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Technical Innovation Is at Heart of Global Explosion of Smart Glasses Markets as Demand Jumps
Globe Newswire 18-Dec-2024 8:30 AM
PALM BEACH, Fla., Dec. 18, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Global Smart Glasses Market is experiencing significant growth driven by a convergence of technological advancements and increasing consumer demand for wearable technology. Factors such as enhanced connectivity through the Internet of Things (IoT) and the rise of augmented reality (AR) applications are propelling the market forward. Consumers are increasingly drawn to smart glasses for their potential to enhance everyday experiences, from navigation and communication to gaming and fitness tracking and healthcare. In addition, the rising trend of remote work and virtual collaboration tools has created a greater need for devices that facilitate seamless interaction, further boosting the appeal of smart glasses in both personal and professional contexts. A report from Grand View Research recently projected that the global smart glasses market size was estimated at USD 1.93 billion in 2024 and is expected to grow at a CAGR of 27.3% from 2025 to 2030. The report said: "Governments worldwide recognize the potential of smart glasses in various sectors, prompting initiatives to boost their adoption and sales. Many countries are investing in research and development programs to advance AR and VR technologies, which are integral to the smart glasses ecosystem. Moreover, public-private partnerships are emerging to create pilot projects that demonstrate the practical applications of smart glasses in fields such as healthcare, education, and manufacturing. By providing funding and incentives, governments are encouraging innovation and fostering an environment where businesses can thrive, ultimately leading to increased consumer interest and sales in the market." Active wearable companies active in the markets include: Xiao-I Corporation (NASDAQ:AIXI), Sony Group Corporation (NYSE:SONY), QUALCOMM Incorporated (NASDAQ:QCOM), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG).
Grand View Research continued: "The market presents a multitude of growth opportunities, particularly in niche segments such as healthcare, education, and industrial applications. In healthcare, smart glasses can facilitate remote surgeries and enhance training through real-time data visualization. In education, they offer immersive learning experiences that can transform traditional teaching methods. Furthermore, as industries increasingly adopt smart glasses for training and maintenance tasks, the demand for specialized applications continues to rise. Emerging markets also present a significant opportunity, as consumer awareness and technology adoption increase in regions previously untapped by smart glasses manufacturers, paving the way for expansive market growth."
Xiao-I Corporation (NASDAQ:AIXI) Forecasts $12-15 Million in New Revenue in 2025 from AI Glasses Driven by Strong Demand and State Procurement Invitations - Xiao-I Corporation, a leading artificial intelligence company ("Xiao-I"), announced significant milestones in expanding its U.S. presence and delivering impactful technology solutions.
Breakthrough in U.S. State Procurement Programs - Xiao-I has been invited to register for centralized procurement programs by four U.S. state governments, marking a critical step in its strategy to provide AI-driven solutions to public-sector organizations. The inclusion in these procurement lists underscores the company's commitment to advancing accessibility and innovation in government services.
"We are honored to be considered for these procurement programs, which will allow us to bring our AI technology to more communities in need," said Hui Yuan, CEO of Xiao-I. "This milestone not only reflects our growth in the U.S. market but also supports our mission to make life easier for Deaf and hard-of-hearing individuals through accessible solutions."
AI Glasses Driving Inclusion and Accessibility - Xiao-I's AI-powered glasses, launched in August, have been widely embraced by the Deaf and hard-of-hearing community. These glasses leverage advanced AI to bridge communication gaps, providing life-changing support for underserved individuals and families.
The company estimates delivering at least 10,000 units in 2025, generating $12-15 million in new revenue for the year. These figures represent the company's best current estimates based on market conditions and anticipated demand.
Commitment to AI for Good - As part of its mission to harness AI for societal benefit, Xiao-I focuses on developing technologies that address real-world challenges. By aligning innovation with accessibility, the company continues to expand its reach and impact globally. CONTINUED… Read these FULL press releases for Xiao-I Corporationat:https://www.financialnewsmedia.com/news-aixi/
In other developments and happenings in the wearables market recently include:
According to an article published by cnet.com, Sony Group Corporation (NYSE:SONY) has a new VR/AR headset, but maybe not in the way you might think. Sony already has the PlayStation VR 2, but it has debuted a new standalone, spatial content creation-focused mixed reality headset at this year's CES show in Las Vegas. Developed with Siemens, the headset has a very different target audience: engineers who might also be considering the Apple Vision Pro.
The mixed reality headset, with a flip-up visor and a couple of wearable input tools, is focused on content creators and professionals. The hardware, coming later in 2024, uses Qualcomm's new Snapdragon XR2 Plus Gen 2 chip that will also be in Samsung's expected headset this year. The headset also features Sony's own micro-OLED displays, which have an impressive 4K resolution per eye.
QUALCOMM Incorporated (NASDAQ:QCOM)'s CEO Cristiano Amon told CNBC the chip designer is working with Samsung and Google to explore a mixed-reality set of glasses linked to a smartphone — taking a different approach from Apple, which launched a larger headset.
Last year, Google, Samsung and Qualcomm struck a partnership to develop mixed-reality technology. That refers to the combination of augmented and virtual reality, often involving digital images that are imposed over the real world in front of you. Amon's comments are among the first to shed light on the project. "It's going to be a new product, it's going to be new experiences," Amon said, discussing what will come out of the mixed reality partnership.
Microsoft Corporation (NASDAQ:MSFT) this summer announced a long-term partnership between Microsoft and RealWear, producer of Smart Glasses for frontline workers. Microsoft Teams has been available on RealWear for some time already, making communication and learning between colleagues easier than ever.
"Today we're thrilled to announce the availability of Microsoft Power Apps public preview on RealWear devices and the RealWear Marketplace. The ability to build and deploy custom solutions for frontline professionals on RealWear devices is another step in our vision to empower every individual on the planet."
According to PCMag.com, Google, Alphabet Inc. (NASDAQ:GOOG), launched Android XR Platform for VR Headsets and Smart Glasses - Google recently announced the first Android XR device, Project Moohan, a mixed-reality headset produced by Samsung that appears very similar to the Apple Vision Pro.
With its new operating system, Google is making an ambitious return to the AR and VR spaces (they aren't the same, though the spectrum between them is broadly called mixed reality, or XR). Developed with Samsung, Android XR is a full platform and software ecosystem intended for a wide range of wearable displays, from VR headsets to smart glasses.
Android XR is built on the wider Android operating system that drives smartphones, tablets, Chromebooks, and Google TV media streamers. According to Google, this makes the platform developer-friendly because, as the company says in a blog post, "If you build on Android, you're already building for XR!"
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