USD 14.6 Billion
Global AR and VR Smart Glasses Market Size, Share, Growth Analysis, By Type(Optical See Through, and Video See Through), By Display(Head-mounted, and Smart Glasses), By End-Use(Gaming Industry, Healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2214 |
Region:
Global |
Published Date: March, 2024
Pages:
189
|
Tables:
91 |
Figures:
73
Global AR and VR Smart Glasses Market Insights
Global AR and VR Smart Glasses Market was valued at USD 14.6 Billion in 2022, and is poised to grow from USD 16.53 Billion in 2023 to reach USD 44.53 Billion by 2031, by rising at a CAGR of 13.19% during the forecast period (2024-2031)
AR/VR smart glasses have the potential to enhance existing technology solutions and even change the design of workplaces. Companies using augmented reality wearable electronics demonstrate applications that improve workplace efficiency, productivity and consumption so increased consumption, which is expected to be practical as the technology matures.
Advances in artificial intelligence (AI) and machine vision combining big data with analytics are expected to create opportunities for the AR/VR smart glasses industry soon. Face & object tracking improvements, voice recognition for input, and others will improve usability and enhance AR and VR. For example, Facebook is all set to launch its first AR smart glasses by Ray-Ban in partnership with eyewear company Luxottica. Project Area, a research project formed through Facebook’s Reality Labs, is doing the product’s R&D. Additionally, Amazon’s smart specs will also be available to the public in the coming years. The product is made of carbon fiber and titanium and uses an IPX4 water and splash-resistant rating. The frames use a mic and four speakers that navigate and allow users to interact with the Alexa smart assistant.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Smart glasses
Growth Rate
13.19% CAGR
Global AR and VR Smart Glasses Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global AR and VR Smart Glasses Market By Display (%)
To get more reports on the above market click here to Buy The Report
Global AR and VR Smart Glasses Market Segmental Analysis
The global AR/VR smart glasses market is segmented based on type, end use, display and region. By type, the market is bifurcated into optical see through and video see through. By display, the market is bifurcated into head-mounted, smart glasses. By end use, the market is analyzed across gaming industry, healthcare, education, military & defense, technology and manufacturing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
Analysis by Display
The head-mounted display segment is dominating and had a great revenue share in 2022. This is due to the increasing importance of head-mounted displays in commercial and industrial applications. Wide availability of lightweight head-mounted displays, development of OLED technology AR in industrial and enterprise applications. It is expected to be fueled by expanding technologies and infrastructure.
The smart glasses segment is expected to register the highest CAGR between 2024 and 2031 as it has been widely adopted in various industries. Smart glasses are commonly used in industries such as construction, oil & gas and automotive as well due to their design features. RealWear, Inc. Its HMT-1 smart glasses are extremely durable, insensitive to dust and dirt, waterproof with an IP of 66, and fully functional in extreme cold or heat (from -20°C to 50 °C); making them suitable for the industrial environment.
Analysis by Application
The augmented reality healthcare segment is expected to register a CAGR of over 44.0% between 2024 and 2031. AR technology is increasingly being used in medical training, surgical imaging and neuroimaging. As a result, many market players are taking deeper steps in this direction. In February 2022, AMA Corporation Plc strengthened its partnership with Vuzix Corporation, a developer of smart glasses and AR technologies and products. This partnership is expected to accelerate the digital transformation of their combined healthcare and technology customers.
Technology and manufacturing accounted for a notable revenue share by 2022 and is expected to grow significantly in the coming years. Augmented reality technologies used by market leaders across a variety of industries and industry levels enable early detection of any faults or errors, ensure that all processes are running, and reduce the amount of downtime associated with manufacturing on the surface to facilitate the effective operation of the section.
Global AR and VR Smart Glasses Market By Display, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global AR and VR Smart Glasses Market Regional Insights
Asia Pacific is projected to dominate the market during the forecast period, owing to the growth in the gaming industry. Countries in the region already have advanced consumer electronics, and many Chinese-developed technologies are being developed. Acceptance of AR/VR smart glasses in manufacturing and technology, increasing public awareness of the benefits of using AR/VR smart glasses technology and its cost-effectiveness are driving global AR/VR smart glasses market has developed in this segment.
Asia-Pacific plays a dominant role in the global AR and VR smart glasses market, with mainly technological advancements, urbanization and technological developments in countries such as China, Japan and South Korea currency of these countries huge investment in AR and VR technology infrastructure Apart from certifications, driven by government initiatives, new sectors and rising consumer demand, Asia Pacific is a major hub for electronic devices including AR, VR smart glasses .
North America accounted for the largest revenue share of around 35.0% by 2022 and is estimated to register the highest growth during the forecast period as the region has several leading technology companies such as Google LLC and Microsoft among others. The global AR and VR smart glasses market in North America, especially in the United States, is driven by a robust ecosystem of technology companies, startups and research institutes focused on innovation and commercialization Technologies of great hubs such as Silicon Valley facilitate business and investment in AR and VR technologies, driving market growth. Furthermore, the North America AR and VR smart glasses market has several key players, including key manufacturers, software developers and content creators, contributing to the region’s dominance in the global market.
Global AR and VR Smart Glasses Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global AR and VR Smart Glasses Market Dynamics
Drivers
Increased Demand for AR/VR Technology in the Gaming Industry
- The rapidly expanding gaming industry across the globe has boosted the demand for augmented reality (AR) and virtual reality (VR). This is because AR/VR technologies offer improved graphics and aesthetics, creating virtual life-like effects. The VR headset delivers an engaging and engaging gaming experience with its high-definition, 360-degree views and realistic lighting effects AR makes digital objects appear naturally as part of the player’s environment in the real world.
