Global AR and VR Smart Glasses Market

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: SQMIG45J2225 | Region: Global | Published Date: March, 2024
Pages: 189 | Tables: 91 | Figures: 73

Global AR and VR Smart Glasses Market News

  • 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.
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FAQs

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)

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. '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.'

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.

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.

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.

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