Smart Glasses from Vuzix Corporation (NASDAQ:VUZI) Make Enterprises More Profitable

Vuzix Corporation (NASDAQ: VUZI) is capitalizing on the rise of augmented reality (AR) for improving the efficiency of the workplace. Vuzix develops technologies, particularly industrial-grade smart glasses, with significant potential in the AR industry- an area receiving a lot of excitement due to the launch of Snap Inc's (NYSE: SNAP) spectacles.Vuzix has honed in on an area of AR where the need is substantial: access to information for workers who need to walk around their workplace. The company has created an enterprise product, the M300, which allows free mobility and realtime access to information via these smart glasses.The world of augmented is predicted to experience explosive growth and one that investors need to be monitoring. A report from IDC indicates the market is expected to grow from $206 million in 2016 to an astonishing $50 billion by 2021. The industry generally shipped 10.1 million units in 2016, but IDC predicts that those figures will reach as many as 99.4 million units in just four years.There's no question significant opportunity in this market exists -- one that the major players haven't ignored. Toshiba recently entered into a development agreement with Vuzix, where the company will build customized smart glasses for Toshiba's Client Solutions subsidiary. The opportunity is there for Vuzix to become the go-to manufacturer for smart glasses, at a time the industry is expected to see explosive growth.Industrial smart glasses allow for a hands-free experience, enabling users in the industrial, medical, and retail industry access unprecedented amounts of information and data collection with considerable ease of use. Vuzix's M300 model incorporates an industrial design specifically tailored for enterprise applications. The product has pre-installed apps that can be used to "track timed events, manage your calendar, and link to your phone," according to the company's website. "Targeting the commercial and industrial market is likely to be much more lucrative for Vuzix since it is a leader in this space and product adoption is increasing," said James McIlree of Chardan Capital. He expects the latest release to drive growth throughout 2017. The firm has a $10 price target and "Buy" rating on the company, representing around 70 percent of potential upside.Vuzix has shifted its production of the M300 to Asia, to expand production and lower production costs. The move will also put production closer to Toshiba's Japanese headquarters. While the current agreement between both companies is worth $1.1 million, Toshiba is expected to place additional purchase orders from Vuzix for deliveries in Q4 of 2017. Vuzix is aiming for 1,500 units by the second quarter of 2017. "We have selected Vuzix as our new smart glasses development and manufacturing partner because we are very impressed with Vuzix' current line of smart glasses and other technology that the Company has in development. We believe that Toshiba can leapfrog other wearable technology products with Vuzix' support and look forward to a very successful collaboration between the companies," said Carl Pinto, vice president of marketing and product development for Toshiba Client Solutions Division, Toshiba America Information Systems, Inc.Not only is Vuzix tapping into business facing with their enterprise wearables, but they also have a consumer product, the Blade 3000, giving the company exposure to both enterprise and consumer trends.2017 is a crucial year for the industry, with Vuzix leading the charge with over 90 patents and patents pending, as the brand looks to boost its intellectual property profile. There's no question that the wearable technology industry will experience compelling growth in a short period. The question that does remain is who will lead the charge in connecting consumers and enterprises, by bringing quality products to market. Vuzix is certainly at the forefront with an exciting pipeline of innovative products coming, making 2017 a year to watch.We will be updating our subscribers as soon as we know more. For the latest updates on VUZI, sign up below!Disclosure: We have no position in VUZI and have not been compensated for this article.