LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart glasses for industrial applications market to post a remarkable CAGR of about 146.3% in revenue during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global smart glasses for industrial applications for 2016-2020. This report also provides a list of vendors that are producing smart glasses for industrial applications. It includes vendors across all geographical regions and segments.
Technavio hardware and semiconductor analysts highlight the following four factors that are contributing to the growth of the global smart glasses for industrial applications:
- Increased vendor participation
- Increased developer interest
- Decline in ASP
- Use of SLAM technology for AR
Increased vendor participation
An increasing number of vendors are showing interest in developing smart glasses. Vuzix, Sony, Osterhout Design Group, GlassUp, Meta, and several others launched new products in 2015. Tech giants such as Microsoft, Samsung, LG, Baidu, Toshiba, and Canon are also investing in smart glasses that are expected to be launched during 2015-2016. This increased participation from several firms highlights the importance attached to smart glasses as a major medium for AR.
According to Sunil Kumar Singh, a lead analyst at Technavio for human machine interface, “Smart glasses market is still in its early stages and will benefit significantly as more vendors enter, resulting in increased awareness about smart glasses among customers, who will have several options to choose from. Also, prices of smart glasses is predicted to decline over the years as the competition among vendors increases, and this will increase demand for smart glasses in the market.”
Increased developer interest
Individual developers play a vital role in the market in regards to developing apps for smart glasses. Several individual developers have shown interest in buying developer kits of smart glasses and creating unique apps. It is estimated that more than 10,000 developers have Google Glass and are developing apps for the device. On Kickstarter, AR firm Meta launched its Meta 1 Developer Kit with a target of USD 100,000. The company received USD 194,444 within 30 days. About 231 of the 501 backers pledged USD 550 or more to grab the developer kits. Another vendor, Optinvent, followed suit and raised USD 104,656 from 224 backers within 60 days. The developer version of the product was chosen by 180 individuals. This indicates heightened interest among developers in using smart glasses and programming apps for them. Technavio believes that the increased developer interest will provide smart glasses with innovative apps, helping with market growth.
Decline in ASP
As the market increasingly adopts smart glasses, the cost of components is expected to decrease, leading to lower ASPs and higher demand. Vendors such as Google, Microsoft, Sony, and Samsung have high purchasing power and can buy components at a lower cost. Once the commercial products of such companies are released in the market, the ASPs of smart glasses will start declining. It will create new market opportunities for manufacturers of components such as lenses, displays, cameras, and sensors. Although the vendors are using different optical systems at present, we expect them to adopt a common technology in the future. This will reduce the prices of optical systems. Prices of other components, such as sensors, cameras, and displays, have already been declining, encouraging vendors further.
Use of SLAM technology for AR
SLAM is a popular and important autonomous mapping and navigation technique in mobile robotics. Originally used as eyes for NASA robots, SLAM can create maps of unknown environments and position devices with extreme accuracy. 13th Lab, which provides a computer vision platform for mobile devices, brought the world's first SLAM implementation to consumer devices, and it continues to be the unchallenged leader in this field. This company was recently acquired by US-based Oculus. Technavio expects the US to be the prominent market with respect to the use of SLAM technology initially. SLAM is an ideal technology for AR, as it gives a markerless experience compared to marker-based AR, in which images need to be printed out.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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