AR Glasses Market to Reach US$ 72 Billion at 16.6% CAGR by 2033

The global AR glasses market is valued at US$ 15.4 billion in 2023 and is forecasted to reach US$ 72 billion by 2033, expanding rapidly at a CAGR of 16.6% from 2023 to 2033.

Augmented reality glasses are those that when worn with prescription eyewear, project information about the user's surroundings directly in front of the eyes. Smart glasses for augmented reality can also effectively overlay virtual objects on top of the physical world. Hologram interaction is made simple by the sensors and location trackers integrated into smart AR glasses.

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Key Takeaways from Market Study:

• The global AR glasses market amounted to US$ 15.4 billion in 2023.

• Worldwide demand for AR glasses is projected to increase at a CAGR of 16.6% during the forecast period (2023 to 2033).

• The global market is estimated to touch US$ 72 billion by the end of 2033.

• The market in Germany is expected to expand at a CAGR of 85.2%.

• The market in China is projected to surge ahead at a CAGR of 104%.

"AR glasses market value has increased due to the widespread use of cloud-based technologies in enterprises, education, and the gaming industry," says a Fact.MR analyst.

Competitive landscape:

The AR glasses industry has undergone tremendous change in recent years, and many changes are anticipated in the coming year as a result of improvements in production methods and shifting customer preferences toward business objectives. With a rise in usage from various industries to enhance operational efficiency and government safety laws across various countries, the market is anticipated to have considerable growth.

As there is such a strong demand for the product, AR glasses providers have developed from the initial ones, which were extremely expensive, awkward, and experimental, to ones that are stealthy and highly functional. Costs have significantly decreased as more businesses have entered the market, and competition is predicted to spur design and innovation and result in additional cost reductions.

Laster Technologies, Microsoft Corporation, SEIKO EPSON CORP., Google, Penny, Recon Instruments, Sony Mobile Communication Inc., and LUMUS are the key players in the AR glasses market. The research also involves international market positioning analysis, market share analysis, and key growth plans of relevant competitors.

WPP and Snap Inc. formed a corporation in September 2021 to investigate AR technology and create cutting-edge immersive user experiences. Given that over 90% of people desire to use augmented reality (AR) for purchasing, according to the Snap Consumer AR Global Report 2021, the alliance had enormous potential.

Nvidia presented its most recent work on an AR wearable at the SIGGRAPH conference in Los Angeles in July 2019. This has a foveated augmented reality feature that can track the viewer's eye and offer an improved visual experience. One or two of the top manufacturers of graphics chipsets are Tegra Graphics and Nvidia.

After evaluating Blue Vision Labs' potential and strength as a development company in August 2020, Google Ventures made a US$ 14.5 million investment in the U.K.-based AR start-up.

Key Companies Profiled in AR Glasses Market Report
• Microsoft Corporation
• Google
• SEIKO EPSON CORP.
• Laster Technologies
• Penny
• Sony Mobile Communication Inc.
• Recon Instruments
• LUMUS

Key Segments of AR Glasses Industry Research:

By Type :
• Optical See Through
• Video See Through

By Application :
• Gaming Industry
• Healthcare
• Education
• Enterprises

By Region :
• North America
• Latin America
• Europe
• Asia Pacific & China
• Middle East & Africa

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Questionnaire answered in the Market outlook Report of AR Glasses include:

• What is the key strategy deployed by large players to maximize AR Glasses Market growth?

• What are the main challenges faced by players in the AR Glasses market Demand?

• With the advent of technological advancement, how will the AR Glasses market landscape change over the forecast period?

• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the AR Glasses market size?

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This release was published on openPR.