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Envision Blind Glasses
Huynh Lam Nguyen
Created on October 26, 2024
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EnvisionGLASSes
Lam H. Nguyen
Product Update Project
Description
Envision is a company based in the Netherlands, specializing in AI-powered smart glasses designed for people who are blind or have low vision. These glasses convert visual information into speech, using technology to assist with daily tasks and enhance independence.
Competition
Innovative
EnhancedIndependence
Friendly
Functionalities
Pros
So how will this product be updated?
An AI Glasses product that connects via Bluetooth.
Ease to use
Needs and Wants
Accessibility
Assist and navigate
Independence
Jobs
Affordability
Price
Experience
Demand
What is it Supplying?
Good
About 1.1 million people turn blind in a year.
Only 5% of these individuals can afford AI Glasses
43 million people are blind
295 million people have moderate to severe visual impairment
INFORME TECH
Certification
$5,000 to $15,000.
$10,000 to $50,000( depending on the complexity and the developers' rates.)
Bluetooth Module
Testing
Development
$1,000 to $5,000 (Ensuring the product meets regulatory standards)
$5 to $20 per unit (depending on the specifications and features.)
Bluetooth Envision Glasses Update
Cost of Production & Price
$2,500 to $8,400
down to
$400 to $1,200
down to
$200
$38,150 to $70,150
Monopolistic Competition - Market Structure
there are many firms offering similar but not identical products, allowing for product differentiation and some degree of market power for individual firms.
Assuming a conservative estimate of a 50% increase in market size due to affordability, the total revenue from 2024 to 2030 would be around $64,579,520.
Profit Increase
Market Size
The global smart glasses market was expected to grow at a 27.1% compound annual growth rate - from 2023 to 2030