The augmented reality glasses market is forecast to experience an enormous growth of 20.1% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 13,922.2 million in 2023 and USD 87,165.4 million by 2033.
The demand for augmented reality glasses is expanding at an exponential rate. The introduction of consumer-friendly AR technology, such as Pokemon: Go and social media filters, propels the adoption of immersive technology among the general audience.
Industrial experts, engineers, and other professionals operating in complex environments have started relying on smart glasses to propel productivity and facilitate diverse tasks. The remote guidance solutions further offer a communications tool that empowers on-site teams to collab with dispersed managers and workers.
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Smart glasses are still perceived as a luxury item. Yet several firms are experimenting with fashionable, consumer-grade, and lightweight devices for consumers to utilize from anywhere across the globe.
Barring the initial expense of AR technology and solutions, AR glasses promise a massive return on investment. In an engineering environment, for instance, access to AR glasses is expected to assist professionals in resolving machines’ problems and lower maintenance costs. And all of this without having to incur expenses on travel to get the experts on-site.
Top Highlights from the FMI’s Analysis of the Augmented Reality Glasses Market:
- North America’s 31.6% market share in the augmented reality glasses industry reflects its matured state. Top players enjoy dominance in this market, whereas entrants might find challenges in establishing themselves.
- Within North America, the United States bags the major regional market share. Even internationally, the United States contributed to over 21.2% market share. The country offers promising grounds for companies due to increasing interest in owning AR technology and the high-income levels of the populace.
- Europe comes in second and has acquired a 22.8% value share. With a significant penetration of the market, Europe is predicted to offer lucrative opportunities for businesses to expand.
- Germany is always seen standing at the forefront of technological breakthroughs. With a stake of 8.9%, the country offers bright prospects for enterprises.
- With a predicted CAGR of 23.5% from 2023 to 2033, China offers promising grounds for established as well as up-and-coming young players in the market.
- India is a step behind China, with an estimated CAGR of 21.7%, reflecting the robust environment for entrepreneurs.
- Industrial purpose emerges as a significant application segment in 2022, with a market hold of 36.2%.
Leading Key Players:
- Microsoft Corporation
- SEIKO EPSON CORP.
- Laster Technologies
- Penny
- Sony Mobile Communications Inc.
- Recon Instruments
- LUMUS
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Any News for Product Development?
The market is substantially consolidated, with few big players competing for a larger market share. Google took solid steps to commercialize AR glasses. Initially, it launched Google Glass in 2012. Despite being heavy on the pocket, the brand pushed the sale of 2,000 pairs of AR glasses that were sold instantly. However, the availability of other devices equipped with prolonged battery life and quick processors increased the competition and left Google Glass with a drastically reduced consumer base. The launch was considered a flop.
The speculated release of Apples Glasses in the mid of the forecast period is expected to be an important development in the market. With the expected integration of smart features, the device is expected to intensify competition.
In 2022, Meta released its Ray-Ban Stories smart glasses. These glasses offer users an AR-lite experience for fundamental immersive content, social media tools, and shared experiences.
Augmented Reality Glasses Market Segmentation:
By application:
- Industrial purpose
- Healthcare purpose
- Military purpose
- Retail purpose
- Media, Games, and Entertainment purpose
- Sports purpose
- Others purpose
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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