Augmented & Virtual Reality Contact Lens Market Overview
The Global AR and VR contact lens market size is forecast to reach $1.9 billion by 2026, growing at a CAGR of 59.9% from 2021 to 2026. The market growth is attributed to the factors such as growing demand for consumer electronics, increase in demand for AR and VR devices and applications in healthcare, retail, gaming entertainment, e-commerce and others. The rising deployment of AR and VR in automotive applications in HMD devices and HUD devices for cruise control, lane departure, navigation and other applications will significantly drive the AR and VR Contact Lens market. The adoption of Fresnel lenses in AR and VR HMD devices, in particular, is set to propel the AR and VR Contact Lens industry.
Augmented & Virtual Reality Contact Lens Market Segment Analysis – By Lens
Augmented reality contact lens segment held the highest market share of augmented and virtual reality contact lens market in 2020 at 65.9%. Moreover, it is anticipated to witness significant market growth during the forecast period 2021-2026. Augmented reality technology is written in a special programming language that enables the creator to provide both embedded animation and visual knowledge in the computer program. AR implementations usually provide global positioning system ( GPS) for smartphone to find and track the user’s precise spot. Some of the AR software used in military instruction, which could involve identification of artefacts and identification of movements. Furthermore, there is also future applications of augmented reality in medical, navigation, education and others. Augmented reality will decrease the chance of operation by allowing the surgeon a clearer understanding of the senses. The system is used by medical students to perform surgery in a safe framework. Such equipment can be paired with MRI or X-ray devices so allows the physician to put it into a clear vision. GPS apps utilize augmented reality to promote moving from one level to another. The users see the chosen route over the live view of what is in front of the car using the phone’s camera in tandem with the GPS. When searched through an AR computer, teaching materials, picture books and other instructional reading content produce additional details for the student made in a visual context.
Augmented & Virtual Reality Contact Lens Market Segment Analysis – By End User type
Augmented and virtual reality contact lens market by end user is segmented into Aerospace and Defence, Automotive, Gaming, E-Commerce, Education, Retail, Entertainment, Travel and Tourism, Healthcare, Media and Entertainment, Others. The gaming and entertainment segment is anticipated to hold the highest market share during the forecast period 2021-2026 at 65.5% CAGR. The simulation happens in most of the mixed reality games in the physical world with simulated items and characters activated by geo-location or unique symbols, such as QR codes. In certain AR games, for example in Temple Treasure Hunt, players may construct their own quest paths, which can be a scenario for a team-building exercise, a group or just a way to brighten up the normal regular commute to work. Game creators, entertainment studios, music and theatre producers do not lack to introduce state-of-the-art technology to create an exciting performance that draws millions of spectators and tourists. In 2019, Coachella presented an AR sculpture created by artist Katie Stout. The work, apparent though the smartphone image, provided the illusion of being on the bottom of the sea. Consequently, this leverages a positive impact on market growth.
Augmented & Virtual Reality Contact Lens Market Segment Analysis – By Geography
North America held the highest market share of the augmented and virtual reality contact lens market in 2020 at 38.5%. The market growth is attributed to the factors such as implementation of advanced technologies, improved industrial infrastructure, and presence of large number of electronics manufacturers in this region. City planners are exploring ways to help build smart cities with augmented reality. Planners might allow greater use of AR technologies to imagine a modern approach to the urban environment, but it’s very interesting how the public will utilize AR. Moreover, APAC region is anticipated to witness the significant market growth during the forecast period 2021-2026. The market is to be led by emerging Asia-Pacific economies such as China and India. In fact, the rise of the gaming industry along with smart devices in the area fuels demand for the development of the augmented and virtual reality contact lens business.
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Augmented and virtual reality contact lens market Drivers
Technological advancementsGrowing implementation of artificial intelligence (AI), internet of things (IOT), virtual reality (VR), big data analytics and others for industrial applications enhances the market growth. The growing implementation of smart technology and web services are creating opportunities that leads to increase in demand in the projected span of 2020-2025 for the augmented and virtual reality contact lenses thereby impeding the market growth.
Rising Investment from Market Leaders
The market for AR and VR is rising due to increased investment from market leading players. Facebook integrating augmented reality ads into its application: Facebook will be providing users an augmented reality experience via advertisements in the application. Users of the application may view fashion goods such as eye glasses and shoes, and try them on virtually. IKEA introduced an AR app named Place, which enables Apple users to set IKEA furniture in their apartments and preview an interior before buying products. Thanks to this solution potential customers can choose furniture easier.. eBay collaborated with local firm to open virtual stores in Australia. eBay was one of the first movers in the market, when the industry began developing applications for this technology. Amazon is also offering VR experiences in select cities. Amazon is trialling VR with a view to boost their Prime Day sales. Another e-commerce giant, eBay did the same in 2016 in Australia and is continuing to offer VR technology. We can expect these big players raise the awareness of the technology through such events before potential app launches thus driving market awareness and thereby the market.
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Augmented and virtual reality contact lens market Challenges
High costs
Quite expensive to use it in everyday life and it might be less accessible for small businesses. Advancements in technologies for better products raises its cost and thereby pose a challenge to market growth. Thus cost factor plays matters a lot for the market growth.
Augmented and virtual reality contact lens Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the augmented and virtual reality contact lens market. As of 2020, the market for augmented and virtual reality contact lens market is consolidated with the top players including Google, Sony, Samsung, Microsoft, Apple, Sensimed AG, Medella Health, Alcon, Ocumetrics Bionic Lens, Mojo Vision, others.
Acquisitions/Technology Launches/Partnerships
In January 2020, Mojo Vision reveals a smart contact lens with a tiny built-in display which allows to view images of augmented reality on a screen right in front of your eyeballs.
Key Takeaways
Virtual and augmented reality offers a cost-effective and secure teaching and capability creation approach as it replicates the individual situations through the application of computers. For instance, using an actual airplane to train a pilot in civil aviation or in military applications is more costly. Consequently this feature tends to boost the market growth.
APAC region is anticipated to dominate the global augmented and virtual reality contact lens market during the forecast period 2021-2026 owing to large number of population, growing needs among people, rising industrialization and others.
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