In a bid to fortify presence in the AR market, Alphabet’s (GOOGL - Free Report) division Google has rolled out an advanced version of Google Glass called Google Glass Enterprise Edition 2.
Notably, the new glass which runs on Android is especially designed for businesses. Further, the headset supports faster charging and increased battery life.
Google intends to aid businesses in improving work efficiency by allowing them to provide employees with hands-free access to visual information.
Further, it supports mobile device management that aids in seamless synchronization of devices with apps and services. This in turn will aid businesses to keep a tab on the usage of those services by their employees.
All these features are likely to aid the adoption rate of the new glass which will strengthen Google’s market share in the AR space.
Google’s Foray Into the Intensely Competitive AR Space
The latest move marks the return of Google in AR market.
The company came up with its first AR device, Google Glass, in 2013 which was consumer oriented but withdrew the product in 2015. This withdrawal was attributed to privacy issues owing to a built-in camera in the device. Further, the device was expensive which also failed to bolster user base.
However, the company developed Google Glass Enterprise Edition 2 keeping all the issues and concerns raised previously in mind.
The new Google Glass is equipped with improved camera performance for first-person video streaming and collaboration.
We believe Google is well-poised to reap benefits from the potential AR market with the aid of its new version Google Glass.
Per a report from Mordor Intelligence, the global AR market is expected to witness a CAGR of 151.9% between 2019 and 2024.
Further, a Zion Market Research report shows that the global market for AR/VR is anticipated to reach $814.7 billion by 2025 at a CAGR of 63.01% over a period of 2019-2025.
Apart from Google, tech companies like Microsoft (MSFT - Free Report) , Apple (AAPL - Free Report) , Samsung and Huawei, are also making every effort to reap benefits from this lucrative market, consequently intensifying the competition.
Microsoft already introduced HoloLens 2 mixed-reality (MR) headsets with special focus on enterprise use in the beginning of this year.
Meanwhile, Apple, Samsung and Huawei are reportedly gearing up to develop their own AR glasses.
Google Ups Ante Against Microsoft
Google with its new AR headset ups the ante against Microsoft.
The latter’s HoloLens 2 leverages Qualcomm’s (QCOM - Free Report) Snapdragon 850 processor and allows users to view information through both eyes as the device overlays information on top of the real world.
Meanwhile, Google Glass Enterprise Edition 2 leverages Qualcomm Snapdragon XR1 which is the world’s first Extended Reality (XR) platform. However, in terms of visualization, the device lags behind HoloLens 2 as it uses a small projector to beam computer-generated images into a user's eye.
Nevertheless, Google is likely to gain a competitive edge against Microsoft in the booming AR market in terms of pricing. Its new glass costs $999 whereas HoloLens 2 is priced at $3,500 which is way expensive.
Further, the company might reduce the price of Google Glass for some firms based on their contracts with it and also business nature.
Additionally, Google Glass Enterprise Edition 2 is made of frames provided by Smith Optics which looks like normal glasses. This makes it lighter in weight and less bulky compared with HoloLens 2.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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