemic also impacted people's disposable income, resulting in a steep drop in demand for smart eyeglasses, resulting in significant losses for smart eyewear brands.
The leading players in the smart eyewear market are Google, Microsoft Corporation, Recon Instruments, Vuzix, Meta, Lumus Ltd., CastAR, Sony Corporation, JIN Co., Ltd., Xiaomi, Apple Inc., Atheer Labs, Solar Wearables, Apprentice.io, GoInStore, IMEC, Nueyes Technologies, Flipper Inc., Eyenetra, Fieldbit, etc.
The market is dominated by the technology giants such as Google, Microsoft, Meta, etc. These companies significantly invest in research and development activities and compete based on technological advancements in their products. They also launch new updates and features into their products to gain a competitive edge. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the smart eyewear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the smart eyewear market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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