The AR and VR smart glasses market witnesses rapid expansion across the globe. The market growth attributes to the high adoption of cloud-based technologies and the huge popularity of smart glasses in entertainment. Besides, the increasing demand for smart glasses in gaming, education, industrial military, and others applications drive the growth of the market. Moreover, the emergence of AR-powered smart glasses in smartphones and other intelligent devices escalate market growth.
In its recently published industry analysis, Market Research Future (MRFR) asserts that the global AR and VR Smart Glasses Market valuation is poised to touch USD 31 BN by 2023, growing at over 13% CAGR throughout the forecast period (2017-2023). The market demonstrates significant growth opportunities. Increasing investments in the development of AR and VR smart glass technology substantiate the growth of the market.
Manufacturers and technology providers are increasingly turning to acquisitions to scoop up new technologies that can increase the impact on industry.
Conversely, high cost, complicated installation, and lack of awareness about the usability and benefits of smart glasses among consumers are major factors projected to impede the growth of the market. Nevertheless, the remarkable advantages of AR and VR smart glasses would support the growth of the market throughout the assessment period.
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The AR and VR smart glasses industry has been considered for device type, product, and application.
The device types covered in the study include binocular as well as monocular.
The products assessed in the report are integrated smart glasses, external smart glasses and mobile phone smart glasses. The external smart glasses segment could be leading shareholder in the market, because of their rising use in gaming and other applications. Increased adoption of cloud-based technologies also drives their demand in the AR and VR smart glasses market.
The application areas of AR and VR smart glasses include education, industrial, gaming, commercial and military. The lead is expected to be taken by the commercial segment given the soaring demand for virtual reality and augmented reality applications in retail and e-commerce sectors.
Some of the prominent players in the global AR and VR smart glasses market are Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Osterhout Design Group (U.S.), Samsung Group (South Korea), Royole Corporation (U.S.), Optinvent (France), MicroOLED (France), Ricoh (Japan), Kopin Corporation (U.S.), Imprint Energy, Inc. (U.S.), FlexEl, LLC. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Razer Inc. (U.S.), Avegant (U.S.), Google Inc. (U.S.), Oculus VR (U.S.), Vuzix (U.S.), Jenax (South Korea), and Atheer (U.S.).
Detailed Regional Analysis
The regional study of the AR and VR smart glasses comprises APAC or Asia Pacific, North America, Europe, and RoW and Rest of the World.
The escalating demand for VR and AR in architecture could be a lucrative opportunity, ensuring North America’s dominance in the global market during the appraisal period. The rising use of AR and VR smart glasses in construction projects is also inducing significant market growth in the United States as well as Canada. Furthermore, video gaming has emerged as the fastest-expanding entertainment industry in the region, which is another reason for the high demand for AR and VR smart glasses. Apart from this, the AR and VR technology has gained immense importance in the healthcare sector, majorly deployed in medical training applications.
It is presumed that Europe can gain at the fastest rate in the approaching years, thanks to the rising use of AR and VR technology and related tools for training healthcare students, improving fitness, educating doctors, caring for patients and managing pharmacy and more. The stupendous expansion in consumer and commercial markets can also lead to better business prospects.
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