Drivers and Restraints
The global AR and VR smart glasses market, according to a report by Market Research Future (MRFR), is expected to reach a substantial market valuation and grow at a CAGR of approximately 13% during the forecast period (2017-2023).
The global AR and VR smart glasses market is likely to witness rapid growth during the forecast period. The growing advent of cloud-based technologies is one of the major factors fuelling the growth of the market over the review period. AR and VR are considered as the next significant computing platforms across the globe. Furthermore, the rising demand for AR and VR smart glasses across various industry verticals such as healthcare, retail, BFSI, manufacturing, and IT & telecommunications is fueling the growth of the global market.
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Some of the major market players identified by MRFR in the global AR and VR smart glasses market are Microsoft Corporation (U.S.), Seiko Epson Corporation (Japan), Osterhout Design Group (U.S.), Royole Corporation (U.S.), Samsung Group (South Korea), Optinvent (France), Ricoh (Japan), Kopin Corporation (U.S.), MicroOLED (France), Imprint Energy, Inc. (U.S.), Sony Corporation (Japan), FlexEl, LLC. (U.S.), HTC Corporation (Taiwan), Avegant (U.S.), Razer Inc. (U.S.), Google Inc. (U.S.), Vuzix (U.S.), Oculus VR (U.S.), Jenax (South Korea), and Atheer (U.S.).
The key players of the market are expected t contribute substantially towards the market growth, driven by the competitive nature of the market.
The global AR and VR smart glasses market has been segmented on the basis of product, device type, and application. on the basis of the device type, the market is bifurcated into binocular and monocular. The product segment is divided into mobile phone smart glasses, integrated smart glasses, and external smart glasses. Additionally, the external smart glasses segment is poised to account for a substantial share of the market owing to the growing usage of such kind of smart glasses in gaming and other applications. The higher adoption of cloud-based technologies is one major factor driving the growth of AR and VR smart glasses market. based on the application, the market is divided into military, gaming, industrial, education, and commercial.
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The global AR and VR smartglasses market, based on region, is segmented into North America, Asia Pacific, Europe, and Rest of the World. the North American region is touted to display major growth and hold the largest market share during the review period. U.S and Canada are projected to fuel the growth of the North American AR and VR smart glasses market owing to the presence of a several established key players such as Osterhout Design Group, Microsoft Corporation, Royole Corporation, Imprint Energy, Inc., Kopin Corporation, FlexEl, LLC, Razer Inc., Avegant, Google Inc., Oculus VR, Vuzix and Atheer in this region. Driven by the major fall in the usage of native applications and a sizable shift towards the adoption of mobile applications in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. A rising need for innovations and advancements in the technology are other major factors responsible for the growth of the global AR and VR smartglasses market.
In the global AR and VR smartglasses market, Asia Pacific is also likely to witness a relatively higher adoption at the fastest-rising CAGR during the review period, across the globe, owing to the growing investments in the augmented reality and virtual reality market across several developing countries in the region, such as China, India, Japan, South Korea, Taiwan, among others.
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