The global AR and VR smart glasses market was rated at $11,323.00 million in 2020 at $33,158.70 million by 2027, at a CAGR of 16.6% from 2021 to 2027. AR/VR smart glasses are glasses that have the technology on board to merge what is seen in the real world with virtual information. Smart glasses have multiple features, which allow users to analyze information relevant to their environment. AR/VR smart glasses technology has evolved significantly in recent years. AR/VR smart glass technology is advancing in many industries such as manufacturing, logistics, field service, inspection and operations. According to AR/VR smart glasses market trends, it is estimated that 93% of major industrial companies use wearable smart glasses for their operations.
With AR/VR technology, the user sees the real world, but digitization is increasingly driving demand and growth for AR/VR smart glasses with digitally overlaid information. Everything is digital these days; our world is going digital for study, work and others. For example, there is a growing trend towards virtual shopping, as one can make purchases like in the real world using AR/VR technology and digitization. Hence, digitization is supporting and driving the growth of the SR/VR glasses market.
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The COVID-19 outbreak has also caused a delay in meeting end-user demands, as the epicenter of the virus outbreak, Wuhan and China, accounts for the largest electronic component manufacturing items. On January 30, 2020, the worldwide outbreak of this disease was recognized as a public health emergency of international concern. On February 11, 2020, the WHO announced the novel coronavirus as novel coronavirus 2019 (2019-nCoV) and the disease as coronavirus disease 2019 (COVID-19) caused by the coronavirus SARS-Cov-2.
Global AR and VR Smart Glasses Market Dynamics
Drivers: increasing trends and technology in AR/VR smart glasses
New trends and technological advancements are driving the growth of the AR/VR smart glasses market. Social media apps have fun filters on so many images, which are getting very popular these days. The real-time functionality of AR/VR glasses is something that makes them popular with individuals. Contactless interfaces have become more versatile and remote expert assistance are the emerging technologies, which are very useful as they allow product experts and technicians to visually guide customers.
Constraints: Lack of investment in AR/VR R&D
There is a lack of investment in AR/VR R&D, which limits the growth and use of the product. As many are unaware of the emerging technology and usage of AR/VR, investment in its R&D is low, which is one of the impediments to the growth of the AR/VR smart glasses market . Development is at a slow pace due to lack of investment.
Opportunities: Increased use of AR devices and their application in healthcare
One of the essential entities is the growing data connectivity and high-speed internet. 5G leads to a fully immersive experience with haptic capabilities. The 5G network will provide the necessary bandwidth and low latency to make AR/VR experiences feel seamless and valuable. 5G is a faster, more reliable connection with no latency that improves AR and VR implementations. These factors are expected to positively influence the adoption of 5G and VR across many industries and drive the 5G and VR market.
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The study categorizes the AR and VR smart glasses market based on type, end-user, and regions.
- See Through Optics
- Transparent video
Per end user
- game industry
- Health care
- Media and Entertainment
- Aerospace and Defense
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
Optical Transparency, by Type, is estimated to be the fastest growing segment over the forecast period
Based on type, the global AR and VR smart glasses market has been segmented into optical transparency and video transparency. In 2020, optical transparency accounted for the largest market revenue share of 55.53% in the global AR and VR smart glasses market and had a CAGR of 16.00% during the forecast period.
Transparent optical glasses are smart AR/VR glasses through which the user sees reality directly through optical elements, such as holographic waveguides and other systems that allow graphic overlay on the real world. Transparent optical systems combine computer-generated images with the image of real-world eyewear. Examples of transparent optical glasses are Magic Leap One and Google Glass.
Asia-Pacific accounts for the highest CAGR over the forecast period in the AR and VR smart glasses market
Based on region, the global AR and VR smart glasses market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific has a growth rate of 17.90% during the forecast period. Asia-Pacific AR and VR Smart Glasses Market is analyzed in Japan, China, India, Australia and Rest of Asia-Pacific.
Government investments and initiatives in emerging economies; increase in the number of Internet users; innovations and demand for online content; increase in online certification programs; increase in air traffic and the commercial aircraft fleet; and increasing adoption of technology in healthcare, digital manufacturing and defense are major factors driving the AR/VR smart glasses market in Asia Pacific. Several Asia-Pacific markets are widely adopting new technologies, especially in smartphones such as beauty apps and games that use AR/VR technology. Additionally, Australians are disproportionate users of social media; the Chinese are extreme online video users; and Japanese and Koreans are many mobile phone users, which are remarkable growth factors for the Asia-Pacific market.
Main market players
The global AR/VR smart glasses market is consolidated in nature with few players such as Avegant Corp, Epson Pvt Ltd, Everysight Ltd, Kopin Corporation, Lumus Ltd, Optinvent, Realwear Inc, Ricoh Company Ltd, Royale Corporation and Vuzix Corporation which hold a large share of the market. These players have adopted various strategies to gain a larger market share. Top winning strategies are analyzed by thoroughly studying the major players of the global AR/VR Smart Glasses market.
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