Smart Glasses Market by Technology (Electrochromic, Polymer Dispersed Liquid Crystal (PDLC), Thermochromics, Suspended Particle Devices (SPD), and Photochromic), Application (Architectural, Transportation, Power Generation, and Consumer Electronics), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Smart Glasses Overview

"Smart glasses" are eyewear that combines a display and processing power and are a subset of wearable technology. They can also be referred to as smart glasses or AR glasses. They provide users with a hands-free heads-up display that superimposes digital information on their surroundings. A tiny display panel on a pair of smart glasses beams digital content into the wearer's field of view. One or both eyes may be exposed to this screen. Images are transmitted via display, which can be transparent or opaque, using a range of optical technologies including waveguides or micro displays.

Smart glasses provide a platform for augmented reality experiences, in which digital data is placed on the physical environment. These glasses have several applications, including gaming, navigation, instruction, training, and remote help. Hands-free operation, real-time data visualization, remote collaboration, and training are all possible with smart glasses. They can aid in enhancing productivity, efficiency, and safety in industries like manufacturing, logistics, building maintenance, and more.

Global Smart Glasses Market Analysis

The global smart glasses market size was $5,258.3 million in 2022 and is predicted to grow with a CAGR of 10.4%, by generating a revenue of $14,133.0 million by 2032.

COVID-19 Impact on Global Smart Glasses Market

As remote work and social distance measures become more popular, so has the demand for smart glasses that enable remote cooperation and communication. Smart glasses with video conferencing and augmented reality technologies have made it easier for people and organisations to collaborate digitally. During the pandemic, smart glasses were used for remote training and assistance. These glasses have been used by businesses in the manufacturing, healthcare, and field service sectors to give employees or technicians operating in various places remote support and training. The pandemic has brought to light the importance of online communication and remote working. Businesses from all sectors are likely to keep investing in smart glasses to increase productivity and enable remote work. Smart glasses are useful tools for businesses in the manufacturing, customer service, logistics, and healthcare sectors because they provide hands-free communication, augmented reality (AR) overlays, and remote help. The pandemic has also led to a rise in the use of telehealth and remote monitoring in the healthcare industry. Smart glasses can be a key component of telemedicine, enabling medical professionals to deliver virtual consultations, track patient data in real-time, and support nearby staff remotely. After the pandemic, it is anticipated that the healthcare sector will continue to use smart glasses to enhance patient care and operational effectiveness.

Remote Work and Collaboration to Drive the Market Growth

The COVID-19 pandemic has boosted the use of virtual collaboration and remote working solutions. Smart glasses make remote work more immersive and interactive for workers, enabling real-time remote collaboration, training, and help. Smart glasses' capabilities have been improved by advancements in augmented reality (AR) technology, enabling more immersive and engaging experiences. The increased demand for smart glasses in both business and consumer applications is attributed to improved augmented reality displays, gesture recognition, and object tracking. Users can access information and complete tasks using smart glasses instead of conventional portable devices, thanks to the hands-free computing experience they offer. This is especially useful in industries like manufacturing, logistics, and healthcare.   Smart glasses are becoming more popular as a wearable technology as customers become more familiar for wearing and using smart devices.

Privacy and Data Security Concerns to Restrain Market Growth

Smart glasses may give rise to data security and privacy concerns. The smart glasses’ ability to secretly record voice, video, and photographs can lead to privacy abuses and the misappropriation of important information. For earning user trust and expanding adoption, it's essential to ensure reliable security measures and handle privacy issues. Consumer acceptability of smart glasses is greatly influenced by their design and appearance. The large and out-of-date designs of some early models of smart glasses were criticised for limiting its appeal to general users. Manufacturers should concentrate on developing sleek, lightweight, and fashionable designs that match consumer requirements. For many smart glasses, the issue of battery life still exists. Users demand long battery life, particularly in situations when they use smart glasses for prolonged work hours or outdoor activities. To overcome this limitation, advancements in battery technology and energy-efficient components are required.

Growing Healthcare and Medical Applications to Drive Excellent Opportunities

Healthcare and medical applications may greatly benefit from the use of smart glasses. They can be applied to telemedicine, remote patient monitoring, surgical support, and medical education. Smart glasses that can monitor vital signs and visualise data can improve patient outcomes and the quality of healthcare. There is a lot of promise for smart glasses in business and industrial settings. They can be used for training, remote collaboration, hands-free operation, and real-time data visualisation. Smart glasses can be used by businesses in the manufacturing, logistics, healthcare, and field services sectors to increase production, efficiency, and worker security. Smart glasses technology has a lot to offer for augmented reality applications including gaming, navigation, education, and remote help. There will be more opportunities for smart glasses market, as augmented reality technology develops.

Global Smart Glasses Market Share, by Technology, 2022

The electrochromic sub-segment accounted for the highest share in 2022. There are many different styles of smart glasses in the market, and electrochromic technology is one of them. Smart glasses with electrochromic properties can alter their transparency or colour in response to electrical stimulation. The electrochromic material's colour may be changed by applying a voltage, giving the user control over how much light passes through the lenses. Electrochromic smart glasses can provide customised visual comfort and protection from glare or bright light due to their ability to change the colour of the lenses. Depending on their choices and surrounding conditions, users can adjust the tint strength. Smart glasses with electrochromic lenses are used in many different fields and industries. They are frequently used for windows, glazing in buildings, and car sunroofs. Electrochromic lenses for eyewear can offer sun protection when needed and reduce the need for several pairs of sunglasses. Smart glasses with electrochromic lenses can also improve the efficiency of buildings and automobiles.

Global Smart Glasses Market Share, by Application, 2022

The transportation sector accounted for the highest market size in 2022. Smart glasses have several advantages for the transportation industry, from increased safety and productivity to better navigation and maintenance skills. Professionals involved in automotive manufacturing and maintenance procedures make use of smart glasses. They offer real-time information to technicians, including repair manuals, diagnostic information, and detailed instructions, enabling effective repairs and decreasing downtime. By giving navigational cues, traffic data, and alarms, smart glasses can also help drivers, improving situational awareness and safety on the road. Smart glasses are used by pilots and aircraft workers to view vital information while performing maintenance and operating jobs. Bus, train, and tram drivers can obtain real-time information regarding schedules, routes, and passenger information via smart glasses. This enhances passenger satisfaction, on-time performance, and operational effectiveness.

Global Smart Glasses Market Share, by Region, 2022

The North America smart glasses market held the highest share in 2022. In North America, the architecture industry has expressed a strong interest in applications for smart glass. To improve energy efficiency, privacy, and aesthetics, smart glass is being used in offices, homes, and hospitality settings. Sunlight may be dynamically controlled, eliminating the need for blinds or curtains and maximising the use of natural light.

In North America, smart glass technology is also being implemented in the automobile industry. In order to increase driver comfort, lessen glare, and increase safety, smart glasses are utilised in windows, sunroofs, and rearview mirrors. In North America, smart glasses are being used in hospitals and clinics as well as other healthcare settings. These glasses enable immediate privacy control and infection control procedures in surgical rooms, medical equipment, and privacy dividers. Additionally, smart glass can provide crucial medical data, boosting workflow effectiveness and patient care.

Competitive Scenario in the Global Smart Glasses Market

Product development and geographic expansion are common strategies followed by major market players. Some of the leading smart glasses market players are AGC Inc., ChromoGenics, Corning Incorporated, Guardian Industries, Gauzy Ltd., PPG Industries, Inc., Gentex Corporation, Kinestral Technologies, Inc., RavenWindow, and Nippon Sheet Glass Co., Ltd.