AR Glasses Market All Set for Double-digit Growth by 2025; North America Leads in Terms of Adoption

Expected to exceed the valuation of US$883 Mn by the end of 2025, global augmented reality (AR) glasses market size is likely to expand at a stupendous CAGR of 17.8% over 2021 - 2025. Fairfield Market Research in its latest market intelligence report forecasts that the worldwide demand for AR glasses will continue to proliferate as an increasing number of enterprises seek improved operational efficiency through ease of operation. With more than 38% share in the total market revenue, North America continues to lead its way in AR glasses market. Led by the US, the region will benefit the most from 5G technology, and growing integration of smart glass technology with tech innovations like edge computing, conversational platforms, and cybersecurity.

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Market to benefit from Widening Adoption

Businesses across a variety of domains, including manufacturing, government, healthcare, and logistics have been registering notable inclination toward remote, hands-free/contactless operation, especially since the onset of COVID-19 pandemic. This will remain the key factor pushing the growth of AR glasses market in future, says the report. It also highlights that the manufacturing industry will remain the key revenue contributor to market, whereas healthcare industry looks highly promising in terms of opportunity generation in future.

Enterprise AR Glasses Remain in Demand

With over 90% market value share, adoption of enterprise AR glasses is expected to remain on an uptrend as enterprises are striving to comply with newly imposed remote operation guidelines. Moreover, many law enforcement agencies are showcasing their preference for using AR glasses at public places for identification of high body temperature. With the rise of telehealth, and rising popularity of telemedicine, the world of medicine and healthcare is likely to witness deepening penetration of AR glasses that have the potential to facilitate collaboration, and communication with remote experts. Google Glass is in fact being widely used by surgeons during procedures, as well as for training sessions. Police department also records remarkable adoption for obtaining hands-free route information about relatively unfamiliar, potential troublesome locations, as well as crime and suspect notifications.

Consumer AR Glasses See a Demand Plunge

Sales of consumer AR glasses however suffered a plunge to a certain extent as the number of consumers willing to purchase AR glasses for sports and other events witnessed a fall during the pandemic situation. Top product brands like Snap, North, and Realmax Inc. are experiencing limited demand from consumers. While COVID-19 pandemic has been one factor behind the restricted consumer demand dynamics, another more important factor that accounts for this is the overpowering potential of smartphones. Customers today have been looking for something that can potentially take them way ahead of where their smartphones can take them. Several customers even look at AR glasses as a serious threat to privacy, which again tends to limit their adoption potential in global market.

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Competitive Landscape Analysis - AR Glasses Market

Besides Google, Rokid, Vuzix, and Seiko Epson remain the significant players in global enterprise AR glasses landscape. Furthermore, Vuzix, ThirdEye, and Iristick represent a few of the top players serving healthcare and medical industry. On the other hand, Seiko Epson, DigiLens, Solos Wearables, and Everysight constitute some of the dominant companies driving consumer AR glasses space. Entry of biggies like Facebook, Apple, and Reliance Jio in the consumer AR market points to the flourishing prospects of AR glasses market in the near future.

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