0
2021
Ar/vr Smart Glasses Market

AR/VR Smart Glasses Market

by Type (Optical See Through and Video See Through) and End Use (Gaming Industry, Healthcare, Education, Military & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A11110
Pages: 208
Apr 2021 | 9640 Views
Author(s) : Divyanshi Tewari
Tables: 98
Charts: 64
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COVID-19

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The global AR/VR smart glasses market size was valued at $8.31 billion in 2019, and is projected to reach $33.16 billion by 2027, registering a CAGR of 16.6% from 2020 to 2027. AR/VR smart glasses are wearable electronics that act as an interface between humans and computers. Smart glasses have multiple features, which allow the users to analyze the information relevant to the surroundings. AR/VR smart glass technology has evolved significantly during recent years.
 
AR/VR smart glass technology is already advancing in numerous industries such as manufacturing, logistics, field service, inspection, and operation. According to AR/VR smart glasses market trends, it is estimated that 93% of large industrial companies are using smart glasses wearable electronics for their operations.

AR-and-VR-Smart-Glasses-Market

AR/VR smart glasses have the potential to enhance and even replace existing technology solutions within enterprise supply chains and also change the structure of the work environment. Companies implementing augmented reality wearable electronics are demonstrating use cases that lead to increases in workplace efficiency, productivity, and compliance, which is expected to be lucrative when the technology matures.

Advancements in artificial intelligence (AI) and machine vision in combination with big data and analytics are expected to generate opportunities for the AR/VR smart glasses market in the near future. Face & object tracking improvements, voice recognition for input, and others will improve and grow in usage for AR and VR. 

For instance, Facebook is all set to launch its first AR smart glasses in collaboration with luxury eyewear brand Luxottica by Ray-Ban. The product’s R&D is being undertaken by Project Aria, a research project set up through Facebook’s Reality Labs. In addition, Amazon’s smart specs will also be available to the masses in the coming years. The product is made from carbon fiber and titanium and uses an IPX4 water and splash-resistant rating. The frames uses a mic and four directional speakers that let the user interact with Alexa smart assistant.

Increasing trends toward industry 4.0 and rising demand for AR/VR technology in the gaming industry are the major factors driving the global AR/VR smart glasses market growth. However, high costs associated with smart glasses and lack of investments in R&D of AR/VR are expected to pose major threats for the AR/VR smart glasses market. Furthermore, emerging trends toward 5G technology and increasing transition toward digitization are expected to offer lucrative opportunity for the global AR/VR smart glasses market.

Segmentation

The AR/VR smart glasses market is segmented based on type, end use, and region. By type, the market is bifurcated into optical see through and video see through. By end use, the market is analyzed across gaming industry, healthcare, education, military & defense, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.

The key players profiled in this report include Avegant, Epson, Everysight Ltd, Kopin Corporation, Lumus Ltd, Optinvent, RealWear, Ricoh Company Ltd., Royale Corporation, and Vuzix.

These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration..

AR/VR Smart Glasses Market
By Type

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Video See Through segment is projected as one of the most lucrative segments.

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Covid-19 Banner:

The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.

The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the AR/VR smart glasses market in 2020.

According to the AR/VR smart glasses market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries.

The emergence of COVID-19 has declined the growth of the AR/VR smart glasses market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.

AR/VR Smart Glasses Market
By End Use

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Gaming segment is expected to secure leading position during forecast period.

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Top Impacting Factors

Notable factors positively affecting the AR/VR smart glasses market include increasing trends toward industry 4.0 and rising demand for AR/VR technology in the gaming industry. However, high costs associated with smart glasses and lack of investments in R&D of AR/VR hamper the growth of the market. Furthermore, emerging trends toward 5G technologies and increasing transition toward digitization are expected to offer lucrative opportunities for the AR/VR smart glasses industry growth in the coming years.

Rising demand for AR/VR technology in the gaming industry

Video game is one of the major applications of augmented and virtual reality technology. Over the past few years, the number of gamers worldwide has increased at a rapid pace. This is attributed to increased demand for augmented and virtual reality-based games, which, in turn, drives the market growth.

High cost associated with AR/VR smart glasses

AR/VR smart glasses are expensive technology and require high cost for their maintenance. The cost associated with hardware, software solutions, and maintenance of smart glasses is high. The app used to get the information and logs adds additional cost to the price of AR/VR smart glasses as it is customizable as per the user requirement. This involves additional cost, which makes the overall product expensive and affects its adoption rate. 

AR/VR Smart Glasses Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region would exhibit the highest CAGR of 17.9%% during 2020-2027

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Key Benefits For Stakeholders

  • This study comprises analytical depiction of the global AR/VR smart glasses market size along with the current trends and future estimations to depict imminent investment pockets.
  • The overall AR/VR smart glasses market analysis is determined to understand the profitable trends to gain a stronger foothold. 
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The present AR/VR smart glasses market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency. 
  • Porter’s five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
  • The report includes the market trends and the AR/VR smart glasses market share of key vendors.

Key Market Segments

By Type

  • Optical See Through
  • Video See Through

By End Use

  • Gaming Industry
  • Healthcare
  • Education
  • Military & Defense
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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The global AR/VR smart glasses market is highly competitive, owing to strong presence of existing vendors. AR/VR smart glasses technology vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.

The AR/VR smart glasses market is expected to witness a significant growth with increase in adoption from various industries to improve operations efficiency and government safety regulations across different regions. Technological advancements have augmented the overall industrial development within a wide range of industries. Gaming industry, healthcare, and military & defense are some of the leading sectors, which use AR/VR smart glasses technology to ascertain safety & security and gain operations efficiency.

Asia-Pacific is projected to dominate the market during the forecast period, owing to growth in the gaming industry. Countries in this region already have an improved consumer electronics industry, with China manufacturing massive amounts of enhanced technologies. Adoption of AR/VR smart glasses in manufacturing and industrial sectors, increase in awareness among masses about the benefits of using AR/VR smart glasses technology, and their cost-effectiveness drive the growth of the AR/VR smart glasses market in this region.

The AR/VR smart glasses market provides numerous growth opportunities to players such as Avegant, Epson, Kopin Corporation, and others.

 

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