Augmented Reality Glasses Market

Global Augmented Reality Glasses Market Research Report: By Type (Speech Recognition, Gesture Recognition, Eye Tracking, Others), By Application (Retail, Media, Games and Entertainment, Sports, Others) , and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

ICT & Media | December 2023 | Report ID: EMR00304 | Pages: 301

The global augmented reality glasses market was valued at USD 12.45 billion in 2022 and is estimated to reach approximately USD 68.75 billion by 2031, at a CAGR of 20.9% from 2023 to 2031.

 

When augmented reality (AR) glasses first hit the market, they were a game-changer for how people interacted with digital content and their environment. These stylish, cutting-edge gadgets superimpose computer-generated content onto the user's field of vision, fusing the virtual and physical worlds together. Augmented reality glasses saw a gradual transformation from their bulky prototypes to more streamlined and user-friendly designs after being first presented as niche items in the early 2010s. With the goal of bridging the gap between technology and everyday life, they entered the market with an immersive experience that allowed users to receive real-time information, boost productivity, and enjoy richer entertainment. Businesses that have entered this market include Google, Microsoft, and a number of startups that are all vying to achieve the ideal harmony between comfort, usefulness, and design. AR glasses are being used in a wide range of industries, including gaming, entertainment, healthcare, education, and business. Concerns about privacy, usability, and cost first greeted AR glasses with some skepticism, but advances in downsizing, optics, and software have helped them become more widely accepted. With so much promise to change the way we work, study, and play, augmented reality (AR) technologies are attracting a lot of attention and investment. The market for AR glasses is still growing as these gadgets develop, offering the possibility of a time when digital and real-world experiences would seamlessly blend to improve human life.

 

 

 

AUGMENTED REALITY GLASSES MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

12.45 Bn

Projected Market Value (2031)

68.75 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Application, & Region

Segments Covered

By Type, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Augmented Reality Glasses Market Dynamics

AR glasses were once viewed with suspicion and curiosity, but they have come a long way from being early adopter toys to becoming more sophisticated and functional gadgets. Technological developments that have influenced market dynamics and stimulated customer interest and adoption include better display quality, more powerful processors, and more compact designs. The dynamics of the AR glass market also depend on the many industrial applications. Among other industries, these glasses are popular in gaming, healthcare, education, manufacturing, and retail. Their solutions span from enhanced training simulations for multiple professions to hands-free support for surgeons and immersive gaming experiences. Furthermore, partnerships between industry participants, startups, and tech behemoths have molded the market environment, encouraging creativity and broadening the potential applications of AR glasses. Manufacturers are still being driven to improve the designs and functionality of their products by consumer preferences for more fashionable, comfortable, and reasonably priced technology. There are still issues to deal with, such privacy concerns, social acceptance, and the demand for interesting information. However, a bright future for AR glasses appears to be ahead of us, as they are poised to become increasingly integrated into daily life and a variety of businesses, thanks to ongoing developments in hardware and software capabilities as well as a greater awareness of user demands.

 

Global Augmented Reality Glasses Market Drivers

  • Rising Consumer Demand

One major factor driving the augmented reality (AR) glasses market's exponential rise is rising customer demand. A confluence of factors that are in line with changing consumer preferences and technology improvements is driving this spike in demand. First of all, there's a growing desire for technology and everyday life to be seamlessly integrated. Immersion experiences that enhance reality and provide ease and interaction without impeding mobility are what consumers are looking for. By enabling hands-free access to information, entertainment, and utilities, augmented reality glasses satisfy this need and precisely suit the needs of today's consumers seeking multitasking ease. The development of wearable technology has prepared customers for novel solutions that go beyond devices. With the promise of a new method to interact with and interpret digital content in the real world, augmented reality glasses are a significant advancement. In addition, the increasing sway of tech-savvy generations feeds curiosity and interest in state-of-the-art equipment, which in turn drives up demand for AR glasses. Customer demand for these glasses is increasing as they become more fashionable, useful, and user-friendly. This is pushing producers to innovate and meet the growing demand, which will eventually lead to widespread adoption and integration into daily life.

  • Technological Advancements

 The key driver driving the augmented reality (AR) glasses market into an unparalleled period of growth and innovation is technological improvements. These improvements cover a wide range of innovations in the fields of optics, sensors, display technology, and processing power for AR glasses. AR glasses can produce immersive, high-resolution experiences, bridging the gap between the digital and real worlds with improved visual fidelity because to advancements in optics and display technologies. Simultaneously, advances in downsizing and sensors result in sleeker, more ergonomic designs that maintain robust functionality without sacrificing user comfort. In addition, the exponential increase in processing power makes it possible to render complicated augmented material in real-time with ease, greatly improving user experiences.  These technical advancements not only improve the functionality and performance of AR glasses, but they also lower their price, increasing their accessibility to a wider range of users. As these developments progress, they serve as the cornerstone for creativity, empowering creators and producers to push the envelope of what AR glasses can accomplish and guaranteeing their future as essential tools for a variety of sectors and daily life.

