AR and VR Smart Glasses Market worth USD 33,158.70 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "AR and VR Smart Glasses Market by Type (Optical See-Through and Video See-Through), by End User (Gaming Industry, Healthcare, Media & Entertainment, Aerospace & Defense and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global AR and VR smart glasses market was valued at USD 11,323.00 million in 2020 to USD 33,158.70 million by 2027, at a CAGR of 16.6% from 2021 to 2027. Innovations have added 360-degree views of more realistic environments and haptic feedback through controls in gaming via AR/VR technology. Pokémon Go is the strongest AR gaming experience, bringing Pokémon into the real world. The technology is expected to bring new gamers to the market as it was easy for any smartphone user to download the free app and start playing the game. Smart glasses present endless ways to improve AR gaming drastically. Increasing demand for the smartphone has evolved the gaming industry, thereby boosting the AR/VR technology and the market.

Global AR and VR Smart Glasses Market Segmentation

The AR and VR smart glasses market has been segmented into type, end user, and region.

• By Type (Optical See-Through and Video See-Through)
• By End User (Gaming Industry, Healthcare, Media & Entertainment, Aerospace & Defense and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Gaming Industry, by the end user, is estimated to hold the largest market share during the forecast period

Based on the end user, the global AR and VR smart glasses market has been segmented into the gaming industry, healthcare, media & entertainment, aerospace & defense, and others. In 2020, the gaming industry accounted for the largest market share of 41.2% in the global AR and VR smart glasses market and had a CAGR of 14.60% during the forecast period.

The gaming industry segment includes electronic games that are developed by using augmented and virtual reality technologies. AR/VR allows the player to experience the real-world gaming environment through the digital platform. Continuous advancement in technology increased penetration of mobile devices & gaming consoles, and significant expansion in the gamer’s community is projected to drive the segment growth during the forecast period. The increase in penetration of AR/VR smart glasses in consumer electronic products is fueled by the highly competitive consumer electronics market, where players focus on upgrading their products such as smartphones, laptops, and digital recorders. Microgravity has launched a new gaming facility in Gurugram (India) based on AR and VR.

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Asia Pacific accounts for the largest market share during the forecast period in the AR and VR smart glasses market

Based on the regions, the global AR and VR smart glasses market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 50.4% in the global AR and VR smart glasses market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

In the Asia Pacific, China had the largest market revenue share of 24.94% in 2020.  In China, the market in the country is projected to expand at the highest CAGR during the forecast period due to the growing popularity of augmented and virtual reality-based solutions in various end user verticals. Japan was the second-highest revenue contributor in the overall Asia-Pacific region and is projected to hold its position during the forecast period, owing to continuous advancement in technologies and an increase in consumers’ inclination toward augmented and virtual reality-based solutions and services.

Some of the major companies that operate in the global AR and VR smart glasses market are Avegant Corp, Epson Pvt Ltd, Everysight Ltd, Kopin Corporation, Lumus Ltd, Optinvent, Realwear Inc, Ricoh Company Ltd, Royale Corporation, and Vuzix Corporation.

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