Augmented and Virtual Reality Eyeglass Market Overview
Global AR and VR Eyeglass Market size is forecast to reach $3.9 billion by 2026, growing at a CAGR of 22.8% during the forecast period from 2021 to 2026. The AR and VR Eyeglass market is driven primarily by the factors such as increasing adoption from medical industry due to its demanding medical applications, rising usage of head-mounted displays for real time navigation in automotive sector, and this will drive the Augmented Reality and Virtual Reality Eyeglasses Industry. Moreover, rising technological growth such as incorporating smartphone and smart devices connectivity within the eyeglasses is also helping in boosting its market growth by higher adoption across various industries. High dependency towards cloud technology is also causing a positive impact on the market growth of AR and VR eyeglass industry. However, issues with Vergence Accommodation Conflict and limitations with optical tracking system will hinder market growth.
Augmented and Virtual Reality Eyeglass Market Segment Analysis – By Type
With rapid technology advancements and growing adoption towards augmented reality devices, augmented reality eye glasses have been facing huge dominance in the market during 2020 with 66.5% share. Augmented reality eyeglasses are being combined with innovative technologies like smart phone connectivity, which is further boosting its market growth. Moreover, augmented reality eyeglasses are facing high demands from major industry verticals due to higher efficiency and better features. The adoption of augmented reality eyeglasses to perform medical tasks like surgeries, disease detection, diagnose reports and many others have been rising across the medical industry. Due to its demanding medical applications causing medical treatment procedure improvements, medical sector has been contributing with major shares in the augmented and virtual reality eyeglass market. Usage of augmented reality glasses helps in improving as well increasing industrial workflows, with lesser chances of human error causing significant market growth.
Augmented and Virtual Reality Eyeglass 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 high market growth during the forecast period 2021-2026 at 38.5%. 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 and Virtual Reality Eyeglass Market Segment Analysis – By Geography
Asia Pacific is expected to have a major growth in the global augmented and virtual reality eyeglass market during the forecast period from 2021 to 2026 at 26.3% CAGR. The presence of some major players such as Sony Corporation, HTC Corporation and Seiko Epson Corporation has been helping the region to have a significant market growth. Increasing investments towards research and development activities and growing adoption towards augmented and virtual reality based devices have been also helping to propel the market demand in this region. Moreover, higher penetration of smartphones and rising demands across various industries are some of the factors driving the market growth.
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Augmented and Virtual Reality Eyeglass Market Drivers
Growing adoption from healthcare
Rising demands from healthcare sector has been causing higher adoption of augmented and virtual reality eyeglasses, thus acting as a major driver for significant market growth. Rapid technological advancements across medical sector has helped in raising the market demands towards augmented and virtual reality eyeglasses. Deployment of augmented and virtual reality eyeglasses by the doctors for treatments, diagnose, surgery and many other demanding applications is helping in improving the standards of medical treatment procedures. Moreover, usage of augmented and virtual reality eyeglasses helps in providing highly precised MRI, CT scan reports and helps doctors in better analysing of patient’s medical issues. These eyeglasses have been gaining much popularity in the market due to their capability of performing emergency surgeries more efficiently, thus saving time searching for patient’s medical records or files.
Rising technological growth
Rapid technological advancements are one of the major driving factors towards higher adoption of augmented and virtual reality eyeglasses in the market. Higher penetration of smartphones are also a major factor for growing market demands of augmented and virtual reality eyeglasses. Developments towards incorporating augmented and virtual reality with smartphones are causing major demands in this market by the end users. Smartphone connectivity help the users to access any data through their augmented and virtual reality glasses easily and more effectively. Moreover, such technology improvements provide customers to use augmented and virtual reality eyeglasses for gaming and entertainment purpose, due to connectivity with smartphones or smart devices. Technology growth due to increasing digitalization and dominance of augmented and virtual reality based devices are further helping in boosting its market growth.
Augmented and Virtual Reality Eyeglass Market Challenges
High costs
Higher costs due to implementation of advanced technologies are a major factor hampering the growth of augmented and virtual reality eyeglass market. Since its major deployments in demanding applications across various industry verticals, it faces huge demands in the market. Investments towards augmented and virtual reality eyeglasses by small sized industries have been facing slower growth due to its high affordability rates. Moreover, production costs of such eye glasses are generally higher due to its incorporated technology such as smartphones, smart devices and many others. Due to such technology combination, there is requirement for high level programming by developers with higher precision along with costly components, thus affecting its production cost. This ultimately hinders the market demands of augmented and virtual reality eyeglasses due to requirement of huge amount of investments, causing lesser adoption by the users.
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Augmented and Virtual Reality Eyeglass Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Augmented and Virtual Reality Eyeglass Market. The major key players in the Augmented and Virtual Reality Eyeglass Market include Samsung Electronics Co. Ltd., Google, Microsoft Corporation, Sony Corporation, Seiko Epson Corporation, HTC Corporation, Vuzix, Optinvent, Everysight Ltd. and Magic Leap.
Partnerships/Product Launches/Acquisition
In September 2019, Amazon had announced the launch of smart glasses named Echo Frames with support of Alexa voice assistant. The glass frames are equipped with a set of four tiny speakers and a pair of beam forcing microphones. These smart glasses are capable of providing notifications from a connected phone, which can be listened by the users through swiping of the inbuilt touchpad on right arm of the frames. Moreover, its setup with Alexa helps the users to perform tasks such as setting reminders, scheduling appointments, along with news or direction details.In May 2019, Epson had announced launch of a new pair of augmented reality glasses named Moverio BT-30C glasses with connection support of Android smartphones and Windows PC. The BT-30C glasses weigh about 95 grams and are not technically sophisticated as HoloLens or Magic Leap ones. These glasses provide better fit options for small heads compared to Epson’s old glasses. Moverio BT-30C glasses pin screens in mid air and allows control with phone.
Key Takeaways
Augmented reality glasses have been facing high dominance in the augmented and virtual reality eyeglass market owing to the high deployments in medical applications.
Sony Corporation and Seiko Epson Corporation are some of the key players who have helped APAC region towards significant market growth of augmented and virtual reality eyeglass.
Rising adoption from healthcare sector along with growing technology advancements are some of the major driving factors affecting the growth of augmented and virtual reality eyeglass market.
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