 

Restraints:

  • High Cost of Development and Manufacturing

The high cost of manufacture is mostly due to the intricacy of AR glasses technology, which includes complicated parts such as premium displays, specialist sensors, accurate optics, and sophisticated processing units. Furthermore, the requirement for compact designs and downsizing drives up manufacturing costs by requiring specialized materials and manufacturing techniques. All of these things work together to raise the initial selling price of AR glasses, making them seem like speciality or luxury goods and making them less affordable for a larger range of consumers. Furthermore, a large portion of the total costs are attributed to the research and development activities necessary to improve these technologies and solve issues like battery life, weight distribution, and ergonomic design. For many consumers, this high price acts as a barrier to access, particularly in a market where value and affordability are important factors in acceptance.

 

  • Limited Content and Applications

Even with the advances in AR hardware technology, there is still a dearth of interesting and varied content made especially for AR glasses. Due to their scarcity, users are unable to fully utilize these gadgets while they search for useful and entertaining apps that fit in with their everyday routines. In addition, the creation of augmented reality content necessitates certain knowledge and resources, making it difficult for content producers to satisfy the expectations of consumers for diverse and superior experiences. AR glasses' commercial growth and user acceptance are limited by the absence of a strong ecosystem that provides a broad range of services and applications specifically designed for them. Additionally, the perceived worth and usefulness of AR glasses are restricted without a compelling array of material from many industries, such as entertainment, education, healthcare, and manufacturing, which makes it more difficult for them to become widely used gadgets. To unlock the full potential of AR glasses, developers, content providers, and industry stakeholders must work together to increase and diversify the content that is now accessible. This will enable a wider range of user demands and preferences to be satisfied.

 

Opportunities:

  • Expanded Industrial Applications

With the introduction of AR glasses, several industries, including manufacturing, logistics, healthcare, and maintenance, are undergoing a radical change. These gadgets help surgeons perform precision surgeries and enhance patient outcomes by giving them instant access to vital patient data. AR glasses also make it easier for medical workers to train through simulations, conduct remote consultations, and provide assistive devices for patients with disabilities. Similar to this, AR glasses improve accuracy and productivity in manufacturing and logistics by streamlining operations with hands-free access to schematics, manuals, and real-time data visualization. Using these gadgets, engineers and technicians can efficiently complete maintenance chores by superimposing step-by-step instructions onto their field of vision. Additionally, the immersive quality of AR glasses makes it possible to improve training simulations, which lowers errors and boosts proficiency in a variety of industries.  The growth of industrial applications heralds a future in which augmented reality glasses alter the way work is done across several industries, producing safer, more efficient, and digitally linked settings. It also opens up new avenues for creativity.

  • Evolving Entertainment and Gaming Experiences

By seamlessly merging the virtual and real worlds, augmented reality glasses provide access to a whole new universe of immersive entertainment. These glasses bring dynamic and interactive experiences to the gaming industry by letting players engage with digital components superimposed on top of their actual surroundings. This makes it possible to create immersive gaming experiences that go beyond the constraints of conventional screens and controls by allowing users to interact and move in real life with virtual items or characters. Furthermore, by using actual environments as the backdrop for virtual adventures, augmented reality glasses provide chances for outdoor or location-based gaming experiences. AR glasses are revolutionizing entertainment beyond gaming by providing immersive storytelling experiences. Interactive narratives and material can be enjoyed by users by superimposing them over their surroundings, turning commonplace spaces into engaging and dynamic experiences. The progression of entertainment also reaches live events, where AR glasses augment the viewing experience by offering interactive components or real-time information overlays during sporting events, concerts, and other events. AR glasses have the potential to become essential tools that completely change how people interact with digital content in their daily lives and consume entertainment as long as content producers and creators keep innovating.

 

Segment Overview

By Type

Based on type, the global augmented reality glasses market is divided into speech recognition, gesture recognition, eye tracking, others. AR glasses equipped with speech recognition technology allow users to control and interact with the device through voice commands. Users can give verbal instructions to navigate menus, access information, launch applications, or perform various tasks without physically touching the glasses. This technology leverages natural language processing to understand and execute user commands, enhancing hands-free usability and accessibility. Gesture recognition in AR glasses enables users to interact with the device by making hand or finger movements. This technology interprets specific gestures as commands, allowing users to navigate interfaces, select options, manipulate virtual objects, or trigger actions. Gesture recognition fosters intuitive and immersive interactions, enabling users to engage with digital content in a more tactile and interactive manner. AR glasses integrated with eye-tracking technology monitor and analyze the user's eye movements and gaze direction. This feature enables various functionalities such as automatic focusing on objects of interest, adjusting display content based on where the user is looking, or enabling hands-free scrolling and navigation by tracking eye movements.

