Market Highlights
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.
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Other major factors fostering the growth of the market include extended applications of AR and VR smart glass in aviation, marine, solar power, and the electronics sector. Additionally, rising investments transpired into R&D activities to bring more advancement in the technology have favored the market expansion, lowering technology prices.
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.
Key Players
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.).
Segmental Analysis
The report is segmented into four dynamics;
- By Device Type: Monocular and Binocular.
- By Product: Integrated Smart Glasses, Mobile Phone Smart Glasses, External Smart Glasses, and others.
- By Application: Gaming, Education, Industrial Military, and others.
- By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Detailed Regional Analysis
North America dominates the global AR and VR smart glasses market. The largest market share attributes to the presence of many well-established industry players and infrastructure in the region, allowing faster implementation of advanced technologies.
Besides, the rising technological advances, alongside the increasing popularity of GPRS and server-cloud enabled AR & VR smart glasses, drive market growth. The North American AR and VR smart glasses market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global AR and VR smart glasses market. The market growth is driven by the increasing popularity of these glasses and colossal investment by major key players. Additionally, Supportive government policies and the presence of key players propel the growth of the regional market. The European global AR and VR smart glasses market is expected to create a substantial revenue pocket during the assessment period.
The AR and VR smart glasses market in the Asia Pacific region is emerging as a profitable market globally. Factors such as the increased adoption of AR and VR smart glasses and cloud-based technologies across industry verticals substantiate the regional market's growth. Moreover, technological advancements are key driving forces behind the growth of the market.
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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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