EssilorLuxottica (ESLOY) Inks Smart Glasses Deal With META
EssilorLuxottica ESLOY recently unveiled its next generation of smart glasses, the Ray-Ban Meta smart glasses, in collaboration with Meta Platforms META, marking a significant stride in the AI-driven eyewear space. This latest partnership is expected to strengthen EssilorLuxottica’s position in the ophthalmology market.
A Few Words on Ray-Ban Meta Smart Glasses
The Ray-Ban Meta smart glasses are the first eyewear with live streaming and Meta AI built-in with a higher-quality camera. These smart glasses have improved audio and microphone systems paired with a redesigned, more intuitive app and charging case.
The live streaming capabilities allow content creators to effortlessly share their experiences and points of view (POV) in real-time. Hands-free streaming increases authenticity and relatability in content creation, sharing live from their eyes. With the ability to seamlessly toggle between glasses and phone cameras for platforms like Instagram Live and Facebook Live, users can engage with their audience in a better way.
The Meta AI integration is available for U.S. users and is activated by the voice prompt, "Hey Meta." This voice-activated assistant helps users delve deeper into their creative moments and take full control of the glasses' features. Moreover, a privacy LED light is provided, which is bigger and more noticeable, giving a clear indication when the camera is in use.
A Strategic Development
The Ray-Ban Meta smart glasses collection represents a significant advancement in terms of audio and camera quality. The 12 MP ultrawide camera captures high-quality photos and immersive 1080p videos in portrait orientation, while the discreet open-ear speakers deliver richer bass and improved noise suppression for an enhanced audio experience. With five built-in microphones supporting efficient transitions between music and calls, users can stay attuned to their surroundings.
EssilorLuxottica also stated that the Ray-Ban Meta collection offers 21 styles, colors and lens variations, ensuring that consumers can enjoy powerful technology without sacrificing aesthetics. These glasses cater to diverse tastes. For better customization, the company added the ability to “Remix” the Ray-Ban Meta smart glasses, choosing frame color, lens variety finish and more to create over 130 color and style combinations. These are available only on Ray-Ban.com.
Wide Customer Acceptance Likely
With an entry price starting at $299, EssilorLuxottica is making this AI-driven new-age eyewear accessible to a wide audience. The collection features an improved companion app, Meta View (iOS and Android). It helps in importing content in a better way. These advanced features at a reasonable price are expected to be widely accepted among a large population.
The Ray-Ban- Meta collection will be available for sale from Oct 17, 2023.
Market Prospects and Leading Players
According to a Custom Market Insights study, as stated in a LinkedIn report, the global smart eyewear technology market was estimated to be worth $9 billion in 2021 and is anticipated to reach around $33 billion by 2030, at a CAGR of roughly 19% between 2022 and 2030.
Per a Transparency Market Research report, the growing population, increasing awareness about fitness and health, lifestyle development, expansion of entertainment and fashion industry and increase in standard of living are major driving factors behind this significant growth.
EssilorLuxottica, being one of the prominent players in this space, has been working with META on smart glass since 2021. Other major players are Corning Incorporated GLW and Gentex Corporation GNTX. Corning currently provides glass for iPhone, iPad, Apple Watch and other Apple products. Gentex’s dimmable glass systems utilize electrochromics, which is the science of darkening a material using electricity. This technology is said to have the greatest opacity range from light to dark, the highest optical clarity and allows for the most durable electrochromic devices in the market.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Corning Incorporated (GLW) : Free Stock Analysis Report
EssilorLuxottica Unsponsored ADR (ESLOY) : Free Stock Analysis Report
Gentex Corporation (GNTX) : Free Stock Analysis Report
Meta Platforms, Inc. (META) : Free Stock Analysis Report
