According to a report from The Verge, Snap Inc. is looking to revamp its Spectacles product, which offers a consumer-level AR smart glasses experience based on the company’s history in developing the social media and marketing platform Snapchat.
The company wants to continue to leverage Snapchat’s Lite AR integrations and double down on immersive interactions and content powered by smart glasses. After an initial wave of interest in 2022, Snap appears to be bringing its device back to the forefront just as the AR smart glasses market is about to take over VR headset shipments.
The latest details on the Snap AR smart glasses reveal that the company plans to announce more information about the device next month, on September 17. Interestingly, this window is before Meta Connect 2024, where Meta is also expected to unveil AR and MR hardware.
In this spirit, companies like HTC VIVE and PICO are also introducing new competing hardware in the run-up to Connect 2024, with the industry apparently keeping an eye on Zuckerberg’s annual showcase event.
Details of the device are sparse. Reports say it will be similar to previous versions but with an improved field of view and better battery life. Snap may want to enter the smart glasses competition with the new device rather than drastically revising the specs.
Snap is looking to capture the growing AR smart glasses market. Forecasts from groups like Future Market Insights predict AR smart glasses to grow over the next decade. The report, “Residential and Commercial Smart Glass Market Outlook from 2024 to 2034,” predicts that the global market size will reach $58,248 million in 2024 and $187,475 million by 2034.
The report highlights that companies are investing in smart glass technology because of its potential to reduce energy consumption and promote sustainability. It also discusses the appeal of smart glasses to customers, especially when they include features such as voice assistants, self-cleaning properties and biometrics.
However, there are challenges to overcome, including high initial costs and the need for further research into distribution and adoption. Despite these obstacles, ResearchAndMarkets’ Smart Augmented Reality Glasses – Global Strategic Business Report indicates significant growth potential for smart glasses.
The report predicts a significant increase in the global smart glasses market, with 13 million units expected to be sold by 2030, and a compound annual growth rate of 53.0 percent is expected from 2023 to 2030. In addition, specific regional market forecasts are highlighted, such as the expected growth in the United States and China.
In addition, ResearchAndMarkets is examining other hardware aspects of the growing smart glasses market, including “simple assisted reality glasses,” which are expected to reach five million units by 2030, and MR hologram displays such as Apple’s Vision Pro, which are expected to grow at an average annual rate of 58.4 percent through 2030.
More on Snap’s AR hardware history
A few years ago, Snap was heavily focused on becoming a major player in the XR hardware market, but more recently the company lost that focus until this week’s announcement.
In 2022, Snap showcased its hardware in a hands-on demo. Back then, the device featured two 3D waveguide displays, a 26.3-degree field of view (FOV), two stereo speakers, spatial audio, and a lightweight design that promoted the product for outdoor use, including social and sports experiences.
In addition, Snap discontinued its AR-enabled drone Pixy in August 2022 after just four months on the market. That same year, Snap announced a 20 percent reduction in its 6,400-employee workforce in its second-quarter earnings report. The report also revealed an 80 percent drop in Snap shares, and the company’s first-quarter earnings report showed losses of $360 million at the time.
