The global AR and VR smart glasses market was valued at USD 11,323.00 million in 2020 to USD 33,158.70 million by 2027, at a CAGR of 16.6% from 2021 to 2027. AR/VR smart glasses are eyewear devices that have the technology on board to merge with what one sees in the real world with virtual information. Smart glasses have multiple features, which allow the users to analyze the information relevant to their surroundings. AR/VR smart glass technology has evolved significantly in recent years. AR/VR smart glass technology is 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.
With AR/VR technology, the user sees the real world, but digitalization is increasingly boosting the demand and growth of AR/VR smart glasses with information digitally overlaid. Everything is digital nowadays; our world is getting digitalized to study, work, and others. For instance, there is a growing trend of virtual shopping, as one can shop just like real using AR/VR technology and digitalization. Therefore, digitalization is supporting and boosting the SR/VR glasses market growth.
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COVID-19 outbreak has also caused a lag in meeting the demands of end-users as the epicenter of the virus outbreak Wuhan and China accounts for the largest manufacturing items of electronic components. In January 30th, 2020, the outbreak of this disease on a global scale was acknowledged as a Public Health Emergency of International Concern. In February 11th, 2020, WHO announced the new coronavirus as 2019 novel coronavirus (2019-nCoV) and the disease as 2019 coronavirus disease (COVID-19) caused due to coronavirus SARS-Cov-2.
Global AR and VR Smart Glasses Market Dynamics
Drivers: Increasing trends and technology in AR/VR smart glasses
New trends and technological advancements are boosting the growth of the AR/VR smart glasses market. Social media applications have fun filters on so many pictures, which are becoming very popular nowadays. The real-time feature of AR/VR glasses is something that is making them popular among individuals. Touchless interfaces have become more versatile, and remote expert assistance are the emerging technologies, which are very useful as they allow product experts and technicians to visually guide customers.
Restraints: Lack of investments in R&D of AR/VR
There is a lack of investment in the R&D of AR/VR, which restrains the growth and usage of the product. As many are unaware of the emerging AR/VR technology and usage, there is low investment in its R&D, which is one of the hurdles for the AR/VR smart glasses market growth. The development is at a slow pace due to of lack of investment.
Opportunities: Increasing use of AR devices and their application in healthcare
One of the essential entities is growing data connectivity and high-speed internet. 5G is leading to a fully immersive experience with haptic capabilities. 5G network will provide the necessary bandwidth and low latency for AR/VR experiences to feel seamless and valuable. 5G is a faster, more reliable connection with no latency that improves AR & VR implementations. These factors are expected to positively influence the adoption of 5G and VR across numerous industries and boost the 5G and VR market.
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Scope of the Report
The study categorizes the AR and VR smart glasses market based on type, end user, and regions.
- Optical See Through
- Video See Through
By End User
- Gaming Industry
- Media & Entertainment
- Aerospace & Defense
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Optical see-through, by type, is estimated to be the fastest-growing segment during the forecast period
Based on the type, the global AR and VR smart glasses market has been segmented into optical see-through and video see-through. In 2020, optical see-through accounted for the largest market revenue share of 55.53% in the global AR and VR smart glasses market and had a CAGR of 16.00% during the forecast period.
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Optical see-through glasses are AR/VR smart glasses by which the user views reality directly through optical elements, such as holographic waveguides and other systems that enable graphical overlay on the real world. Optical see-through systems combine computer-generated images with the glasses image of the real world. Examples of optical see-through glasses are Magic Leap One and Google Glass.
Asia Pacific accounts for the highest CAGR during the forecast period in the AR and VR smart glasses market
Based on region, the global AR and VR smart glasses market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 17.90% during the forecast period. The Asia-Pacific AR and VR smart glasses market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific.
Government investments and initiatives in emerging economies; increase in internet users; innovations and demand for online content; increase in online certification programs; surge in air traffic & fleet of commercial aircraft; and rise in adoption of technology in healthcare, digital manufacturing, and defense are the primary factors that fuel the Asia-Pacific AR/VR smart glasses market. Several Asian-Pacific markets adopt new technology extensively, specifically in smartphones such as beauty apps and games that use AR/VR technology. Furthermore, people in Australia are disproportionate social media users; the Chinese are extreme users of online video; and Japanese & Koreans are extensive adopters of mobile phones, which are remarkable growth factors for the Asia-Pacific market.
Key Market Players
The global AR/VR smart glasses market is consolidated in nature with a few players such as Avegant Corp, Epson Pvt Ltd, Everysight Ltd, Kopin Corporation, Lumus Ltd, Optinvent, Realwear Inc, Ricoh Company Ltd, Royale Corporation, and Vuzix Corporation, which hold a significant share of the market. These players have been adopting various strategies to gain a higher share in the market. Top winning strategies are analyzed by thoroughly studying the leading players in the global AR/VR smart glasses market.
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