NEW YORK, Jan. 13, 2015 /PRNewswire/ -- Analyst Report Issued by Small Cap IR. Interest in the wearable device market has increased, driven by both consumer and commercial applications for wearable video. According to ABI Research, by 2018 an expected 485 million wearable computing devices (smart glasses, smart watches, and headsets) are expected to be sold annually. According to a separate estimate by IHS Inc., the wearable device market is projected to grow from $10 billion in 2013 to $30 billion in 2018. This growth will be driven by both demand for consumer applications such as mobile video games, and by increased adoption of smart glasses for commercial and industrial applications such as field service, healthcare, maintenance, and manufacturing. According to PwC, the mobile video game segment is expected to grow from approximately $10.5 billion in 2014 to $14.5 billion in 2017, with a compound annual growth rate ("CAGR") of 10 percent. The IT research and advisory firm Gartner projects that adoption of smartglasses by U.S. companies will increase from less than one percent of companies, to ten percent of U.S. companies over the next four years. One company addressing the large and growing market for smartglasses is Vuzix Corporation.
Vuzix Corporation (OTCQB: VUZI) – designs, manufactures, markets, and sells products for use in the consumer, commercial, and entertainment markets. The company's products are worn like eyeglasses and feature built-in video screens that enable the user to view video and digital content, such as movies, computer data, the Internet, or video games. The company was founded in 1997 and is headquartered in Rochester New York.
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