AR and VR Smart GlassesMarket Insights:
The valuation of global AR and VR smart glasses market would touch USD 31 BN by 2023, asserts Market Research Future (MRFR) in its recently published analysis.
AR and VR smart glasses market would register a CAGR over 13% throughout the forecast period (2017-2023). This exponential rise in the market value mainly attributes to the huge popularity that these glasses are garnering. Other major factors fostering the growth of the market include high adoption of cloud-based technologies and the increasing demand for the glasses, across industry verticals, including BFSI, healthcare, manufacturing, retail, and IT & telecommunications.
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In addition, prominent factors substantiating the market growth include increasing investments in the development of AR and VR smart glasses technology, extended applications in aviation, marine, solar power, and electronics sector. Rising investments transpired into R&D activities to bring more advancement in the technology have favored the market expansion and lowered prices of technologies.
Conversely, factors such as the high upfront cost, complicated installation, and lack of awareness about the usability and benefits among consumer are hindering the growth of AR and VR smart glasses market. Nevertheless, some of the remarkable advantages of AR and VR smart glasses technology would support the growth of the market, catching huge attention in the market. Manufacturers and technology providers are increasingly turning to acquisitions of new technologies for their customers.
AR and VR Smart Glasses Market - Segmentations
The report segments the market into four key dynamics to widen the scope of understanding,
By Device Type : Monocular and Binocular.
By Product : Integrated Smart Glasses, Mobile Phone Smart Glasses, and External Smart Glasses, among others.
By Application : Gaming, Education, Industrial Military, and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
AR and VR Smart Glasses Market - Competitive Landscape
Highly competitive, the AR and VR smart glasses market appears to be diversified with the presence of many well-established players having a regional and global presence. Mergers & acquisitions, innovation, and brand reinforcement are some of the key trends of these market leaders.
Major Players:
Players leading the global AR and VR smart glasses market include Microsoft Corporation (US), Seiko Epson Corporation (Japan), Osterhout Design Group (US), Royole Corporation (US), Samsung Group (South Korea), Optinvent (France), Ricoh (Japan), Kopin Corporation (US), MicroOLED (France), Imprint Energy, Inc. (US), Sony Corporation (Japan), FlexEl, LLC. (US), HTC Corporation (Taiwan), Avegant (US), Razer Inc. (US), Google Inc. (US), Vuzix (US), Oculus VR (US), Atheer (US), and Jenax (South Korea) among others.
Industry/ Innovation/ Related News:
July 12, 2019 - Samsung Group (South Korea), a multinational conglomerate company announced the invention of Augmented Reality (AR) Smart glasses that would compete with Huawei's latest Gentle Monster AR Glasses. The US Patent & Trademark Office has already published earlier this month, a patent application from Samsung relating to their first attempt at AR smart glasses.
January 07, 2019 - nReal Ltd. (China), a leading company developing augmented reality (AR) and mixed reality (MR) equipment and tools unveiled its new product - nReal light, mixed reality glasses. These compact size glasses have a vivid display and a computing pack powered by the Qualcomm® Snapdragon™ 845 Mobile VR Platform.
The developer of these mixed realities (MR) glasses, nReal considers this product as its first flagship ready-to-wear mixed reality glasses, which not only resemble sunglasses but wear just as comfortably.
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AR and VR Smart Glasses Market - Geographical Analysis
North America dominates the global AR and VR smart glasses market with the largest market share. Technological advantages are a key driver behind the growth of the regional market. Well-established infrastructure in the region allows for faster implementation of advanced technologies. The US and Canada, backed by the rising technological enhancements and the increasing popularity of GPRS and server-cloud enabled AR & VR smart glasses, lead the regional market.
Europe is the second-largest market for AR and VR smart glasses. The increasing popularity of these glasses and colossal investment by major key players are some of the major factors propelling the growth in the regional market. Supportive government policies and the presence of key player such are fostering the increase in the market in the region.
The AR and VR smart glasses market in the Asia Pacific region is emerging as a profitable market, globally. Increased adoption of cloud-based technologies across industry verticals and technological advancements are key driving forces behind the growth of the market.
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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.
Key PlayersKey contenders in the global AR and VR smart glasses market report include the Atheer (U.S.), Jenax (South Korea), Vuzix (U.S.), Oculus VR (U.S.), Google Inc. (U.S.), Avegant (U.S.), Razer Inc. (U.S.), HTC Corporation (Taiwan), Sony Corporation (Japan), FlexEl, LLC.
(U.S.), Imprint Energy, Inc. (U.S.), Kopin Corporation (U.S.), Ricoh (Japan), MicroOLED (France), Optinvent (France), Royole Corporation (U.S.), Samsung Group (South Korea), Osterhout Design Group (U.S.), Microsoft Corporation (U.S.), and Seiko Epson Corporation (Japan).
AR and VR Smart Glasses Market@ https://www.openpr.com/news/2207700/ar-and-vr-smart-glasses-market-expected-to-reach-at-high-pace Market SegmentationThe MRFR report highlights an inclusive segmental analysis of the global AR and VR smart glasses market based on application, product, and device type.
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.
Market HighlightsThe global AR and VR smart glasses market is projected to witness a rapid growth during the forecast period.
Increasing emergence of cloud-based technologies is a major factor driving the growth of the market.
Moreover, increasing demand for AR and VR smart glasses across various industry verticals such as BFSI, healthcare, manufacturing, retail and IT & telecommunications is fueling the growth of the global market.The global AR and VR Smart Glasses Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World.
U.S and Canada are anticipated to drive the growth of the North American AR and VR smart glasses market owing to the presence of a large number of established key players such as Microsoft Corporation, Osterhout Design Group, Royole Corporation, Kopin Corporation, Imprint Energy, Inc., FlexEl, LLC, Razer Inc., Avegant, Google Inc., Oculus VR, Vuzix and Atheer in this region.
Due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of mobile applications in the region, the market is likely to show immense growth in the coming future.
Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity.
Market ScopeMarket Research Future (MRFR) reveals in its new research study that the AR and VR smart glasses market 2020 can procure an approximate growth rate of 13% between 2020 and 2027 (appraisal period).
While the countries are rushing to achieve a covid-19 breakthrough, this demand is only going to increase, boosting the growth prospects of the AR and VR smart glasses.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/4837Top Boosters and Main DeterrentsIn May 2020, Vuzix Corporation, a well-known supplier of AR smart glasses, received approval for its orthopedic navigation system called Knee+ for complete knee arthroplasty.
Knee+ makes use of M400 smart glasses to accurately track the implants and instruments during surgeries.
This convergence between the technologies helps provide a highly immersive and interactive user experience.Emerging conceptualization in almost all the entertainment-related aspects is touted to be an attractive opportunity for the AR and VR smart glasses industry.
For instance, Magic Leap, an AR company has built a technology known as Dynamic Digitized Lightfield Signal, which shines on the user’s retina, allowing interaction between the real world and the fictional characters.
The mounting demand for AR devices in medical training and education, inpatient care management, along with the rising focus of tech giants in AR and VR leading to higher investments, benefit the global market.
