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 and 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.
In the global AR and VR smart glasses market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the increasing investments in the augmented reality and virtual reality market across different countries in the region.
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.
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The global AR and VR smart glasses market is segmented by device type, product, and application. Based on the device type, the market is segmented into binocular and monocular. Based on the product, the market is segmented into mobile phone smart glasses, integrated smart glasses, and external smart glasses. Whereas, based on the application, the market is segmented into gaming, education, military, industrial, and commercial.
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 global AR and VR smart glasses market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Europe is projected to grow at the fastest rate during the forecast period. The North American market growth is attributed to technological advancements and increased adoption of cloud-based technologies across various industry verticals.
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Published at Sun, 21 Feb 2021 02:03:45 +0000