The AR & VR smart glasses market will grow at an admirable 13% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Augmented reality (AR) & virtual reality (VR) smart glasses, simply put, are wearable devices that are worn, such as regular glasses and merge virtual information with physical information in the view field of a user.
Various factors are propelling the global AR and VR Smart Glasses Market share. According to the recent MRFR report, such factors include growing demand for augmented reality devices in medical training and education, inpatient care management, and the growing interest of top tech giants.
On the contrary, health concern for low resolution, less power consumption, and poor performance of VR and AR apps may deter the global AR and VR smart glasses market growth over the forecast period. Besides, the impact of the current COVID-19 outbreak has also impacted the growth of the market to some extent.
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Some of the prominent players in the global AR and VR smart glasses market are Seiko Epson Corporation (6724) (TYO) (Japan), Microsoft Corporation (MSFT) (NASDAQ) (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.).
The MRFR report highlights an inclusive segmental analysis of the global AR and VR smart glasses market based on application, product, and device type.
By device type, the global AR and VR smart glasses market is segmented into monocular and binocular.
By product, the global AR and VR smart glasses market is segmented into external smart glasses, integrated smart glasses, and mobile phone smart glasses. Of these, the external smart glasses segment will lead the market over the forecast period for its growing use in gaming as well as other applications and growing use of cloud-based technologies.
By application, the global AR and VR smart glasses market is segmented into commercial, industrial, military, education, and gaming. Among these, the commercial segment will dominate the market over the forecast period for the growing demand for AR and VR apps in the retail and e-commerce sector.
Detailed Regional Analysis
By region, the global AR and VR smart glasses market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Increasing use in construction projects, video gaming being the fastest-expanding entertainment industry, and increasing use in medical training applications are adding to the global AR and VR smart glasses market growth in the region.
In Europe, the global AR and VR smart glasses market is predicted to hold the second-largest share over the forecast period. Increasing use of AR & VR technology and associated tools to train healthcare students, educating doctors, improving fitness, managing pharmacy, and caring for patients, coupled with the growing expansion in commercial and consumer markets, are adding to the global AR and VR smart glasses market growth in the region.
In the APAC region, the global AR and VR smart glasses market is predicted to have sound growth over the forecast period at a high CAGR. Adoption of technological advancements and new technologies, presence of top display panel manufacturers, and substantial contribution being made by different sectors such as sports and entertainment industries, transportation, healthcare, BFSI, retail, and consumer electronics are adding to the global AR and VR smart glasses market growth in the region. Additional factors adding market growth include rising awareness among consumers, growing adoption of new technologies in different sectors in South Korea, India, and China, and high growth in consumer and commercial markets.
In the RoW, the global AR and VR smart glasses market is predicted to have steady growth over the forecast period.
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