Ar Smart Glasses Market | Contrive Datum Insights

Market Overview:

The Global AR Smart Glasses Market Is Forecast To Generate USD $11.74 Billion By 2022 And It Will Grow USD $ 51.49 Billion By 2030, Growing At A CAGR Of 20.3% From 2023 To 2030.

{{info}}

AR Smart Glasses are glasses that project information about the user's environment directly in front of the user's eyes on the user's prescription eyewear. In addition, augmented reality smart glasses are able to properly superimpose virtual elements onto the physical world. Smart AR glasses come equipped with sensors and location trackers, which makes it possible for users to interact effectively with holographic objects.

As a result of developments made in augmented reality smart glasses, mixed reality glasses that have improved functionality have been created. AR Smart Glasses are still in the early stages of development as new developments and implementations are made feasible by technology improvements and the availability of resources. This is the case despite the fact that AR Smart Glasses have been in development for quite some time. Despite this, augmented reality smart glasses have already found applications in a variety of industries, including healthcare, the military, retail, and real estate.

End consumers are being provided with an experience that is one of a kind, relevant, and immersive as businesses investigate the potential applications of augmented reality (AR). With mobile augmented reality technology, there has also been a significant increase in the use of augmented reality smart glasses and mobile phones. This is an amazing time to be in the augmented reality smart glasses sector.

The ease with which a user's vision may be seamlessly combined with the virtual world is a major factor contributing to the steadily increasing demand for smart glasses. The wearer's field of vision can be enhanced with contextual information through the use of these glasses, which incorporate a display, sensors, accelerometers, intelligent software, and internet connectivity. AR-enabled smart glasses are increasingly being used for a variety of day-to-day applications in a variety of settings, including professional and domestic.

The augmented intelligence biometric-enabled smart glasses platform that was launched by Vuzix and ST Engineering increases public safety and the productivity of enterprise customers. The expansion of the augmented reality market will be fuelled throughout the projected period by the rising use of such cutting-edge technologies as well as the consistent launch of new products in this category.

COVID-19 Impact:

According to the trends in the AR/VR smart glasses market, the COVID-19 pandemic has had a big effect on the manufacturing and industrial sectors around the world. This is because production facilities have stopped working, which has caused a lot of demand in industries.

COVID-19 has slowed the growth of the AR/VR smart glasses market in 2020, and slow growth is expected to continue until the end of 2021. This drop in growth rate is mostly due to countries all over the world putting in place partial or full lockdowns. Since industries were shut down temporarily, they didn't have to do as much maintenance.

Market Dynamics:

Market Trends:

Because smart glasses are becoming more popular in the fashion industry, the market for them is growing at a very fast rate. Smart glasses could become more popular in the fashion industry if they are made to look more stylish and weigh less. Some companies are making smart glasses that look and feel like regular glasses to appeal to consumers who care about fashion. Pairing smart glasses with other wearable electronics, like smartwatches and fitness trackers, is another way to make them more appealing to consumers in the fashion industry.

Also, it is expected that there will be a lot of demand for smart glasses in the coming years because fashion is changing quickly and millennials are becoming more popular.

Driving Factors:

• Technological Advancement

The main reason why smart glasses are becoming more popular is that they are no longer just a simple accessory for augmented reality (AR) and virtual reality (VR) apps. They now have voice assistants, video conferencing, and the ability to get information without using your hands. This makes them more useful in a wider range of situations. Smart glasses are getting better, with better screen resolution, longer battery life, and more ways to connect. This has made them more appealing to users who want to have a good time. Smart glasses are being used in the business world to do things like manage inventory, check for quality, and train people from a distance. This has made businesses more likely to use them because they can see the value in them. Smart glasses are also used in healthcare settings, where they can give doctors real-time information about their patients or help surgeons do their jobs. They can also be used in factories to give workers information about safety or to help them do their jobs better.

• Increasing Adoption of AR Technology in Healthcare Industry

Immersive technologies are being used more and more to help people who work in the healthcare field. Technology gives us a real and a virtual place to work, which makes it easier to get things done. The industry and patients are more likely to use devices because they are becoming more available, easy to use, and affordable. When there was less information, it was hard to do complicated surgeries. But when augmented reality is used, the risk of surgery goes down because the technology gives surgeons alerts in real time. In 2020, AR devices like Hololens were used in hospitals all over the world to find and help patients during a coronavirus pandemic.

In the same way, the technology allows for interactive and interesting ways to learn about medicine. In 2017, the LV Prasad Eye Institute and Microsoft HoloLens worked together to make a learning app called Holo Eye Anatomy. With Microsoft's ARHoloLens, the app helps medical students learn about the anatomy of the eye in 3D. So, the market is likely to grow because it is being used more and more in the healthcare industry.

