Global AR and VR Smart Glasses Market Global Industry Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2027.
SUMMERY:
Market Research Future published a research report on “Global AR and VR
Smart Glasses Market Research Report- Global Forecast 2027” – Market Analysis,
Scope, Stake, Progress, Trends and Forecast to 2027.
Market Overview
Market 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 2017 and 2023 (appraisal period). We will provide covid-19 impact
analysis with the report. The report offers an in-depth analysis of the market
following the coronavirus disease outbreak.
COVID-19 Analysis
The impact analysis on covid-19 by MRFR suggests that augmented reality
(AR) and virtual reality (VR) solutions can significantly contribute while
bracing for the impact of the pandemic, in addition to addressing the emerging
challenges. The COVID-19 outbreak has compelled a number of pharmaceutical
firms and healthcare institutes to enhance their R&D spending in artificial
intelligence (AI), which is the core technology for several initiatives.
Semiconductor is one of the many industries currently dealing with the pressure
in terms of finance.
In the face of novel coronavirus, VR/AR is the best medium in e-learning,
which is especially instrumental in the current lockdown situation that has led
to closure of universities and schools. VR/AR and associated tools like AR and
VR smart glasses are proving to be a valuable solution in offering remote
assistance, preventing unnecessary travel. Considering the long-term impact of
covid-19, governments are doing everything they can by implementing many
policies and initiatives including exceptions in tax, reduction in interest
rates and financial packages. The work from home strategies prevalent across
companies, online classes combined with the rising trend of the BYOD policies
are boosting the demand for connected devices, laptops, computers, and various
storage solutions. 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.
Top Boosters and Main Deterrents
In 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 is one
instance of the many product launches and similar effective strategies adopted
by the leading players to gain a better position and induce growth of the AR
and VR smart glasses market.
The AR and VR smart glasses market can record considerable growth
despite the SARS-CoV-2 outbreak, on account of advancements in mobile software
and hardware technologies. Popular trends like increasing convergence between
AR and VR, wearable devices and Internet of Things or IoT can also boost the
product demand. 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.
Moreover, post lockdown, governments are busy promoting these technologies for
multiple use cases, which can induce growth in the demand for AR/VR devices
like smart glasses.
Market Segmentation
The AR and VR smart glasses industry has been considered for device
type, product, and application.
The device types covered in the study include binocular as well as
monocular.
The products assessed in the report are integrated smart glasses,
external smart glasses and mobile phone smart glasses. The external smart
glasses segment could be leading shareholder in the market, because of their
rising use in gaming and other applications. Increased adoption of cloud-based
technologies also drives their demand in the AR and VR smart glasses market.
The application areas of AR and VR smart glasses include education,
industrial, gaming, commercial and military. The lead is expected to be taken
by the commercial segment given the soaring demand for virtual reality and
augmented reality applications in retail and e-commerce sectors.
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Key Players
Google Inc. (U.S.), Avegant (U.S.), Atheer (U.S.), Oculus VR (U.S.),
Seiko Epson Corporation (Japan), Optinvent (France), MicroOLED (France),
Osterhout Design Group (U.S.), Samsung Group (South Korea), Royole Corporation
(U.S.), Razer Inc. (U.S.), Sony Corporation (Japan), Ricoh (Japan), Microsoft
Corporation (U.S.), Kopin Corporation (U.S.), HTC Corporation (Taiwan), Vuzix
(U.S.), Jenax (South Korea), Imprint Energy, Inc. (U.S.), FlexEl, LLC. (U.S.),
are the notable vendors in the AR and VR smart glasses market.
Regional Analysis
The regional study of the AR and VR smart glasses
comprises APAC or Asia Pacific, North America, Europe, and RoW and Rest of the
World.
The escalating demand for VR and AR in architecture
could be a lucrative opportunity, ensuring North America’s dominance in the
global market during the appraisal period. The rising use of AR and VR smart
glasses in construction projects is also inducing significant market growth in
the United States as well as Canada. Furthermore, video gaming has emerged as
the fastest-expanding entertainment industry in the region, which is another
reason for the high demand for AR and VR
smart glasses.
Apart from this, the AR and VR technology has gained immense importance
in the healthcare sector, majorly deployed in medical training applications.
It is presumed that Europe can gain at the fastest
rate in the approaching years, thanks to the rising use of AR and VR technology
and related tools for training healthcare students, improving fitness,
educating doctors, caring for patients and managing pharmacy and more. The
stupendous expansion in consumer and commercial markets can also lead to better
business prospects.
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