Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is making its Google Glass available to the public for the first time. The product gives users the ability to easily communicate via pictures. It also provides access to a vast amount of data. The tech company has been hard at work advancing the new product. The enormous prospects in the wearables market, Google's focus on the mass-market audience, and the efforts of third-party app developers should deliver the company a commercial success.
Prospects in the wearable tech market
Though the wearable device market is still in a nascent stage, it is expanding at a fast rate. To benefit from the market, Google has been partnering with other companies. It recently partnered with Luxottica to give a much-needed touch of class to Google Glass. IDC predicted that global shipments of wearable computing devices are expected to triple in 2014 to more than 19 million units. Google's partnerships will enable the company to make a product that can take market share in wearables.
Potential appeal to the mass-market audience
One of the objectives of Google Glass is to provide users with the ability to easily communicate via pictures. Google is doing this to increase the product's appeal to the mass-market audience. All signs continue to indicate that the market is big. IHS Research predicts shipments of smart glasses may rise to as high as 6.6 million units in 2016, up from just 50,000 in 2012. Google will gain an important source of revenue if Google Glass becomes popular with its targeted market.
Third-party app developers
The real promise of Google Glass lies in the imagination of app developers working in numerous fields. Before Google made the product available to the public, developers had been tapped to test it. Recently, Pristine Eyesight streamed a real-time audio to the device for doctors. The process will allow health professionals to work with simple voice commands. With such developments, Google can make a big impact in health care and other sectors. Juniper Research revealed that global wearable smart glasses shipments will reach 10 million per year by 2018, compared to an estimated 87,000 in 2014.
Microsoft (NASDAQ:MSFT) seems determined to benefit from the coming wearable tech market. The Wall Street Journal reported the company is prototyping an eyeglass technology similar to Google Glass. Though Microsoft hasn't pushed the product to the market, it if most likely it will do so. Another research firm, Deloitte, expects smart glasses to account for more than 66% of wearable tech sales this year.
Samsung (NASDAQOTH:SSNLF) is another company that has an eye on driving its revenue growth though wearables. The company released its Galaxy Gear smartwatch and is working on the next version of the product. Samsung sees the wearables market as a dependable source of revenue in the near future. BI Intelligence forecasts a $12 billion market for wearable devices by 2018.
The global market for wearable devices will grow substantially over the next few years. Google hopes to profit in the market through Google Glass and other products. The enormous potential in the market, together with Google's focus on creating a product with mass appeal, and the efforts of third-party developers will enable the company to achieve its objectives.