 

By Application

Based on the application, the global augmented reality glasses market is categorized into retail, media, games and entertainment, sports, others. The games and entertainment category leads the global augmented reality glasses market with the largest revenue share in 2022. AR glasses redefine gaming experiences by blending the virtual and physical worlds. Users engage in interactive gameplay where digital elements are overlaid onto their real environment. These glasses offer location-based gaming experiences, turning the real world into a gaming arena, offering immersive and dynamic gameplay. Where, AR glasses in the retail sector offer transformative experiences, enhancing the way consumers shop and engage with products. They enable virtual try-on experiences for clothing, accessories, or cosmetics, allowing customers to visualize products before purchasing. Additionally, AR glasses can provide in-store navigation, product information overlays, and personalized recommendations, creating immersive and interactive shopping experiences. AR glasses revolutionize how individuals consume and interact with media content. They offer immersive storytelling experiences, where digital content overlays the user's physical environment, enhancing movies, interactive books, or art exhibitions. Moreover, AR glasses in media facilitate location-based AR experiences, merging digital content with real-world settings for captivating storytelling and entertainment. In the sports industry, AR glasses introduce new ways to enhance training, performance analysis, and fan engagement. Athletes can use AR glasses for data visualization, real-time performance analysis, and skill enhancement. For spectators, AR glasses offer enriched viewing experiences, providing real-time stats, player information, and interactive elements during live events.

 

Global Augmented Reality Glasses Market Overview by Region

The global augmented reality glasses market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2022. With a thriving IT sector, the area is home to several tech giants, cutting-edge startups, and research institutes specializing in augmented reality development. These organizations continuously push AR glass technology forward, creating an environment that is conducive to both innovation and uptake. In addition, North America has a tech-savvy consumer population that is ready to adopt cutting-edge products and a strong tendency towards early acceptance of new technology. North America is leading the way in the market penetration of AR glasses due to its inclination towards innovation and early acceptance. Furthermore, there are plenty of potential for AR glasses to change a variety of industries thanks to the region's broad business landscape, which includes retail, entertainment, healthcare, gaming, and more.  The existence of sectors eager to use augmented reality (AR) technology for better training simulations, customer experiences, and operational efficiency further bolsters North America's leadership in the adoption of AR glasses. Moreover, IT firms, content creators, and industry participants in North America can collaborate strategically to promote innovation and generate synergies that propel market expansion. Together, these elements solidify North America's position as a key center for the development, adoption, and integration of AR glasses across several industries, solidifying its leadership in this game-changing technology.

 

 

 

Global Augmented Reality Glasses Market Competitive Landscape

In the global augmented reality glasses market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global augmented reality glasses market include Laster Technologies, Penny, Vuzix, Epson, Microsoft Corporation, LUMUS, Google, JINS Inc, Sony, Recon Instruments, Magic Leap Lightwear, and various other key players.

 

Global Augmented Reality Glasses Market Recent Developments

In September 2021, A cooperation between WPP and Snap Inc. was announced to investigate AR technologies and create more sophisticated immersive experiences for users. There is a lot of potential for this partnership, especially since the Snap.

 

 

Augmented Reality Glasses Market Report Segmentation

ATTRIBUTE

DETAILS

By Type

  • Speech Recognition
  • Gesture Recognition
  • Eye Tracking
  • Others

By Application

  • Retail
  • Media
  • Games and Entertainment
  • Sports
  • Others

 

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Augmented Reality Glasses Market Size and Forecast:

To identify and estimate the market size for the global augmented reality glasses market segmented by type, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of augmented reality glasses between 2019 and 2031.

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global augmented reality glasses market

  • Market Influencing Factors:

To find out the factors which are affecting the sales of augmented reality glasses among consumers

  • Impact of COVID-19:

To identify and understand the various factors involved in the global augmented reality glasses market affected by the pandemic

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Tech Enthusiasts and Early Adopters
  • Consumers
  • Businesses and Industry Professionals
  • Developers and Innovators
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global augmented reality glasses market forecast period is 2023 - 2031.
According to augmented reality glasses market research, the market is expected to grow at a CAGR of ~20.9% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2023 - 2031.
North America held the largest share in 2022.
The major players operating in the global augmented reality glasses market include Laster Technologies, Penny, Vuzix, Epson, Microsoft Corporation, LUMUS, Google, JINS Inc, Sony, Recon Instruments, Magic Leap Lightwear ,and various others.