Summary
A New Market Study, titled “AR and VR Smart Glasses Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Analysis
The AR & VR smart glasses market will grow at an admirable 13% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Augmented reality (AR) & virtual reality (VR) smart glasses, simply put, are wearable devices that are worn, such as regular glasses and merge virtual information with physical information in the view field of a user.
Various factors are propelling the AR and VR smart glasses market size. 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.
On the contrary, health concern for low resolution, less power consumption, and poor performance of VR and AR apps may deter the global AR and VR smart glasses market growth over the forecast period. Besides, the impact of the current COVID-19 outbreak has also impacted the growth of the market to some extent.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global AR and VR smart glasses market based on application, product, and device type.
By device type, the global AR and VR smart glasses market is segmented into monocular and binocular.
By product, the global AR and VR smart glasses market is segmented into external smart glasses, integrated smart glasses, and mobile phone smart glasses. 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.
By application, the global AR and VR smart glasses market is segmented into commercial, industrial, military, education, and gaming. Among these, the commercial segment will dominate the market over the forecast period for the growing demand for AR and VR apps in the retail and e-commerce sector.
Regional Analysis
By region, the global AR and VR smart glasses market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Increasing use in construction projects, video gaming being the fastest-expanding entertainment industry, and increasing use in medical training applications are adding to the global AR and VR smart glasses market growth in the region.
In Europe, the global AR and VR smart glasses market is predicted to hold the second-largest share over the forecast period. Increasing use of AR & VR technology and associated tools to train healthcare students, educating doctors, improving fitness, managing pharmacy, and caring for patients, coupled with the growing expansion in commercial and consumer markets, are adding to the global AR and VR smart glasses market growth in the region.
In the APAC region, the global AR and VR smart glasses market is predicted to have sound growth over the forecast period at a high CAGR. Adoption of technological advancements and new technologies, presence of top display panel manufacturers, and substantial contribution being made by different sectors such as sports and entertainment industries, transportation, healthcare, BFSI, retail, and consumer electronics are adding to the global AR and VR smart glasses market growth in the region. Additional factors adding market growth include rising awareness among consumers, growing adoption of new technologies in different sectors in South Korea, India, and China, and high growth in consumer and commercial markets.
In the RoW, the global AR and VR smart glasses market is predicted to have steady growth over the forecast period.
Key Players
Key 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).
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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.