Restraints/Challenges:

• Long Term Impacts of AR on Mental Health May Impede Growth

Smart devices are causing problems for their users because they are used too much. A research report from Stanford University says that people react to the immersive environment the same way they do to the real world. This has an effect on their minds and actions. Some people who take part in the study can get a severe case of PTSD from it. Also, wearing the devices can make it hard for the user to talk to other people, which can lead to loneliness and depression. So, growing worries about what happens when people use AR too much are likely to slow market growth.

• High Cost of AR Glasses is a Deterrent to Market Growth

One thing that slows the growth of the smart glass market is the price of smart glass. Customers in developing countries have less money to spend, so they tend to spend it on necessities first. Also, people in these countries would rather have blinds and curtains than smart glass. Customers in most Asia-Pacific, Middle East, and African countries, on the other hand, are price-conscious and would choose glass that can meet basic needs. Most people who use smart glass don't know enough about how it can save money on energy costs.

Even though augmented reality glasses are still in the development stage, a lack of knowledge is the main thing holding back the growth of the market for them. Even though prices are going down, augmented reality glasses are still expensive, which slows their growth and adoption. AR/VR smart glasses are a pricey technology that costs a lot to maintain. Hardware, software, and maintenance for smart glasses are all very expensive. The cost of AR/VR smart glasses goes up because the software used to get information and records can be changed to fit the user's needs. This adds costs, which raises the total price of the product and makes it less likely that people will buy it.

Opportunities:

• Enhance a User’s Experience for Day-to-Day Domestic and Professional Use

Adding useful information and data to real-world experiences is a big reason why people want AR Smart Glasses. The goal of AR smart glasses is to improve the user's experience in their daily life and at work. AR Smart Glasses have a display, sensors, and accelerometers, as well as smart software and the ability to connect to the internet.

Because the number of people who want AR Smart Glasses keeps going up, they have changed from the first ones, which were bulky, expensive, and experimental, to ones that are sleek and very useful. With more companies in the game, prices have gone down a lot, and competition is likely to drive design and innovation, which will lead to even lower prices.

Focus from big players on making AR Smart Glasses work better will open up new growth areas in the AR Smart Glasses market.

• Rising Demand for AR/VR Technology in the Gaming Industry

One of the most important ways that augmented and virtual reality technology is used is in video games. In the past few years, the number of gamers around the world has grown quickly. This is because more people want to play games with augmented and virtual reality, which makes the market grow.

Strategic Development:

• In December 2021 - Tencent bought Turtle Rock Studios. Tencent liked that the latter had a lot of games and could use augmented reality.
• In August 2020 - Google Ventures gave Blue Vision Labs, a U.K.-based AR start-up, USD 14.5 million because it saw the company's potential and growth power.
• In September 2021 - WPP and Snap Inc. announced that they would work together to look into how AR technology could be used to create more advanced and immersive experiences for users. The partnership has a lot of potential, especially since the Snap Consumer AR Global Report 2021 found that more than 90% of people want to use augmented reality to shop.
• In February 2019 - Microsoft Corporation and Royal Philips joined forces to work on a concept for image-guided, invasive surgeries that uses augmented reality. The HoloLens 2 from Microsoft and the Azurion image-guided therapy platform from Philip will be used to test this idea.
• In June 2020 - Apple Inc. announced changes to its ARKit 4. The company made changes to the app by adding a LiDAR Scanner depth API, location anchors, and more face tracking support through AR. The users can see the videos and pictures in an environment that makes them feel like they are there.
• In March 2020 - Apple Inc. said that it would be working with Dent Reality. The goal of the partnership is to offer indoor AR apps and navigation tools. It is the only company that Apple officially works with on the Indoor Maps documentation.

Key Vendors:

Top market players are

• Alphabet Inc.

Under the brand name North, the company sells AR smart glasses called Focals 1.0. These glasses have direct retinal projection and can be used with prescriptions.

• Avegant Corp.

The company sells AR glasses with AG-30L 30 and AG-50L 50 LED light engines. These glasses have unique optical and lighting technologies that help them work well.

• HTC Corp.

The company sells the HTC Vive headset, which is powered by SteamVR. This lets customers see and hear things that look and sound real enough to take them to another place, another time, and an entirely new reality with endless possibilities.

• Samsung Electronics Co. Ltd.

AR glasses made by the company are sold under the brand name Samsung. These glasses can project a huge virtual screen in front of the user's eyes so they can watch movies and play games.

• Sony Group Corp.

The company makes AR glasses, which are a head-mounted display that you can wear and see through. It projects three-dimensional images.

• Atheer Inc.

