Global AR and VR Smart Glasses Market 2019 Expected to Thrive at 13% CAGR over 2023

AR And VR Smart Glasses Market Highlights

The global AR and VR smart glasses market is expected to touch USD 31 billion by 2023, according to a new market research report from Market Research Future (MRFR). The report provides a bird’s-eye view of the global AR and VR smart glasses market by providing a detailed analysis of the composition of the market, the competitive dynamics moving the market, and the leading drivers and restraints affecting the global AR and VR smart glasses market’s movement. The probable growth trajectory of the global AR and VR smart glasses market is discussed in the report with respect to the market’s historical growth trajectory and key growth drivers.

AR and VR smart glasses are glasses that deliver augmented reality (AR) and virtual reality (VR) experiences to viewers. AR and VR are technologies that modify the user’s visual and/or auditory input to provide an immersive audiovisual experience. Virtual reality locks the viewer into the experience, i.e. there is no other input to the viewer apart from the one from the VR processor. Augmented reality, on the other hand, provides layers and modifications added upon the user’s normal audiovisual input, allowing the user to see and know more about their environment while keeping their usual audiovisual experience unimpaired. AR and VR technology can be used for entertainment as well as for more serious purposes such as military training and education.

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The global AR and VR smart glasses market is primarily driven by the growing acknowledgment of the immense benefits of AR and VR technology in delivering an isolated experience to users. The entertainment applications of AR and VR smart glasses have been at the forefront of the global AR and VR smart glasses market, as the media and entertainment industry has grown to new heights of prosperity and spending power on the back of the growing demand for interactive, novel viewing experiences in movies as well as other applications such as gaming. The use of AR and VR smart glasses is also popular in the military and industrial sectors, as they can provide customizable, controllable training modules for individuals, saving time and other resources.

AR And VR Smart Glasses Market - Competitive Analysis:

Leading players in the global AR and VR smart glasses market include Seiko Epson Corporation, Samsung Group, Optinvent, Ricoh, Imprint Energy Inc., Sony Corporation, Razer Inc., Google Inc., Vuzix, Atheer, Jenax, Oculus VR, Avegant, HTC Corporation, FlexEl LLC, Kopin Corporation, MicroOLED, Royole Corporation, and Microsoft Corporation.

AR And VR Smart Glasses Market - Industry Updates:

In January 2019, Osterhout Design Group, a leading startup in AR tech and products, went bankrupt. This, along with the closedown of Meta Company and Blippar, has reduced the number of startups operating in the field, with established market leaders now holding all the cards in the market.

AR And VR Smart Glasses Market Segmentation:

The global AR and VR smart glasses market is segmented on the basis of product, device type, and application.

Based on product, the global AR and VR smart glasses market is segmented into mobile phone smart glasses, integrated smart glasses, and external smart glasses. The external smart glasses segment is likely to dominate the global AR and VR smart glasses market over the forecast period due to the simplicity of their operation, which also leads to the other benefit of lower costs. Furthermore, external smart glasses have the potential to be used with multiple devices, allowing further savings for the user.

Based on device type, the global AR and VR smart glasses market is segmented into binocular and monocular.

Based on application, the global AR and VR smart glasses market is segmented into gaming, education, military, industrial, and commercial.

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AR And VR Smart Glasses Market Regional Analysis:

The global AR and VR smart glasses market is segmented into North America, Europe, Asia Pacific, and rest of the world.

North America is likely to dominate the global AR and VR smart glasses market over the forecast period due to the growing adoption of AR and VR smart glasses in the military and education sector, apart from the constant demand for gaming. Several gaming companies are developing games built specifically for AR/VR platforms, which is likely to drive the global AR and VR smart glasses market over the forecast period. Europe is likely to exhibit the fastest growth in the global AR and VR smart glasses market over the forecast period due to the increasing R&D into smart glass and AR/VR technology as well as the increasing adoption of AR and VR smart glasses in the education and military sectors.

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This release was published on openPR.