New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AR And VR Smart Glasses Global Market Report 2023" - https://www.reportlinker.com/p06466625/?utm_source=GNW
, RealWear Inc., Google Inc., and Atheer Inc.
The global AR and VR smart glasses market is expected to grow from $13.65 billion in 2022 to $15.93 billion in 2023 at a compound annual growth rate (CAGR) of 16.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AR and VR smart glasses market is expected to reach $29.30 billion in 2027 at a CAGR of 16.4%.
The AR And VR smart glasses market consists of sales of heads up displays and holographic displays.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Augmented reality (AR) smart glasses are wearable computer-capable eyewear that adds more information ideally 3D visuals and information like animations and videos to the user’s real-world settings by superimposing the computer-generated or digital information on their surroundings.Virtual reality glasses or goggles are one type of eyewear that also doubles as a display.
They enable the wearer to browse through a gallery of digital images that they can then manipulate.
North America was the largest region in the AR And VR smart glasses market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in he AR And VR smart glasses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of AR and VR smart glass devices are binocular and monocular and are used in various products, such as mobile phone smart glasses, integrated smart glasses, and external smart glasses.Binoculars refer to a portable device for viewing distant objects that consists of two telescopes, a focusing mechanism, and typically prisms.
The main types included are optical see-through and video see-through, which are used by several end-users, such as the gaming industry, healthcare, education, military and defense, and others.
An increasing number of gamers is expected to propel the growth of the AR and VR smart glasses market going forward.Gaming is the term used to describe the activity of playing video games online, on a dedicated gaming console, computer, or smartphone, and gamers are individuals who play video games.
Smart glass is utilized as a head-up display to simulate a giant screen for gaming.For instance, in March 2023, according to a blog shared by Cybercrew UK, a UK-based online audio and video media company, the number of gamers in the UK had grown by 63% since the 2021 lockdown.
Consumers who play video games spent $5.2 billion on them in 2020. It is the first time video game sales in the UK have surpassed $5 billion. By 2025, revenue might reach $7.6 million. Furthermore, according to Invest India, an India-based national investment promotion and felicitation agency, online gaming revenue increased by 28% in 2021 to $1.2 billion, and it is anticipated to reach $1.9 billion by 2024. Therefore, an increasing number of gamers is driving the growth of the AR and VR smart glasses market.
Technological advancements are the key trends gaining popularity in the AR and VR smart glasses market.Major companies operating in the AR and VR smart glasses market are focused on developing innovative technological solutions to strengthen their position in the market.
For instance, in October 2022, Seiko Epson Corporation, a Japan-based electronics company, launched the Moverio BT-45C and BT-45CS devices, the newest generation of Moverio augmented reality (AR) smart glasses.The latest Moverio models offer immersive, hands-free cooperation between on-site workers and remote specialists and are specifically designed for mission-critical operations such as troubleshooting, maintenance, inspection, and training.
This helps to increase efficiency, improve safety, and decrease downtime.The Moverio BT-45C and BT-45CS are equipped with brand-new Si-OLED (organic light emitting diode) technology, a proprietary optical engine, and a binocular see-through Full HD display with a 34° field-of-view (FoV) to seamlessly integrate digital content with the outside world.
They are also compatible with a wide range of collaboration and remote assistance software.
In December 2022, Meta Inc., a US-based technology conglomerate, acquired Luxexcel for an undisclosed amount. With the help of Luxexcel’s technology, Meta is now able to incorporate the necessary components for an augmented reality experience, such as holographic film and projectors, inside a prescription lens. Luxexcel Holding B.V. is a Netherlands-based producer of 3D smart glass with AR capabilities.
The countries covered in he AR And VR smart glasses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AR and VR smart glasses market research report is one of a series of new reports that provides AR and VR smart glasses market statistics, including AR and VR smart glasses industry global market size, regional shares, competitors with a AR and VR smart glasses market share, detailed AR and VR smart glasses market segments, market trends and opportunities, and any further data you may need to thrive in the AR and VR smart glasses industry. This AR and VR smart glasses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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