Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global AR and VR Smart Glasses Market.
Market Research Future (MRFR) reveals in its new research study that the AR and VR smart glasses market 2020 can procure an approximate growth rate of 13% between 2017 and 2023 (appraisal period). We will provide covid-19 impact analysis with the report. The report offers an in-depth analysis of the market following the coronavirus disease outbreak.
The impact analysis on covid-19 by MRFR suggests that augmented reality (AR) and virtual reality (VR) solutions can significantly contribute while bracing for the impact of the pandemic, in addition to addressing the emerging challenges. The COVID-19 outbreak has compelled a number of pharmaceutical firms and healthcare institutes to enhance their R&D spending in artificial intelligence (AI), which is the core technology for several initiatives. Semiconductor is one of the many industries currently dealing with the pressure in terms of finance.
In the face of novel coronavirus, VR/AR is the best medium in e-learning, which is especially instrumental in the current lockdown situation that has led to closure of universities and schools. VR/AR and associated tools like AR and VR smart glasses are proving to be a valuable solution in offering remote assistance, preventing unnecessary travel. Considering the long-term impact of covid-19, governments are doing everything they can by implementing many policies and initiatives including exceptions in tax, reduction in interest rates and financial packages. The work from home strategies prevalent across companies, online classes combined with the rising trend of the BYOD policies are boosting the demand for connected devices, laptops, computers, and various storage solutions. While the countries are rushing to achieve a covid-19 breakthrough, this demand is only going to increase, boosting the growth prospects of the AR and VR smart glasses.
Top Boosters and Main Deterrents
In May 2020, Vuzix Corporation, a well-known supplier of AR smart glasses, received approval for its orthopedic navigation system called Knee+ for complete knee arthroplasty. Knee+ makes use of M400 smart glasses to accurately track the implants and instruments during surgeries. This is one instance of the many product launches and similar effective strategies adopted by the leading players to gain a better position and induce growth of the AR and VR smart glasses market.
The AR and VR smart glasses market can record considerable growth despite the SARS-CoV-2 outbreak, on account of advancements in mobile software and hardware technologies. Popular trends like increasing convergence between AR and VR, wearable devices and Internet of Things or IoT can also boost the product demand. This convergence between the technologies helps provide a highly immersive and interactive user experience.
Emerging conceptualization in almost all the entertainment-related aspects is touted to be an attractive opportunity for the AR and VR smart glasses industry. For instance, Magic Leap, an AR company has built a technology known as Dynamic Digitized Lightfield Signal, which shines on the user’s retina, allowing interaction between the real world and the fictional characters. The mounting demand for AR devices in medical training and education, inpatient care management, along with the rising focus of tech giants in AR and VR leading to higher investments, benefit the global market. Moreover, post lockdown, governments are busy promoting these technologies for multiple use cases, which can induce growth in the demand for AR/VR devices like smart glasses.
The AR and VR smart glasses industry has been considered for device type, product, and application.
The device types covered in the study include binocular as well as monocular.
The products assessed in the report are integrated smart glasses, external smart glasses and mobile phone smart glasses. The external smart glasses segment could be leading shareholder in the market, because of their rising use in gaming and other applications. Increased adoption of cloud-based technologies also drives their demand in the AR and VR smart glasses market.
The application areas of AR and VR smart glasses include education, industrial, gaming, commercial and military. The lead is expected to be taken by the commercial segment given the soaring demand for virtual reality and augmented reality applications in retail and e-commerce sectors.
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The regional study of the AR and VR smart glasses comprises APAC or Asia Pacific, North America, Europe, and RoW and Rest of the World.
The escalating demand for VR and AR in architecture could be a lucrative opportunity, ensuring North America’s dominance in the global market during the appraisal period. The rising use of AR and VR smart glasses in construction projects is also inducing significant market growth in the United States as well as Canada. Furthermore, video gaming has emerged as the fastest-expanding entertainment industry in the region, which is another reason for the high demand for AR and VR smart glasses. Apart from this, the AR and VR technology has gained immense importance in the healthcare sector, majorly deployed in medical training applications.
It is presumed that Europe can gain at the fastest rate in the approaching years, thanks to the rising use of AR and VR technology and related tools for training healthcare students, improving fitness, educating doctors, caring for patients and managing pharmacy and more. The stupendous expansion in consumer and commercial markets can also lead to better business prospects.
Google Inc. (U.S.), Avegant (U.S.), Atheer (U.S.), Oculus VR (U.S.), Seiko Epson Corporation (Japan), Optinvent (France), MicroOLED (France), Osterhout Design Group (U.S.), Samsung Group (South Korea), Royole Corporation (U.S.), Razer Inc. (U.S.), Sony Corporation (Japan), Ricoh (Japan), Microsoft Corporation (U.S.), Kopin Corporation (U.S.), HTC Corporation (Taiwan), Vuzix (U.S.), Jenax (South Korea), Imprint Energy, Inc. (U.S.), FlexEl, LLC. (U.S.), are the notable vendors in the AR and VR smart glasses market.