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Meta Platforms Inc.

The Future of Smart Glasses: A Global Scramble in the Making

Strategic Insights

— 1 min read

As the world gears up to create the first real artificial intelligence consumer gadget, tech giants are racing to develop smart glasses that could revolutionize the way we interact with technology. But despite the hype, the future of these devices remains uncertain, particularly in Asia. A recent survey by S&P Global found that roughly half of respondents (48.2%) in eight countries, including the US, China, and India, expressed interest in purchasing smart glasses within the next year, but it remains to be seen whether these devices will truly go mainstream.

Key Takeaways:

  • Meta Platforms Inc. holds a commanding 73% of the global smart-glasses market, according to Counterpoint Research, but is absent from the China market where local brands like Huawei Technologies Co, Xiaomi Corp, and RayNeo are leading the charge.
  • Chinese brands have made significant strides in developing smart glasses, but few have actually entered mass production, leaving room for competition.
  • Apple Inc.'s foray into the market could potentially unseat Meta and Chinese rivals, offering seamless integration with its ecosystem of products.
  • Smart glasses face significant challenges, including concerns over privacy, surveillance, and the potential for increased screentime.
  • Companies like Meta and OpenAI are seeking to gain control over the hardware end of their products, without relying on Apple.
  • The pitch that smart glasses will help reduce smartphone dependence rings hollow, as these devices introduce a new, more invasive kind of screentime.

Statistics:

  • 48.2% of respondents in an S&P Global survey expressed interest in purchasing smart glasses within the next year.
  • Meta Platforms Inc. holds a 73% market share in the global smart-glasses market, according to Counterpoint Research.
  • Chinese brands have a relatively small share of the global smart glasses market, with around 1/8 of pairs sold globally; however, they are experiencing rapid growth.
  • Around 70% of smart glasses sold globally are imported, with China accounting for a significant portion of imports.

Sources:

  • S&P Global survey
  • Counterpoint Research
  • The Information
  • Bloomberg Opinion column by Catherine Thorbecke

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