Portland, OR, May 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AR/VR smart glasses market generated $8.31 billion in 2019, and is estimated to generate $33.16 billion by 2027, witnessing a CAGR of 16.6% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
Emerging trends and technological advancements and demand for the AR/VR technology from the gaming industry drive the growth of the global AR/VR smart glasses market. However, lack of sufficient investments in research and development activities of AR/VR hinders the market growth. On the other hand, trends towards 5G technology, rise in use of AR devices and their application in healthcare, and transition towards digitization create new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing facilities have been shut down completely or partially due to lockdown imposed in many countries during the Covid-19 pandemic. In addition, there have been challenges such as disruptions in the supply chain and shortage of raw materials.
- The demand from end-use sectors rolled down drastically due to hindrances in daily operations and lack of business continuity. However, the demand is expected to grow steadily during the post-lockdown. The pace of digitization and advancements in technologies slowed down during the pandemic.
The report offers detailed segmentation of the global AR/VR smart glasses market based on type, end use, and region.
Based on type, the optical see-through segment contributed to the highest market share, holding more than half of the total share in 2019, and is estimated to maintain its leadership status by 2027. However, the video see-through segment is projected to manifest the fastest CAGR of 17.7% from 2020 to 2027.
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Based on end use, the gaming industry segment accounted for the largest market share, holding more than two-fifths of the global AR/VR smart glasses market in 2019, and is estimated to continue its lead position by 2027. However, the healthcare segment is expected to register the fastest CAGR of 22.5% from 2020 to 2027.
By region, Asia-Pacific contributed to the highest share in 2019, accounting for nearly half of the total market share, and will maintain its dominant share in terms of revenue during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 17.9% during the forecast period.
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Leading players of the global AR/VR smart glasses market analyzed in the research include Avegant, Everysight Ltd., Epson, Lumus Ltd., Kopin Corporation, RealWear, Optinvent, Royale Corporation, Ricoh Company Ltd., and Vuzix.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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