The Global AR Smart Glasses Market Is Forecast To Generate USD $11.74 Billion By 2022 And It Will Grow USD $ 51.49 Billion By 2030, Growing At A CAGR Of 20.3% From 2023 To 2030.
Market Overview
AR Smart Glasses are prescription eyeglasses that display information about the wearer’s surroundings right in front of the eyes. Furthermore, it is possible to appropriately superimpose virtual features onto the real world using augmented reality smart glasses. Users can effectively interact with holographic items thanks to the sensors and GPS trackers built into smart AR glasses.
Mixed reality glasses with enhanced functionality have been made possible by advancements in augmented reality smart glasses. The development of AR smart glasses is still in its infancy, as new innovations and applications are made possible by advancements in technology and the availability of funding. Even though AR smart glasses have been in development for a while, this is still the case. In spite of this, augmented reality smart glasses are already being used in a number of sectors, such as real estate, retail, healthcare, and the military.
As businesses explore the possible applications of augmented reality (AR), they are offering end consumers a unique, relevant, and engaging experience. The use of mobile phones and augmented reality smart glasses has significantly increased along with mobile augmented reality technology. Being involved in the augmented reality smart glasses industry right now is incredible.
The simplicity with which the virtual world may be completely integrated with a user’s vision is one of the main reasons driving the continually rising demand for smart glasses. These glasses use a display, sensors, accelerometers, intelligent software, and internet connectivity to improve the wearer’s field of vision with contextual information. Smart glasses with augmented reality capabilities are being utilized more often for a range of daily tasks in both home and professional contexts.
Launched by Vuzix and ST Engineering, the augmented intelligence biometric-enabled smart glasses platform boosts enterprise customers’ productivity and public safety. Throughout the anticipated period, the growing use of these cutting-edge technologies as well as the regular release of new items in this category will drive the augmented reality market’s growth.
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Market Dynamics:
Market Trends:
The market for smart glasses is expanding quickly as a result of their increasing popularity in the fashion industry. If smart glasses are designed to be lighter and more fashionable, the fashion industry may adopt them more. To attract customers who are concerned about fashion, several businesses are producing smart glasses that feel and look like traditional eyewear. Another strategy to increase the attractiveness of smart glasses to consumers in the fashion sector is to pair them with other wearable gadgets, such as fitness trackers and smartwatches.
In addition, given how fast fashion is evolving and how popular millennials are becoming, there should be a significant demand for smart glasses in the upcoming years.
Driving Factors:
• Technological Advancement
The primary factor driving the growing popularity of smart glasses is their evolution from a mere add-on for augmented reality (AR) and virtual reality (VR) applications. Voice assistants, video conferencing, and the capacity to obtain information without using your hands are all features of the modern world. This increases their applicability in a greater variety of circumstances. With increased connectivity options, longer battery life, and higher screen quality, smart glasses are becoming better. They now appeal more to users who want to have fun because of this. In the corporate sector, smart glasses are being utilized for remote training, quality control, inventory management, and inventory control.
Increasing Adoption of AR Technology in Healthcare Industry
Immersion technologies are becoming an increasingly useful tool for healthcare professionals. We can work both virtually and in physical places thanks to technology, which facilitates getting things done. Because technologies are becoming more widely available, user-friendly, and reasonably priced, both the industry and patients are more likely to adopt them. It was challenging to do complex surgery when there was less information. However, the use of augmented reality lowers the danger of surgery since the technology provides real-time alerts to surgeons. In 2020, during a coronavirus epidemic, hospitals all throughout the world used augmented reality (AR) equipment like Hololens to locate and assist patients.
Similarly, technology makes it possible to learn about medicine in engaging and participatory ways. Holo Eye Anatomy is a learning app developed in 2017 by Microsoft HoloLens in collaboration with the LV Prasad Eye Institute. The program assists medical students in learning about the anatomy of the eye in three dimensions using Microsoft’s ARHoloLens. As a result, the market is anticipated to expand due to its increasing usage in the healthcare sector.
Based on types, the AR Smart Glasses Market is segmented into:
- By Component, Hardware, Software,
- By Product, Mobile Phone Smart Glasses, Integrated Smart Glasses, External Smart Glasses
Based on application, the AR Smart Glasses Market is segmented into:
- By Device, Head Mounted Display, Heads up Display, Hand-Held Devices, Stationary AR systems, Smart Glasses,
- By Industry Vertical, Gaming, Media & Entertainment, Automotive, Retail, Healthcare, Education, Manufacturing, Others
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Key Vendors:
• Alphabet Inc.
The startup sells AR smart glasses dubbed Focals 1.0 under the brand name North. These prescription-compatible glasses include direct retinal projection.
• Avegant Corp.
AR glasses with AG-30L 30 and AG-50L 50 LED light engines are sold by the firm. These glasses function well because of their unique optical and lighting technologies.
• HTC Corp.
The HTC Vive headset, which runs on SteamVR, is sold by the firm. Customers can see and hear images and sounds that transport them to a different location, era, or even an altogether new universe with limitless possibilities.
• Samsung Electronics Co. Ltd.
The company sells its augmented reality glasses under the Samsung brand. With these glasses, users may view movies and play video games on a large virtual screen that is projected in front of their eyes.
• Sony Group Corp.
The company produces wearable, see-through AR glasses, which are head-mounted displays. It projects visuals in three dimensions.
• Atheer Inc.
The business offers Atheer AiR Glasses, which enable users to rapidly digitize and enhance pre-existing work instructions, protocols, step-by-step manuals, checklists, surveys, and inspections.
• Everysight Ltd
The firm provides smart glasses with controllers and data storage dubbed Raptor AR, which are designed for cycling.
Strategic Development:
• In December 2021, Turtle Rock Studios was acquired by Tencent. Tencent was pleased with the latter’s abundance of games and augmented reality capabilities.
• In August 2020, Blue Vision Labs, an AR start-up based in the United Kingdom, received a USD 14.5 million investment from Google Ventures, which recognized the company’s growth potential.
• In September 2021, WPP and Snap Inc. declared their collaboration to investigate the potential of augmented reality (AR) technology in producing more sophisticated and engaging user experiences. With over 90% of consumers wanting to use augmented reality for shopping, according to the Snap Consumer AR Global Report 2021, the relationship has a lot of promise.
• In February 2019, Microsoft Corporation and Royal Philips collaborated to develop an augmented reality-based image-guided, invasive surgery concept. This concept will be tested using the Azurion image-guided therapy technology from Philip and the HoloLens 2 from Microsoft.
• Apple Inc. revealed updates to ARKit 4 in June 2020. The software now has position anchors, a LiDAR Scanner depth API, and increased facial tracking capabilities via augmented reality, according to the business. Users are able to view the images and videos in a setting that transports them there.
• Apple Inc. announced in March 2020 that it would be collaborating with Dent Reality. The collaboration aims to provide indoor augmented reality applications and navigational aids. Regarding the documentation for Indoor Maps, Apple officially collaborates with just one company.
Regional AR Smart Glasses Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in AR Smart Glasses Market include:
- AR Smart Glasses Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
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Key Market Participants in the AR Smart Glasses Market :
Alphabet Inc., Avegant Corp., HTC Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Atheer Inc., Everysight Ltd, Microsoft Corp., Seiko Epson Corp., Vuzix Corp.
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