Global Smart Augmented Reality (AR) Glasses Market to Reach 8.7 Million Units by 2026

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Jun 03, 2022, 11:00 ET

SAN FRANCISCO, June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Augmented Reality (AR) Glasses - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Smart Augmented Reality (AR) Glasses Market to Reach 8.7 Million Units by 2026

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Edition: 20; Released: March 2022
Executive Pool: 14002
Companies: 74 - Players covered include Atheer, Inc.; Avegant Corp.; C Wear Technologies AB; Epson America, Inc.; Everysight Ltd.; Google Inc.; LAFORGE Optical Inc.; Lumus Ltd.; Magic Leap, Inc.; Microsoft Corporation; NVIS, Inc.; Optinvent SA; Ricoh Company, Ltd.; Samsung Group; Tobii AB; Upskill; Vuzix Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Simple Assisted Reality Glasses, MR Holographic Displays, Smart Helmets); Application (Enterprises, Individual Consumers)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-
Amid the COVID-19 crisis, the global market for Smart Augmented Reality (AR) Glasses estimated at 721Thousand Units in the year 2022, is projected to reach a revised size of 8.7 Million Units by 2026, growing at a CAGR of 80.3% over the analysis period. Simple Assisted Reality Glasses, one of the segments analyzed in the report, is projected to grow at a 76.9% CAGR, while growth in the MR Holographic Displays segment is readjusted to a revised 88.4% CAGR for the next 7-year period. Smart AR glasses are poised to gain considerably from ongoing efforts by companies to make the technology user-friendly, more integrated and affordable. These devices are garnering notable attention from organizations owing to their compelling advantages. While the general public is likely to take some time to embrace the technology, smart glasses are witnessing rising acceptance across different areas. Smart glasses are anticipated to provide the hands-free workforce with quick access to desirable information onto their field of view. The technology is expected to improve maintenance and quality control while allowing reliable and faster decision. In addition, companies are expected to rely more on the technology for their training needs and remote collaboration requirements. These benefits are driving adoption of smart glasses across different domains including construction sites, organizations, facilities and warehouses.

The technology has also garnered significant attention from major companies like Facebook, Apple and Samsung that are working on smart AR glasses. Smart glasses represent advanced eyewear that is intended to layer information and data onto the field of view of a user. Starting their journey as front-end displays, these glasses have evolved significantly over years in terms of functionality and sophistication. In contrast to VR headsets that deliver a fully-immersive experience, these glasses simultaneously provide users with a sense of digital and physical worlds for a natural experience. Leveraging various components like augmented reality (AR), optical head-mounted displays and heads-up displays, these glasses hold significant potential for a number of use cases across industries.

Smart AR glasses are typically heads-up displays in the form of specialized eyewear. Form factors of smart AR glasses range from simple assisted reality glasses to MR Holographic Displays. A large percentage of smart AR glasses available in the market utilize monocular optics. Smart glasses can be operated much more easily than hand-held devices like smartphones, and feature a self-contained computing platform capable of running apps. Smart AR glasses over the years have evolved to now even include complex holographic display technologies providing for a more immersive experience. The single most important factor that gives smart AR glasses a major advantage over other AR devices such as handheld and head mounted units, is the flexibility, mobility and convenience offered. These smart glasses refer to wearable electronics which perform as an interface between computers and humans. The glasses include various features which would enable users to review information appropriate to their surroundings. AR/VR smart glass technology is experiencing increasing adoption in various sectors such as field service, logistics, manufacturing, operation, and inspection. Most big industrial organizations are said to be employing smart glasses in their operations. Capable of offering extreme mobility coupled with unique, high-end experience of an augmented and enriched physical world, smart AR glasses are forecast to find myriad new application possibilities in the coming years. Strong growth is projected over the medium to long-term period with market participants focusing squarely on research and development to break into new application areas and possibilities. With technology know-how among consumers particularly in developing markets continuing to be low, companies are investing in increased promotional efforts in a bid to spread awareness and increase adoption.

AR/VR smart glasses have the capability to improve and also take the place of current technology solutions in supply chains. Organizations using AR wearable electronics are showing applications that result in improvements in productivity, efficiency, and also compliance. The market is expected to gain from the developments in machine vision and AI and also analytics and big data. Object and face tracking enhancements, voice recognition and other capabilities will augment the adoption of AR and VR. In collaboration with the Luxottica brand of Ray-Ban, Facebook is expected to introduce AR smart glasses. Similarly, smart specs of Amazon are likely to become commercially available in the forthcoming years. The frames would include a mic and 4D speakers that enable the user to communicate with Alexa.

The AR/VR smart glasses market is also expected to gain from the Industry 4.0 and the growing interest in AR/VR technology among gamers. Video games is a key application area for virtual and augmented reality technology. The growing number of gamers globally and the strong adoption of VR and AR-based games is boding well for the market. Also, the implementation of 5G technology and increasing digitization are likely to drive gains in the market. But the significant costs of the smart glasses and poor R&D investments are likely to hamper market growth. The software, hardware, and maintenance that are required for smart glasses have a high cost. Further, the app that is required to be used for obtaining logs and information augments the cost of the glasses. The market has also been adversely impacted by the COVID-19 crisis due to the widespread implementation of lockdowns and deceleration or stoppage of industrial activity.

Phenomenal developments in mobile internet supported by 4G-LTE/5G and Wi-Fi technologies, will especially boost use of smart AR Glasses in coming years. Need for high speed mobile Internet data connectivity for Smart AR Glasses especially are leading to close alliance of Smart AR Glasses vendors and mobile Internet service providers. Developments in the smart AR glasses market will be ably supported by path-breaking activity in the mobile apps dedicated to serve the smart glasses concept. Few of the major technologies that will play instrumental roles in shaping the future of SARGs include Optics, 3D, motion control, and artificial intelligence.

The AR smart glasses market is poised to benefit from continuous advancements in the fields of machine vision and artificial intelligence (AI) along with big data and analytics. Advancements in the areas of voice recognition for input, facial and object tracking, and others will also spur growth opportunities in the market.

Development efforts are also on to use emotion detection technology to enable prediction of behavior patterns. While smart AR glasses are likely to gain significant attention from businesses due to associated benefits, there are certain challenges that need to be addressed by companies to ensure broader acceptance of these devices. The general public is expected to wait for a relatively long period to leverage the technology. In order to attain mass-market use, companies offering smart glasses are required to achieve a perfect balance of functionality, wearability and affordability. Achieving the desirable functionality is a challenging task as it requires incorporation of a large number of parts and components into a compact, wearable footprint. The functionality demands integration of cameras to provide physical location data, displays that can properly show the information, computer vision AI to identify objects, processors to run displays, and power supply. Mass adoption of these devices is bound to depend heavily on comfortable designs and cooling approaches to compensate for advanced computation. More

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