The Global AR Smart Glasses Market Is Forecast To Generate USD $11,748.7 Million By 2022 And It Will Grow USD $ 74,384.1 Million By 2030, Growing At A CAGR Of 20.3% From 2023 To 2030.
AR Smart Glasses Market Overview
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.
AR Smart Glasses Market –Trends and Opportunities
Key factor fueling the demand for AR Smart Glasses is augmenting actual experience with helpful information and data. The objective of AR smart glasses is to enhance a user’s experience for day-to-day domestic and professional use. AR Smart Glasses work through a combination of display, sensors, and accelerometers combined with smart software and internet connectivity.
The continual rise in demand for AR Smart Glasses has led them to evolve to be discreet and highly functional from the first ones that were wildly expensive, clunky, and experimental. With entry of more companies in the fray, cost has dropped dramatically, and competition is expected to drive design and innovation to lead to further drop in cost.
Focus of prominent players to improve the functionality of AR Smart Glasses will create new growth frontiers in the AR Smart Glasses market.
High cost of AR Smart Glasses a deterrent to market growth
One thing that makes it hard for the market for smart glass to grow is that it costs a lot. Customers in developing countries have less money to spend on extras, so they spend most of their money on necessities. Also, people in these countries would rather have blinds and curtains than smart glass.
Customers in most APAC and MEA countries, on the other hand, are price-conscious and would choose simple glass that works well. Most customers don't know enough about how using smart glass can help them save money on their energy bills.
Even though AR Smart Glasses are still being made, a lack of understanding is the main thing stopping the market for them from growing. Even though prices are going down, AR Smart 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 upkeep for smart glasses are all very expensive. The price of AR/VR smart glasses goes up because the software used to get information and keep records can be changed to fit the needs of the user. This causes more costs, which raises the price of the product overall and makes fewer people buy it.
Enterprise application segment to take the lead in market growth
The major AR market growth came from the enterprise segment. AR apps are used by enterprises to check inventory, provide information on available stock, and save time and travel costs through remote assistance.
AR technology also helps enterprises in training, data visualization, marketing, collaboration, and inspection, repairs, solving complex problems, and minimizing human errors. These advantages and the high level of customization offered by augmented reality will boost its adoption for various applications in enterprises.
North America wins hands down posting largest market share in forecast period
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.
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.
5G rollout in Asia pacific to update AR Smart Glasses Market
Asia-Pacific is anticipated to emerge as the region with the highest growth rate during the projection period. Developed nations, such as Japan and Australia, are rapidly establishing themselves as regional market leaders by capitalising on a big client base and accelerating the implementation of internet-based platforms.
The continuing deployment of high-speed 5G networks in Asia-Pacific is also anticipated to spur the broad use of augmented reality (AR) technology and AR-based products throughout the area. India, with its big population and quickly increasing internet penetration rate, is developing as one of the top Asia-Pacific nations adopting augmented reality technology in the manufacturing and healthcare industries, where a more immersive and hands-on experience is essential.
Some of the key companies operating in the AR Smart Glasses market are Alphabet Inc., Avegant Corp., HTC Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Atheer Inc., Everysight Ltd, Microsoft Corp., Seiko Epson Corp., and Vuzix Corp.
Market players are striking strategic alliances and partnerships and engaging in mergers and acquisitions as part of their efforts to advance technology development amid the intensifying competition.
- December 2021, Tencent acquired Turtle Rock Studios. Tencent particularly found the latter's gaming library and AR capabilities lucrative.
- August 2020, Google Ventures invested USD 14.5 million in Blue Vision Labs, an AR start-up based in the U.K., after realizing the latter’s potential and development power.
- September 2021, WPP and Snap Inc. announced a partnership to explore AR technology to develop advanced immersive experiences for users. The partnership holds immense potential, particularly given that the Snap Consumer AR Global Report 2021 has revealed that over 90% of people want to use AR for shopping.
This portion of the study on the AR Smart Glasses market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.
- Optical See Through
- Video See Through
- Media, Games and Entertainment
- Alphabet Inc.
- Avegant Corp.
- HTC Corp.
- Samsung Electronics Co. Ltd.
- Sony Group Corp.
- Atheer Inc.
- Everysight Ltd
- Microsoft Corp.
- Seiko Epson Corp.
- Vuzix Corp.
Overview of the regional outlook of the AR Smart Glasses Market:
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Reasons to Purchase this Report:
- Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors;
- Provision of market value (USD Billion) data for each segment and sub-segment;
- Indicates the region and segment that is expected to witness the fastest growth and to dominate the market;
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region;
- Analysis by product/service type
- Competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years
- Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players
- The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions)
- Includes an in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain
- Market dynamics situation, as well as development potential for the market in the coming years
- 6-month post-sale analyst assistance
Frequently Asked Questions-
What is the CAGR of AR Smart Glasses Market?
The AR Smart Glasses Market is growing at a CAGR of 20.3% During Forecast Period.
What are the key types of AR Smart Glasses Market?
Optical See Through, Video See Through
What are the key applications of AR Smart Glasses Market?
Industrial, Healthcare, Military, Retail, Media, Games and Entertainment, Sports, Others
Who are the key players in AR Smart Glasses Market?
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