The global market for Smart Augmented Reality (AR) Glasses is forecast to reach 28 million units by 2024, driven by the technology's embodiment as the ultimate tool for portability, convenience and productivity capable of shaping the future of smart mobility.
A type of a wearable device, smart AR glass is a huge step forward in wearable computing mobility. The time is therefore ripe for disruptive technologies applications like augmented reality (AR) which help push up the commercial value of mobile and wearable devices. Hands-free operation and computing and greater and improved cognitive processing of information are primary benefits offered by AR technologies. By enhancing the physical world with digital data and image, AR helps in transforming data visualization experiences thus improving data interpretation, understanding of information while simultaneously reducing cognitive load. The promise of augmented reality based hands-free experience is the single most important value offered by smart AR glasses which will drive its future.
Signaling the rise of AR technology is the growing number of products and technology solutions that are moving from test-bed projects to real world commercial deployments. The growth in the AR market and ROI on AR projects and solutions currently remain reliant on the level of awareness and the ability of consumers/end-users to recognize and fully appreciate the benefits offered. While initial hype of AR technology was largely focused around consumer applications, real growth in the coming years is forecast to come from manufacturing, logistics, healthcare retail and the enterprise sector. Development of AR apps for the enterprise and business sector is already witnessing healthy growth, a trend that works in favor of expanding real world applications and revenue potential in this sector.
In the coming years, growth in the market will be driven by the expected decline in average selling prices, evolution of app ecosystems, introduction of feature rich AR eyeglass models, and steady expansion of innovative applications in the enterprise, industrial and consumer markets. In the industrial and enterprise sectors, smart AR glasses are helping revolutionize workflows in ways hitherto unthought-of. The hands-free view of real world is of high importance in the fast evolving global enterprise, on industrial work floor, and in healthcare systems worldwide. The mobility and flexibility promised by smart AR glasses in the industrial and manufacturing sector brings in massive production efficiencies and cost reductions. The technology makes information on the plant floor come alive in a manner that enables easy processing and analysis. In the healthcare sector benefits of medically-oriented augmented reality will create a symbiosis between AR growth and preventive healthcare, self-care and self-diagnosis practices.
The United States represents the largest and the fastest growing market worldwide with a CAGR of 92.3% over the analysis period. The growth in the country is led by factors such as a strong technology spending environment; over 75% penetration of smartphones and the resulting strong opportunities for tethered smart AR glasses; strong spending on BYOD which represents one among the highest in the world; domestic presence of pioneering technology companies like Google and Microsoft; and home to the largest number of companies worldwide piloting test projects of AR in the mobility space.
Major players in the market include Atheer, Inc., Avegant Corp., DAQRI, Epson America, Inc., Everysight LTD, GlassUp, Google Inc., LAFORGE OPTICAL, Laster Technologies, Lumus Ltd., Magic Leap, Inc., Meta Company, Microsoft Corporation, NVIS, Inc., Optinvent SA, Osterhout Design Group, Penny AB, Recon Instruments Inc., Samsung, Sony Corporation, Sulon Technologies, Inc., Tobii AB, TRIVISIO, Upskill, Vrvana, Inc. and Vuzix Corporation among others.