New York, US, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “AR and VR Smart Glasses Market Analysis by Device Type, Product, Application – Forecast till 2030” valuation is poised to reach USD 25.8 Billion by 2030, registering a 13.50% CAGR throughout the forecast period (2022–2030).
AR and VR Smart Glasses Market Overview
The exponential rise in the market value is mainly attributed to the huge popularity these glasses are garnering. Also, the high adoption of cloud-based technologies in BFSI, healthcare, manufacturing, retail, and IT & telecommunications boosts the market value.
AR and VR Smart Glasses Market Report Scope:
| Report Metric | Details |
| Revenue Forecast by 2030 | USD 25.8 Billion |
| Market Growth 2022-2030 | 13.50% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022 To 2030 |
| Historical Data | 2020 |
Get Free Sample PDF Brochure
https://www.marketresearchfuture.com/sample_request/4837
Additionally, prominent factors substantiating the market growth include increasing investments in developing AR and VR smart glasses technology and extended applications in aviation, marine, solar power, and electronics sectors. Rising investments into R&D activities to bring more technological advancement have favored the market expansion, lowering technology prices.
Conversely, factors such as the high upfront cost, complicated installation, and lack of awareness about the usability and benefits among consumers are hindering the growth of the AR and VR smart glasses market. Nevertheless, some remarkable advantages of AR and VR smart glasses technology would support the market growth, catching huge attention. Manufacturers and technology providers are increasingly forming strategic deals to scoop up new technologies for their customers.
Advantages of AR/VR Smart glasses in Industrial Applications
AR and VR smart glasses are increasingly used in the construction, oil & gas, and automotive industry for efficiently executing maintenance and service processes remotely. These devices can be communicated quickly & easily through an app to obtain useful functions, such as data exchange, creating screenshots, making annotations, and accelerating troubleshooting using a laser pointer or the integrated whiteboard.
Smart glasses display context-relevant information directly in the user’s vision field via an integrated camera, enabling better traceability and easier working on machines. With these smart glasses, other devices such as smartphones, tablets, or laptops are not needed, and the technician on site has both hands free and can follow the instructions of the expert step by step. Compatible with remote maintenance, the AR/VR smart glasses can also be controlled with gestures.
They allow easy communication between service technicians & experts with mobile-optimized live video transmission and useful functions. Service technicians and experts are connected via data glasses, browser, and desktop application or app. Service and maintenance, assembly and installation, monitoring of production processes, education, training, etc.
Other application areas of AR/VR smart glasses include mechanical & plant engineering, aerospace, agricultural engineering, energy, machinery, and logistics. The use of smart glasses can lower travel costs and eliminate time-intensive travel by enabling location-independent direct connection between service technician and expert. Besides, their shorter downtimes and faster problem resolution & reuse of machines make them important in remote maintenance.
Browse In-depth Market Research Report (100 Pages) on AR and VR Smart Glasses Market:
https://www.marketresearchfuture.com/reports/ar-vr-smart-glasses-market-4837
AR and VR Smart Glasses Market Segments
The report is segmented into device types, products, applications, and regions. The device type segment is sub-segmented into monocular and binocular. The product segment is sub-segmented into integrated smart glasses, external smart glasses, mobile phone smart glasses, and others. The application segment is sub-segmented into gaming, education, industrial military, and others. The region segment is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
AR and VR Smart Glasses Market Regional Analysis
North America leads the global AR and VR smart glasses market with the largest market share. Technological advantages are a key driver behind the growth of the regional market. Well-established infrastructure in the region allows for faster implementation of advanced technologies. The US and Canada, backed by the rising technological enhancements and the increasing popularity of GPRS and server-cloud enabled AR & VR smart glasses, lead the regional market.
Europe is the second-largest market for AR and VR smart glasses. The increasing popularity of these glasses and colossal investment by major key players are some of the major factors propelling the growth in the regional market.
Supportive government policies and the presence of key players are fostering an increase in the market in the region.
The AR and VR smart glasses market in the Asia Pacific region is emerging as a profitable market globally. Increased adoption of cloud-based technologies across industry verticals and technological advancements are key driving forces behind the growth of the market. Moreover, technological advancements boost the region’s market shares.
Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/4837
AR and VR Smart Glasses Market Competitive Analysis
Highly competitive, the AR and VR smart glasses market appears to be diversified, with the presence of many well-established players having a regional and global presence. Major players strive to develop AR smart glasses that compete with leading brands and obtain approvals from the Patent & Trademark Offices.
Also, mixed reality glasses with compact size, a vivid display, and a computing pack powered by the VR platform are trending. Mergers & acquisitions, innovation, and brand reinforcement are some of the key trends of these market leaders.
For instance, on Aug. 5, 2022, Keppel Offshore & Marine Ltd. (Keppel O&M) launched the first maritime 5G AR/VR smart glasses it developed in partnership with M1 Ltd. This pilot project is part of Keppel O&M’s strategy to leverage digitalization for remote virtual operations. It has implemented 5G augmented reality and virtual reality Smart Glasses to enhance the efficiency of remote operations for its tech-enabled workforce.
This project received a grant from IMDA’s 5G Innovation Program to develop virtual platform solutions. The partnerships with IMDA and M1 would enable Keppel O&M to develop and commercialize 5G-enabled solutions for the maritime sector.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/4837
Dominant Key Players on AR and VR Smart Glasses Market Covered are:
- Microsoft Corporation (US)
- Seiko Epson Corporation (Japan)
- Osterhout Design Group (US)
- Royole Corporation (US)
- Samsung Group (South Korea)
- Optinvent (France)
- Ricoh (Japan)
- Kopin Corporation (US)
- MicroOLED (France)
- Imprint Energy Inc. (US)
- Sony Corporation (Japan)
- FlexEl LLC. (US)
- HTC Corporation (Taiwan)
- Avegant (US)
- Razer Inc. (US)
- Google Inc. (US)
- Vuzix (US)
- Oculus VR (US)
- Atheer (US)
- Jenax (South Korea)
Related Reports:
USB devices Market Share: Information by Type, Product, Connector Type, Application and Region —Forecast till 2030
mmWave Sensors and Modules Industry Research Report: by Frequency Band, By Application, by Region - Forecast till 2027
Education PC Market Growth Research Report: By Product, End-User and Region - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
