Global Smart Glasses Market Estimated to Reach $4.129 Billion By 2030, a Big Boon for Tech Companies

By: FN Media Group LLC via GlobeNewswire

December 17, 2024 at 10:00 AM EST

PALM BEACH, Fla., Dec. 17, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Global Smart Glasses markets are receiving expectations of significant growth potential from industry insiders. A recent report from MarketsAndMarkets projected that the global smart glasses market size is estimated to be USD 878.8 million in 2024 and is projected to reach USD 4,129.3 million by 2030, growing at a CAGR of 29.4% during the forecast period from 2024 to 2030. The report said: “Significant factors contributing to the growth of the smart glasses market include rapid technological developments, increased demand for augmented reality (AR) and mixed reality (MR) smart glasses, and growing adoption in the industrial, healthcare and consumer sectors. Higher resolution displays are being adopted in smart glasses, enabling their use in applications such as AR, wherein enhanced image clarity improves readability and creates a better immersive experience. Advanced sensors such as gesture recognition help users to interact with the device through hand movements, offering an intuitive and hands-free experience. The use of eye-tracking sensors helps analyze eye movements to determine focus, attention, and even emotional responses, helping personalized experiences and applications like gaze-controlled interfaces. Also, increased demand for AR and MR smart glasses due to their ability to offer immersive and interactive experiences enables growth in the market.” Active wearable companies in the markets include: Xiao-I Corporation (NASDAQ: AIXI), Vuzix^® Corporation (NASDAQ: VUZI), Meta Platforms, Inc (NASDAQ: META), Alphabet Inc. (NASDAQ: GOOG), Wearable Devices Ltd. (NASDAQ: WLDS).

MarketsAndMarkets continued: “The development of 5G technology provides a significant opportunity for the smart glasses market growth. 5G offers high speed, low latency, and high capacity, which is essential for optimal performance in smart glasses. 5G enables seamless and reliable communications, enabling real-time data transfers and seamless applications. This is important for features like augmented reality, live video streaming, and cloud-based processing, which are key functions of smart glasses. With high 5G bandwidth and low latency, smart glasses can provide an exceptional and genuine augmented virtual reality experience. This opens new possibilities for gaming, education, training, and remote working and healthcare.”

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”), today 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 Corporation at: https://www.financialnewsmedia.com/news-aixi/

In other developments and happenings in the wearables market recently include:

Vuzix^® Corporation (NASDAQ: VUZI), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, recently announced that the U.S. Department of Labor's Occupational Safety and Health Administration (OSHA) has expanded its deployment of Vuzix M400™ smart glasses after placing a follow-on order for additional devices, all equipped with subscription-based Zoom licenses to support their goal of boosting operational efficiency and safety during field inspections and service activities.

This expansion follows two years of rigorous trials, training, and system refinements, during which OSHA officials gained proficiency with the smart glasses' setup and software. Vuzix M400 smart glasses allow inspectors and field personnel to collaborate in real time with superiors and technical support personnel.

Meta Platforms, Inc (NASDAQ: META) recently announced it has updated the Ray-Ban Meta smart glasses with AI video capability and real-time language translation functionality.

The Facebook parent, which first announced the features during its annual Connect conference in September, said the update is available for members that are part of its “Early Access Program.”

The latest update adds video to Meta's AI chatbot assistant, which allows the Ray-Ban smart glasses to process what the user is seeing and respond to questions in real time. The smart glasses will now be able to translate speech in real time between English and Spanish, French or Italian.

Alphabet Inc. (NASDAQ: GOOG) recently announced an all-new version of its Android operating system designed to power virtual and augmented reality headsets and glasses. Dubbed Android XR, the software, which Google developed in conjunction with Samsung, will allow users to interact with everything from virtual reality apps to real-world objects via your voice, motion controls, and eye-tracking capabilities.

What makes things different this time around, the companies say, is the inclusion of Google’s Gemini artificial intelligence software. “We are at an inflection point for… XR, where breakthroughs in multimodal AI enable natural and intuitive ways to use technology in your everyday life,” Google president of Android Ecosystem Sameer Samat said in a statement. “We’re thrilled to partner with Samsung to build a new ecosystem with Android XR, transforming computing for everyone on next-generation devices like headsets, glasses, and beyond.”

Wearable Devices Ltd. (NASDAQ: WLDS), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, introduces the groundbreaking Neural Wristband category with its Mudra Band and Mudra Link. These innovative devices use proprietary Surface Nerve Conductance (“SNC”) technology to detect neural signals and wrist movements, allowing users to control digital devices through intuitive gestures. As the demand for face-worn devices is rising and with new product announcements by Meta and Snap, among other brands and devices, a neural wristband provides hands-free control through natural gestures, enhancing immersion and user satisfaction.

At Wearable Devices, the belief is clear: the pace of technological advancement is dictated by user interfaces. To bring this vision to life, Wearable Devices has developed SNC technology, which decodes neural signals from subtle wrist movements. As each finger movement, or gesture, has a unique neural signal pattern, AI algorithms decipher the neural pattern, and each gesture is bound with a control function. A user uses familiar everyday gestures such as tap and drag and move to interact with digital elements naturally and intuitively.

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