The company sells Atheer AiR Glasses, which let customers quickly digitize and add to existing work instructions, procedures, step-by-step guides, inspections, surveys, checklists, etc.

• Everysight Ltd

The company sells smart glasses called Raptor AR that are made for cycling and come with a controller and a way to store data.

• Microsoft Corp.

The company sells Hololen2, which is a self-contained holographic device that is easy to use, doesn't need to be tethered, and has enterprise-ready apps to help users be more accurate and get more done.

• Seiko Epson Corp.

The company sells Moverio AR smart glasses, which focus on image quality, comfort, and durability and promise to bring the power of augmented reality to a wide range of industries and applications.

• Vuzix Corp.

The company sells Vuzix Blade smart glasses, which are Augmented Reality glasses with advanced waveguide optics that let you do mobile computing and connect without using your hands.

Segmentation Analysis:

The market is segmented on the basis of component, product, device, industry and regions.

By Component Outlook:

The market is divided into hardware and software based on the parts that make it up. People expect the hardware to lead the market. AR devices are being used in more and more industries, which is driving growth in hardware. Companies like Apple Inc., Google LLC, and Microsoft Corp. use this technology to make high-tech products.

Due to the rising demand for apps, the software is likely to grow quickly over the next few years. This segment is growing because more and more people are getting smartphones. Also, companies are working on putting augmented reality (AR) software on tablets, smartphones, and computers so they can offer interactive solutions in real time. This will help the market grow even more.

• Hardware
• Software

By Product Outlook:

The market is split into Mobile Phone Smart Glasses, Integrated Smart Glasses, and External Smart Glasses, based on the type of product. Due to their growing use in gaming and other areas, external smart glasses have been taking over the world market. Also, the market for mobile phone smart glasses is expected to grow over the next five years.

• Mobile Phone Smart Glasses
• Integrated Smart Glasses
• External Smart Glasses

By Device Type:

Based on the type of device, the market is divided into heads-up displays, handheld devices, stationary AR systems, smart glasses, and others. During the time frame of the forecast, the heads-up display is expected to gain the most market share. The number of cars that have a heads-up display is growing in the auto industry. The growth of this segment is being helped by the increasing use of advanced driver assistance systems (ADAS) in cars. AR-based mobile games are also a big part of the market, which helps it grow.

Smart glasses are expected to grow because they are being used more and more in manufacturing, logistics, and operations. It gives the workers hands-on experience and direction. In 2017, General Electric put smart glasses in its factories to make them more productive. After putting smart glasses on its workers, the company saw a 34% increase in how much they got done at their plant. In a similar way, many companies are putting money into researching and making smart glasses. Based on predictions about the augmented reality market, this is likely to make the market grow in the coming years.

• Head Mounted Display
• Heads up Display
• Hand-Held Devices
• Stationary AR systems
• Smart Glasses
• Others

By Industry:

Gaming, media and entertainment, automotive, retail, healthcare, education, manufacturing, and other fields are all covered by the market. AR is a key part of the growth of the gaming industry. Immersive and interactive features of the technology are likely to make it more popular in the gaming industry. With the success of Pokemon Go, game companies greatly improved the technology for their other games and apps.

The technology gives the media and entertainment industries a lot of ways to give people real-time experiences. For example, Samsung Electronics released the Samsung TV True Fit with an augmented reality (AR) mobile app in November 2019. Customers' experiences with games, shopping, entertainment, AR-based journalism, and more are expected to change a lot because of this. AR also has a promising role to play in the retail industry. Its ability to show customers information about any product or service in 3D on their phones is likely to help the market grow. Also, the trend of using AR to make games is becoming more popular in the e-commerce and retail industries.

Technology is also becoming more important in healthcare because it helps with surgeries and treating patients. According to an analysis of the augmented reality market, more and more people want help and to be able to see information in real time. This is making the industry more likely to use the technology.

• Gaming
• Media & Entertainment
• Automotive
• Retail
• Healthcare
• Education
• Manufacturing
• Others

Regional Insights:

In 2021, North America accounted for the greatest revenue share at 33.9% and is predicted to account for a significant market share during the forecast period. The United States held the largest portion of the North American market. The United States is home to a number of renowned technology firms, including Google LLC and Microsoft, among others.
{{info2}}

Additionally, the country is regarded as an early adoption of new technologies. As a leader in embracing AR technology for gaming and entertainment applications, Europe is primed for tremendous growth. Germany is garnering acclaim for its implementation of augmented reality technologies in the gaming sector.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The market report focuses on the world's leading regions to help the user understand the market better.
• The report also gives information about the latest industry trends and looks at how fast technologies are being used around the world.
• The report also helps people understand the AR Smart Glasses market's structure and dynamics by analyzing the market's different segments and making predictions about its size.