AR and VR Smart Glasses Market Size, Share, Trends, Key Opinion Leaders | Impact of COVID-19

Posted 2 years ago in TECHNOLOGY.

Market Research Future published a research report on “AR and VR Smart Glasses Market Research Report- Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

AR and VR Smart Glasses Market Size, Share, Trends, Key Opinion Leaders | Impact of COVID-19

Market Highlights

The 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. AR and VR are considered to be the next big computing platforms. 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/VR Smart Glasses Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the AR and VR smart glasses market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. 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. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the global AR and VR smart glasses market.

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The global AR and VR smart glasses market is projected to reach USD 31 billion at a CAGR of over 13% by the end of the forecast period 2017-2023.

Segmental Analysis

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.

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.).

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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