Global Smart Glasses For Augmented Reality Technologies Market Size By Product (Monocular Smart Glasses, Binocular Smart Glasses), By Application (Manufacturing, Healthcare), By Geographic Scope And Forecast

Smart Glasses For Augmented Reality Technologies Market Size And Forecast

Smart Glasses For Augmented Reality Technologies Market size was valued at USD 12.18 Billion in 2022 and is expected to reach USD 44.17 Billion by 2030, expanding at a CAGR of 15.39% from 2023 to 2030.

The growing demand for smart technologies for security reasons in military & defense operations and support of GPS, Wi-Fi & Bluetooth to send audio as well as video files is likely to drive the market during the forecasted years. The Global Smart Glasses For Augmented Reality Technologies Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Smart Glasses For Augmented Reality Technologies Market Definition

Smart glasses for augmented reality are glasses that can change their optical properties at runtime. Augmented reality overlay is used to superimpose the information on a field of view. They allow users to see better with it and they also can reflect projected digital images. Some smart glasses can communicate with the internet via voice commands while some use touch buttons for the same. They can collect information from external or internal sensors.

Smart glasses can retrieve or collect data from other computers or instruments. They support various technologies like GPS, Wi-Fi, and Bluetooth. Video and audio files are sent to the user via Wi-Fi or Bluetooth headset using a small number of models that run a mobile operating system and function as portable media players. Some of the smart glasses also have activity tracker functionality features.

Global Smart Glasses For Augmented Reality Technologies Market Overview

The growing demand for smart technologies for security reasons in military & defense operations is likely to drive the market during the forecasted years. Support of GPS, Wi-Fi, and Bluetooth to send audio, as well as video files, can be helpful in healthcare, manufacturing, and construction & architecture fields. Smart glasses improve safety, reduce quality defects & rework, and increase productivity in warehouse and logistics. The market is expected to expand in the next years. Some constraints and problems may stymie market expansion. The higher cost of smart glasses for augmented reality may act as a market impediment.

Global Smart Glasses For Augmented Reality Technologies Market Segmentation Analysis

The Global Smart Glasses For Augmented Reality Technologies Market is segmented on the basis of Product, Application, And Geography.

Smart Glasses For Augmented Reality Technologies Market, By Product

• Monocular Smart Glasses
• Binocular Smart Glasses

Based on Product, the market is segmented into Monocular Smart Glasses and Binocular Smart Glasses. Both Monocular Smart Glasses and Binocular Smart Glasses are predicted to grow owing to the various benefits provided by them in a wide range of industry applications.

Smart Glasses For Augmented Reality Technologies Market, By Application

• Construction & Architecture
• Healthcare
• Manufacturing
• Warehouse and Logistics
• Military & Defense
• Others

Based on Application, the market is segmented into Construction & Architecture, Healthcare, Manufacturing, Warehouse and Logistics, Military & Defense, and Others. Military & Defense is predicted to hold the most significant CAGR in the forecasted period due to the urgency of required information in time to carry out important military operations while hands are busy holding military equipment.

Smart Glasses For Augmented Reality Technologies Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Geography, the Global Smart Glasses For Augmented Reality Technologies Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American region is expected to hold the largest market share in the forecast period. to Usage of smart glasses in a variety of industries such as healthcare, manufacturing, military & defense, construction & architecture, and others all over the globe are expected to fuel the market.

Key Players

The “Global Smart Glasses For Augmented Reality Technologies Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Google, Sony, Epson, Microsoft, Qualcomm, Toshiba, Vuzix, Recon, CastAR, APX, Lumus, AltoTech, Penny, ODG, and Recon. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally. 

Key Developments

• In July 2021, Samsung Electronics America Inc. partnered with the GBL Systems Corporation in order to deploy the 5G testbeds for augmented reality in the U.S. Army military bases. The partnership is going to help the U.S. Army in training and mission planning.
• In July 2021, Matterport, Inc. partnered with the PTC. Inc. so that together they will enable the customers in order to create an AR experience for large spaces by using smart glasses. With the PC’s augmented reality software Vuforia Studio and the Vuforia Engine, customers can enrich the digital twin captured with the Matterport platform with an AR experience called Area Targets.
• In June 2021, Magic Leap Inc. partnered with AMD to achieve semi-custom visual computing and the enterprise-class through smart glasses and other AR devices. This partnership will be able to allow the enterprises to transform and re-imagine how the information and virtual content are being merged and visualized into the real world.
• In June 2020, Microsoft Corporation collaborated with a UK-based company named ‘Dimension’. This collaboration aims to provide a mixed reality immersive experience by simply using augmented and virtual reality technology such as smart glasses, extended reality content, digital humans, and Microsoft HoloLens.
• In February 2020, Qualcomm Technologies, Inc. announced to launch of an extended reality headset that is totally based on Qualcomm Snapdragon XR2 Platform and that is going to support the customers and enterprises with premium quality augmented, virtual, and mixed reality glasses and other devices.
• In June 2020, Apple Inc. announced its new updates in the ARKit 4. They have updated the app with LiDAR Scanner depth API, location anchors, and expanded face tracking support using AR capabilities. The users can experience the pictures and videos in the immersive environment through their glasses.
• In March 2020, Apple Inc. announced about its partnership with Dent Reality. This partnership aims to offer different AR-based indoor apps and navigation solutions to be used with smart glasses. Dent Reality is the only official partner of Apple in Indoor Maps documentation.
• In March 2020, PTC, Inc. partnered with the Microsoft Corporation in order to build a Rapidly Manufactured Ventilator System (RMVS) and capture some crucial assembly steps. This partnership is going to be carried out using PTS’ Vuforia Expert Technology augmented reality technology and Microsoft’s HoloLens and will further help in avoiding the potential transmission of COVID-19.
• In February 2019, Microsoft Corporation partnered with Royal Philips so that they will together develop an augmented reality concept for image-guided invasive surgeries through smart glasses. This concept is going to be undertaken using Microsoft’s HoloLens 2 and Philip’s Azurion image-guided therapy platform.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Smart Glasses For Augmented Reality Technologies Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Smart Glasses For Augmented Reality Technologies Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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