Augmented Reality (AR) and Virtual Reality (VR) smart glasses are innovative wearable technologies that overlay digital information onto the physical world or create a completely immersive virtual experience for the user. These devices are utilized by a diverse range of users, including consumers seeking entertainment or personal fitness solutions, professionals and enterprises looking for productivity enhancements and sectors such as education, healthcare, military and defense for specialized applications.
The AR and VR smart glasses market consists of sales, by entities (organizations, sole traders or partnerships), of AR and VR smart glasses that are used in various settings, from casual, everyday environments to professional and industrial applications, depending on their design and intended purpose.
The global AR and VR smart glasses market was valued at $7,100.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 17.0%.
Rise In Deployment Of 5G Networks
During the historic period, the AR and VR smart glasses market was driven by the increased deployment of 5G networks. The emergence of 5G technology facilitated faster data transfer rates, lower latency and higher bandwidth, which were crucial for delivering seamless and immersive AR/VR experiences. With 5G networks, users could access and stream high-definition content in real-time, enabling more immersive virtual experiences on smart glasses. For example, according to the Connected Nations 2021 Report, an annual report that tracks the UK's progress in the availability of broadband and mobile services published by the Office of Communications (Ofcom), a UK-based government-approved regulatory and competition authority, 5G network investment in the UK was £330 million ($419.33 million) in 2020, an increase of over £150 million ($190.62 million) (88%) in 2019. Therefore, growth in the deployment of 5G networks supported the growth of the AR and VR smart glasses market.
Development Of Next-Generation Smart Glasses Chips For Enhanced Performance
Companies operating in the AR and VR smart glasses market are focusing on the development of next-generation smart glasses chips for enhanced performance, power efficiency and functionality in smart glasses. The next-gen smart glasses chips integrate high-resolution displays, advanced sensors, efficient processors and connectivity for immersive AR/VR experiences, prioritizing performance, power efficiency and functionality. For instance, in November 2023, MediaTek Inc., a Taiwan-based fabless semiconductor company that provides chips for wireless communications, announced a collaboration with Meta Platforms, Inc., a US-based technology company, to develop its next-generation smart glasses chip for AR smart glasses. With this collaboration, MediaTek and Meta will work together to co-develop silicon designed for augmented reality (AR) use cases and glasses. MediaTek contributes experience in creating high-performance, low-power SoCs (system on chips) that can squeeze into tiny spaces, such as the frame of an AR goggle.
The global AR and VR smart glasses market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 25.82% of the total market in 2022.
AR And VR Smart Glasses Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global AR and VR smart glasses market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for AR and VR smart glasses? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AR and VR smart glasses market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider AR and VR smart glasses market; and compares it with other markets.
The report covers the following chapters
Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by glass type, by application (AR smart glasses), by device type, by product, by end-use and by application.
Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the AR and VR smart glasses market.
Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by glass type, by application (AR smart glasses), by device type, by product, by end-use and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size And Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
Competitive Dashboard - Briefs on competitive dashboard of major players.
Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations - This section includes recommendations for AR and VR smart glasses providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Type: Optical See Through; Video See Through
2) By Glass Type: AR Smart Glasses; VR Smart Glasses
3) By End-Use: Gaming Industry; Healthcare; Education; Military And Defense; Other End Users
4) By Application (AR Smart Glasses): Gaming; Fitness; Education; Travel; Other Consumer Uses; Enterprise Use
5) By Product: Integrated Smart Glasses; External Smart Glasses
6) By Device Type: Binocular; Monocular
7) By Application: Audio; AI Assistant; Wellness; Other Applications
Companies Mentioned: Meta Platforms Inc.; Microsoft Corporation; Seiko Epson Corporation; Samsung Electronics Co. Ltd; Rokid AI
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; AR and VR smart glasses indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Table of Contents
1 Executive Summary
1.1 AR And VR Smart Glasses - Market Attractiveness And Macro economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 AR And VR Smart Glasses Market Definition And Segmentations
6.4 Market Segmentation By Type
6.4.1 Optical See Through
6.4.2 Video See Through
6.5 Market Segmentation By Glass Type
6.5.1 AR Smart Glasses
6.5.2 VR Smart Glasses
6.6 AR Smart Glasses Market Segmentation By Application
6.6.1 Gaming
6.6.2 Fitness
6.6.3 Education
6.6.4 Travel
6.6.5 Other Consumer Uses
6.6.6 Enterprise Use
6.7 Market Segmentation By Device Type
6.7.1 Binocular
6.7.2 Monocular
6.8 Market Segmentation By Product
6.8.1 Integrated Smart Glasses
6.8.2 External Smart Glasses
6.9 Market Segmentation By End Use
6.9.1 Gaming Industry
6.9.2 Healthcare
6.9.3 Education
6.9.4 Military and Defense
6.9.5 Other End Users
6.10 Market Segmentation By Application
6.10.1 Audio
6.10.2 AI Assistant
6.10.3 Wellness
6.10.4 Other Applications
7 Major Market Trends
7.1 Development Of Next-Generation Smart Glasses Chips For Enhanced Performance
7.2 Smart Glasses Combined With Liquid Crystal On Silicon (LCOS) Panels To Enhance Display Quality
7.3 Integration Of Head-Tracking Systems With Smart Glasses For Seamless And Immersive Experience
7.4 Strategic Partnerships And Collaborations Among Market Players
8 AR And VR Smart Glasses Market - Macro Economic Scenario
8.1 COVID-19 Impact On The AR And VR Smart Glasses Market
8.2 Impact Of The War In Ukraine On The AR And VR Smart Glasses Market
8.3 Impact Of High Inflation On The AR And VR Smart Glasses Market
9 Global Market Size And Growth
9.1 Market Size
9.2 Historic Market Growth, 2018 - 2023, Value ($ Million)