NEW YORK, February 27, 2017 /PRNewswire/ --
Among the recent technological innovations that have the potential to penetrate to the mainstream, both in the consumer and
commercial segments, are smart glasses and its variations. The two main products in the market are Augmented Reality (AR) and
Virtual Reality (VR) headsets. The global augmented reality market is expected to reach USD 117.40
billion by 2022 at a CAGR of 75.72% during the forecast period of 2016 - 2022, according to a research published
by Markets and Markets. At the same time, the virtual reality market is expected to reach USD 33.90
Billion by 2022, at a CAGR of 57.84% during the forecast period. Major factors contributing to the growth of the industry
are higher adoption rates of smartphones enabled with AR devices and increasing interest from the retail and e-commerce sectors.
Vuzix Corporation (NASDAQ: VUZI), Toshiba Corp. (OTC: TOSYY), Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT),
Alphabet Inc. (NASDAQ: GOOGL)
The AR market in particular, is affected by demand from the consumer, commercial/retail and medical industries. AR
applications provide digital information and 3D visualization of physical objects and therefore have potential to be highly
useful, or entertaining, in various fields. In the case of industrial applications, which has accounted for over 25% of the
augmented reality market share in 2015, "several industry players are developing AR for the industrial sector to leverage the
full potential. Rising demand to handle complex machinery, assemble and maintenance will propel augmented reality industry
growth." As was explained by Global Market Insights. AR technology also has started to help mitigate "the reluctance towards
conventional showroom visit with virtual experience and improves user experience."
Vuzix Corporation (NASDAQ: VUZI) is a supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR)
technologies and products for the consumer and enterprise markets. Last Friday the company announced that it, "has signed an
agreement to build a customized pair of smart glasses, for Toshiba Client Solutions Co. Ltd. (Toshiba), a wholly owned subsidiary
of Toshiba Corp. (OTC: TOSYY). Based in Tokyo, Toshiba Corporation is a world leader and
innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products
covering consumer, enterprise, industrial and infrastructure markets. Toshiba Corporation is one of the largest electronics and
technology companies in the world.
Under the terms of this agreement, Vuzix and Toshiba have embarked on a rapid development program with milestone payments
totaling over one million US dollars. With development efforts well under way, Toshiba, subject to
a final manufacturing agreement, expects to place additional purchase orders from Vuzix for production deliveries in the 4th
quarter of 2017. Further details on the new smart glasses product will be released soon after public marketing of the product
commences."
President and Chief Executive Officer at Vuzix, Paul Travers, said "We are excited to enter
into this partnership with Toshiba and believe it represents a strong vote of confidence in our capabilities and recognition of
our leading position within the wearable technology space… Additionally, the agreement demonstrates how we are leveraging and
partnering our industry leading technology with top tier global partners. We trust that this will be the first of many ongoing
collaborations between the firms."
Vice president of marketing and product development for Toshiba Client Solutions Division, Toshiba America Information
Systems, Inc. Carl Pinto commented, "We have selected Vuzix as our new smart glasses development
and manufacturing partner because we are very impressed with Vuzix' current line of smart glasses and other technology that the
Company has in development. We believe that Toshiba can leapfrog other wearable technology products with Vuzix' support and look
forward to a very successful collaboration between the companies."
Chief Executive Officer, Tim Cook of tech giant Apple Inc. (NASDAQ: AAPL) continues to
hint that the company is investing and sees massive potential in the field of augmented reality. Cook compared augmented reality
to the smartphone in an interview with The Independent's David Phelan published on Friday. "I
regard it as a big idea like the smartphone. The smartphone is for everyone. We don't have to think the iPhone is about a certain
demographic, or country or vertical market; it's for everyone. I think AR is that big. It's huge. I get excited because of the
things that could be done that could improve a lot of lives and be entertaining."
Microsoft Corporation (NASDAQ: MSFT) augmented reality headset HoloLens is still in the hands of developers and early
adopters. Microsoft had accustomed its HoloLens hardware roadmap to stop the planned launch of a second-generation device. In its
place, the company will now be focusing on launching a third-gen product that delivers something "closer to a generational leap"
in relation to the current model, and will likely to be released in 2019. The Company's segments include Productivity and
Business Processes, Intelligent Cloud and More Personal Computing.
Alphabet Inc. (NASDAQ: GOOGL) Google Cardboard is a virtual reality platform developed by Google for use with a head
mount for a smartphone. Named for its fold-out cardboard viewer, the platform is intended as a low-cost system to encourage
interest and development in VR applications. Users can either build their own viewer from simple, low-cost components using
specifications published by Google, or purchase a pre-manufactured one. The Google segment includes its Internet products, such
as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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