Global AR/VR Smart Glasses Market 2023-2030

Global AR/VR Smart Glasses Market 2023-2030

Global AR/VR Smart Glasses Market Size, Share & Trends Analysis Report by Type (Optical See Through and Video See Through), and by End user (Gaming Industry, Healthcare, Education, Military & Defense and Other), Forecast Period (2023-2030)

The global AR/VR smart glasses market is anticipated to grow at a CAGR of 8.1% during the forecast period (2023-2030). The AR/VR smart glasses are wearable devices that serve as human-computer interfaces to bridge the gap between the digital and physical worlds. Some of the common product types include optical see-through and video see-through. AR and VR smart glasses provide an immersive virtual experience and allow wearers to record still images, audio, and videos remotely, exchange data, share their point of view in real-time, access information hands-free, and augment their real-world. They even enable the users to analyze information relevant to their surroundings through these glasses. Implementing AR/VR technologies in the digital-twin design and management process, which can not only improve productivity within many industries which includes, aerospace, automotive, and industrial, it can also enhance experimentation and predictive analysis of existing products, with the potential of reducing downtime and incurred costs. For instance, TechViz, is creating AR/VR software to aid 3D model visualization. The VR software editor has built a software platform that “instantaneously displays in 1:1 scale any CAD model on any type of virtual reality system.” Essentially operating as a driver for a VR system, TechViz allows engineers to fully immerse themselves in virtual reality to interact with native 3D data in real time.

Segmental Outlook

The global AR/VR Smart Glasses market is segmented on the type and end user. Based on the type, the market is sub-segmented into Optical See Through and Video See Through. And based on the end user, the market is sub-segmented into Gaming Industry, Healthcare, Education, Military & Defense and Other. Among the end user, the healthcare sub-segment is anticipated to hold a considerable share of the market, this glasses can be used to provide patients with remote medical care, or to train medical professionals on new procedures. Also surgeons can use AR/VR glasses to see real-time data about a patient's anatomy during surgery.

The Gaming Industry Sub-Segment is Anticipated to Hold a Considerable Share of the Global AR/VR Smart Glasses Market

Among the end user, the Gaming Industry sub-segment is expected to hold a considerable share of the global AR/VR Smart Glasses market. Gaming is one of the major applications of augmented and virtual reality technology. This segmental growth is attributed to the increasing demand for more realistic and better gaming experience, the number of gamers throughout the world has exploded in recent years. This is due to the rising demand for augmented and virtual reality games, which promotes market growth. Hence the companies and research institutes are focusing more on research and trails of better and improved devices. For instance, In April 2023, Smart glasses innovator EM3 announced the launch of Ether - 9mm ultra-thin VR glasses for immersive 2D, 3D and VR viewing. At just 65g weight and 9mm thickness, Ether provides the ultimate comfort and privacy for cinematic media and gaming on the go. Now, users can enjoy a stunning 1000"" IMAX-screen experience for any content at home or while traveling.

Regional Outlook

The global AR/VR Smart Glasses market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia pacific is anticipated to hold a prominent share of the market across the globe, owing to the increasing adoption of smart glasses in the industrial sectors. Also, the increasing public awareness of the benefit of adopting AR/VR smart glasses technology.

The North America Region is Expected to Grow at a Significant CAGR in the Global AR/VR Smart Glasses Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to strong technological infrastructure and high expenditure in R&D in these regions by key market players. For instance, in 2023, Meta is heavily investing and researching in AR/VR technology, Meta is aiming to launch a sleek, visually appealing yet powerful AR headset in the upcoming years. Since the technical challenges in terms of miniaturization, power, battery capacity, and waste heat are great, Meta is pursuing a dual strategy in its development. Also at Meta Connect 2022, Meta and EssilorLuxottica gave an update on its data glasses project and the cooperation.

Also, in September 2023, Apple announced that developers could begin applying for Vision Pro developer kits. Apple Vision Pro is Apple's augmented and virtual reality headset, a device that has been in development for more than a decade. Vision Pro marks the company's first entrance into a new product category.

Market Players Outlook

The major companies serving the AR/VR smart glasses market include Avegant Corp., Epson, Everysight Ltd., HTC Corp, Kopin Corp, Lumus Ltd., Optinvent, RealWear, Inc., Ricoh Company Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, Qualcomm announced its newest chips for XR and AR platforms: the Snapdragon XR2 Gen 2 for VR and mixed-reality devices and the AR1 Gen 1, specifically designed for smart glasses.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global AR/VR smart glasses market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.