The global augmented reality for retail market is predicted to be valued approximately US$ 2.36 billion in 2022 and to rise at an astounding CAGR of approximately 43% to 46% during the forecast period, totaling approximately US$ 23.0 billion by the end of 2032. Market expansion is being driven by increased adoption of cutting-edge technologies such as augmented reality by retail enterprises such as specialised stores, malls, supermarkets, department stores, and others.
The increased adoption of virtual reality and augmented reality across various application led to increase the demand for augmented reality in variety devices. Its recent implementation is observed in glasses with the introduction of augmented reality glasses.
Augmented reality glasses enables information about the user’s environment displayed in front of his/her eyes on his/her glasses. In addition to this, augmented reality glasses effectively superimposes the virtual objects on to the real world. Smart augmented reality glasses enables efficient interactions with holographic objects, as well, because of the presence of sensors and position trackers.
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Innovations in augmented reality glasses has led to the introduction of mixed reality glasses comprising of enhanced functions. Augmented reality glasses are still in its development stage as new innovations and implementations are done on the same with the advancements in technology and availability of resources. In spite of this, augmented reality glasses have found its applications in industries such as healthcare, military, retail, real estate etc.
Augmented Reality Glasses Market: Drivers and Restraints
The primary driver for augmented reality glasses is the increasing adoption and implementation of augmented reality and virtual reality causing transition towards digitalization. Additionally, increasing adoption of smart phones & tablets and increasing penetration of internet also drives the market of augmented reality glasses.
The decline in the average price of augmented reality glasses is also a factor contributing towards the growth of augmented reality glasses. Factors such as rising demand in healthcare & military, location based search and gaming applications, furthermore, drive the augmented reality market.
As augmented reality glasses are still in its development stage, henceforth, the major factor restraining the growth of augmented reality glasses market is its lack of awareness. In addition to this, augmented reality glass’s high cost, in spite of the decline in prices, also impedes its growth and adoption rate.
Global Augmented Reality Glasses Market Technology Trends
The recent trend governing the growth of augmented reality glasses market is its transition into mixed reality glasses with new technological implementations such as position tracking and presence of depth sensors.
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Global Augmented Reality Glasses Market Regional Overview
North America is the most dominant region in the global augmented reality glasses market. North America is followed by Europe as there is an increase observed in awareness amongst users, about augmented reality glasses.APAC is expected to grow at the fastest rate with the penetration of internet, increased awareness and increasing adoption of smart phones and tablets.
Global Augmented Reality Glasses Competitive Landscape
In February 2017, Toshiba Corporation partnered with Vuzix Corporatin. The partnership aimed at the development of a smart augmented reality glasses, enabling augmented reality to its users. Some of the major global augmented reality glasses market players include Microsoft Corporation, Google, SEIKO EPSON CORP., Laster Technologies, Penny, Sony Mobile Communications Inc., Recon Instruments, LUMUS.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
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Key Segments Profiled in the Augmented Reality for Retail Industry Survey
By Retail Type:
- Furniture
- Apparel
- Groceries
- Footwear
- Cosmetics
- Jewelry
- Others
By Component:
- Hardware
- Software
By Application:
- Malls
- Specialty Stores
- Supermarkets
- Department Stores
- e-Commerce
- Others
By Business Size:
- Large Retailers
- Medium Retailers
- Small Retailers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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