Facts and Factors has authored “AR and VR Smart Glasses Market By Type (Mobile Phone Smart Glasses, Integrated Smart Glasses, External Smart Glasses, and Others) and By Application (Gaming, Education, Military, Industrial, Commercial and Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”. Based on our analysis, the global AR and VR smart glasses market in 2019 is approximately USD 7,500 million and is anticipated to reach around USD 46,000 million by 2026. The anticipated CAGR for the AR and VR smart glasses market is around 24% from 2020 to 2026.
The global AR & VR smart glass market is gaining massive popularity and is expected to strengthen over the forecast period. Virtual Reality (VR) is a simulation of a real-life world or situation generated by computer; on the other hand, Augmented Reality adds-up computer-generated changes to make interaction much more realistic.AR and VR are inverse of each other. VR and AR assist in transforming the way one conceptualize the data. Nowadays, AR and VR are also used in various entertainment industries. The worldwide VR and AR smart glasses industry is expected to bolster at a CAGR of around 24% during the forecast period 2020-2026.
The growing popularity of e-commerce and online shopping and increasing demand for mobile applications are some key factors bolstering the growth of the AR and VR smart glasses industry. In addition, high acceptance of cloud-based technologies is another factor driving the growth of the market for AR and VR smart glasses. Furthermore, Demand for context-sensitive information such as, locations or objects to link digital information to real-world situations has widened the applicability of augmented reality enabled smart glasses technology. This has boosted the adoption of augmented reality smart glasses in various industry verticals, further driving the growth of the global smart glasses market. But, smart glasses are needed to be modified as per different interaction situations and radically new applications.
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This will hamper the adoption of smart glasses for industrial applications by medium and small organizations, in turn, challenging the growth of the smart glasses to market globally. Furthermore, a lack of awareness about AR and VR smart glasses and its applicability in industrial and commercial use among consumers may hamper the growth of the market, especially in developing and underdeveloped markets. The progressive advancement in AR and VR technologies, along with its adoption in various industries and applications is anticipated to bring lucrative opportunities for the AR and VR smart glasses industries resulting in bolstering its growth in the forecast period.
The worldwide AR & VR smart glasses industry has been bifurcated into device type and application. The type segment is further divided into external smart glasses, mobile phone smart glasses, integrated smart glasses, and others. Conversely, the segment of external smart glasses is anticipated to bolster in the forecast period, owing to the growing popularity of such smart glasses in simulators, gaming, and other application.
Based on application, the military segment held the largest market share of approximately 45% in 2019, for worldwide AR and VR smart glasses industry, owing to HD3D stereoscopic displays, high-speed wireless connection, and rough mobile platform. Furthermore, this application exploits the advantages of cloud computing such as data security, reliability, and versatility.
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Based on the region, the North American region held the largest share of approximately 46% of the total worldwide market share followed by Europe and the Asia Pacific region. The U.S. and Canada are dominating the North American market owing to the rise of the popularity of GPRS, technological enhancements and server-cloud enabled AR and VR smart glasses in the region. The well-established infrastructure of this region allowed the faster adaptation of advanced technologies reducing in bolstering their market even further.
Some of the essential players operating in the AR and VR smart glasses market, but not restricted to include Microsoft Corporation, Seiko Epson Corporation, Samsung, Optinvent, Royole Corporation, MicroOLED, Kopin Corporation, Sony, Google Inc, HTC Corporation, Oculus VR, Toshiba Corporation, Vuzix Corporation, Avegant Corp., and others.
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This report segments the AR and VR smart glasses market as follows:
Global AR AND VR SMART GLASSES Market: By Type Segmentation Analysis
- Mobile Phone Smart Glasses
- Integrated Smart Glasses
- External Smart Glasses
Global AR AND VR SMART GLASSES Market: By Application Segmentation Analysis
Global AR and VR smart glasses Market: Regional Segmentation Analysis
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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