Rapid Digital Transformation
- Rapid digital transformation in various industries is acting as an important driver for the growth of the global augmented reality (AR) and virtual reality (VR) smart glasses market. As businesses seek to increase operational efficiency, productivity, and customer engagement, AR and VR smart glasses offer innovative solutions that offer immersive experiences and real-time data drawing is easier for. AR and VR smart glasses are increasingly being adopted in manufacturing, healthcare and retail to streamline workflows, provide hands-free access to critical information, and enable remote animal training.
Restraints
Increased Costs Associated with AR/VR Smart Glasses
- High cost associated with AR/VR smart glasses act as a major restraining factor for the global AR and VR smart glasses market. In addition to the technology involved in the manufacture of these smart glasses, including hardware components and software solutions, which contribute to their affordability, the customization of apps to the specific needs of the user increases overall costs. The maintenance and repairs further increase the cost. The inflation barrier limits the accessibility and affordability of many potential users, discouraging investment in the technology. To increase the adoption rate, developers and manufacturers need to address the cost issue by finding ways to reduce production costs, for software consumption efficiency, and make technology affordable without compromising quality or functionality.
Hinders the Adoption of AR/VR Glasses
- One of the most important restraints in the global AR and VR smart glasses market is the high cost associated with these devices. Despite advances in technology and product development, AR and VR smart glasses remain relatively expensive, hindering widespread adoption, especially among small and medium-sized enterprises (SMEs) and individual's implementation includes not only hardware but software requirements, operating and maintenance costs. Consequently, affordability concerns may restrict market entry and lead to adoption, especially in the price-sensitive sectors of services and services.
Request Free Customization of this report to help us to meet your business objectives.
Global AR and VR Smart Glasses Market Competitive Landscape
The competitive environment of the Global AR and VR Smart Glasses Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Microsoft is a key player in HoloLens products in the AR and VR smart glasses market. HoloLens offers a mixed reality combination of AR and VR applications for enterprise and consumer applications. Microsoft’s strong ecosystem, developer support, and enterprise partnerships contribute to its competitive position.
Top Player’s Company Profiles
- HTC
- Samsung Electronics
- Oculus VR
- Unity Technologies
- WorldViz
- Marxent Labs
- NextVR
- Virtuix
- Vuzix
- Merge Labs
- Leap Motion
- PTC
- NVIDIA
- Magic Leap
- Atheer
- Jaunt VR
- EON Reality Inc.
Recent Developments
- September 2023 - In collaboration with AsilorLuxotica, Meta launches its new second generation of Ray-Ban Meta smart glasses. The new glasses feature improved audio and include a new ultra-wide 12 MP camera with up to 60 seconds of 1080p video capability, over 150 unique custom frame and lens combinations, IPX4 water-resistance, and lightweight and comfortable design in high generation the first mirror. The glasses are powered by Qualcomm Snapdragon AR1 Gen1 platform which allows high quality photo and video processing. The smart glasses also come integrated with Meta AI conversation assistant for hands-free control for users.
- In October 2022, Japan-based electronics company Seiko Epson Corporation offers the Moverio BT-45C and BT-45CS devices, the latest generation of Moverio augmented reality (AR) smart glasses.The latest Moverio models involves participatory, hands-free and on- site collaboration between remote and expert personnel and is specifically designed for mission-critical tasks such as troubleshooting, maintenance, inspection and training.
- In December 2022, the U.S.-based engineering community will be able to generate 100,000 square feet (about the area of a Manhattan city block) of space. known as Meta Inc. acquired Luxexel for an undisclosed sum. With the technical support of Luxexel, Meta is now able to incorporate components necessary for augmented reality, such as holographic films and projectors, into the medical lenses Luxexel Holding B.V. is a Netherlands-based producer of 3D smart glasses.
Global AR and VR Smart Glasses Key Market Trends
- The market is primarily driven by the widespread use of AR and VR technologies in many end-use industries including e-commerce, healthcare, military and defense, and education This is due to Artificial Intelligence (AI), Machine Learning (ML) and Internet especially of Things (IoT) big data and analytics. Accordingly, the widespread demand for augmented virtual reality games, with increasing number of players, more adoption of the product worldwide, rapid digitization, increased penetration of high-speed 5G internet, rapid development of mobile applications and positive market is driven by continuous innovation, such as 3D interactive content combined with 360-degree video hose, enhanced facial object tracking, and better speech recognition.
Global AR and VR Smart Glasses Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The growth of the global AR and VR smart glasses market is primarily driven by the increasing adoption of industry 4.0 practices and the increasing demand for AR/VR technology in the gaming industry. These improvements have improved immersion and reality, leading to increased user acceptance. Additionally, AR/VR enables seamless cross-platform integration by integrating smart glasses with other platforms and technologies, including smartphones, gaming consoles, and social media. This integration provides a shared content, multiplayer experience and social interaction, which expands the scope and functionality of AR makes it easier /VR smart glasses and enhances their overall value proposition.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.6 Billion |
| Market size value in 2031 | USD 44.53 Billion |
| Growth Rate | 13.19% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global AR and VR Smart Glasses Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global AR and VR Smart Glasses Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global AR and VR Smart Glasses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global AR and VR Smart Glasses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global AR and VR Smart Glasses Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global AR and VR Smart Glasses Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global AR and VR Smart Glasses Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
