Facebook and Apple are set to launch smart glasses. Pic: Reuters

Facebook boss Mark Zuckerberg expects the social media giant's products will eventually see the company considered a "metaverse business" focused on helping people participate in the virtual world, while Apple's Tim Cook has hinted he sees augmented reality as the next big thing in tech.

The age of smart glasses is upon is, or so reckon Facebook and Apple, both of which are expected to launch devices in the near future, betting serious money that this isn't just another fad.

Consumers around the world already spend tens of billions of dollars a year on wearable technology, especially wristwear, but previous attempts to launch smart glasses have ended in disappointment.

In the near future, we're set to see a lot of companies try to muscle in to this market, potentially upgrading existing specs or launching entirely new product lines.

So where are we at and what can we expect?

As wearable devices, smart glasses can offer a range of features, from the visual - including transparent heads-up displays and augmented reality (AR) - to audio, connecting wearers to voice assistants.

The long-term aim for both Facebook and Apple is to launch devices that offer an AR digitally-generated overlay superimposed over the world the wearer can actually see.

Facebook's first smart glasses will be launched this year, according to Mark Zuckerberg, although a specific date has not yet been announced by the company.