Rising Use of AR Glasses in Manufacturing & Gaming Increases Growth Potential for AR Glasses Market
The demand for augmented reality (AR) glasses is expected to boost due to its numerous uses in various industries. AR glasses are in high demand due to technological advancements, increasing interest in immersive applications, and lower costs. The majority of AR glasses are used in industry and the manufacturing sector. The primary use of AR glasses in the manufacturing sector is in repair shops, production lines, maintenance, and training. Thus, manufacturing sector is overall expected to boost the demand for AR glasses. As per the data of the United Nations Industrial Development Organization, the industrial sector has seen a growth of 2.3%, which includes mining, waste management, and manufacturing sectors. As per the data, the manufacturing sector has registered a growth of 3.2% of whole growth; thus, due to this, the manufacturing sector is anticipated to grow further. Furthermore, due to the rising use of AR glasses in the gaming industry, as they enhance gaming experiences with digital overlays on the real world, creating immersive, interactive gameplay with spatial awareness and real-time interaction, the demand for AR glasses is expected to experience a boom in the gaming industry. As per the data of the World Economic Forum, the gaming industry in the year 2023 was valued at around US$ 257.1 billion and is expected to grow further rapidly. As per the reports, the gaming industry is expected to be valued at around US$ 325 billion for the forecast period.
With Personalized Fitness and Use in Healthcare Industry the AR Glasses Market is Booming
The AR glasses can also be used in personalized fitness training services such as real-time guidance, adaptive workouts, gamified motivation, virtual coaching, and integration with wearables for comprehensive health data that can be provided, which is expected to enhance engagement and create a highly interactive, customized fitness experience. With the help of this technology, users can track metrics such as heart rate and calories burned, helping them track progress and stay motivated. Additionally, the additional fun feature may make workouts more engaging and tailored to individual needs, ultimately improving effectiveness and user satisfaction. Also, due to the use of AR glasses in the healthcare industry, the AR glass market is expected to rise. The use of AR is primarily done in for-purpose medical training facilities. Also, they provide surgeons with real-time overlays of patient data and anatomical information during operations, improving precision and outcomes. According to the data of the World Economic Forum, global healthcare spending has increased by 40% from 2018 to 2022, which was summed at US$ 12 trillion. Thus, with the rising health care market, the AR glass market is expected to grow further.
Recent Trends in the Augmented Reality (AR) Glasses Industry:
- Advances in spatial computing and AI are creating more immersive, context-aware AR experiences.
- AR glasses are now lighter and more comfortable for extended wear in daily life.
- AR glasses are integrating with wearables like smartwatches for a seamless experience.
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Battery Drain and Data Leak Concerns Affects the Buying Behaviours of Customers
AR glasses encounter major technical hurdles in battery longevity, processing capabilities, and screen clarity. Intensive features such as real-time data processing and vivid displays drain significant power, limited by the device's small size and thus battery capacity. This results in shorter usage times and frequent recharges. Additionally, strong processors for handling intricate tasks generate heat, necessitating efficient thermal control within a compact form factor. Moreover, producing high-definition, bright screens with a broad field of view in a small, lightweight structure poses significant optical and engineering obstacles. Striking a balance among these elements is essential for crafting operational and comfortable AR glasses. AR glasses collect extensive data on users’ activities, surroundings, and behaviour, raising privacy and security concerns. They could lead to unauthorized surveillance and data misuse without user consent. Stringent regulations, strong security measures, and transparent consent protocols are crucial to protecting personal privacy.
Business Partnership and Acquisition Helps AR Glass Market to Grow
In September 2021, WPP and Snap Inc., the camera company behind Snapchat, announced a global partnership (“The AR Lab”) to help brands build and deliver immersive experiences for consumers using Augmented Reality (“AR”). With a particular focus on e-commerce, the partnership combined Snap’s leading AR technology with WPP’s integrated capabilities across creative, media, commerce, and technology, allowing WPP clients to better connect with their customers on the Snapchat platform and drive meaningful business results through AR. According to a recent study commissioned by Snap, 94% of people expected to use AR for shopping purposes the same as or more than 2022 versus 2021. In December 2021, Tencent Holdings Ltd. acquired Turtle Rock Studios’ (“Turtle Rock”) parent company, Slamfire, Inc., the companies announced. Turtle Rock became part of Tencent, while retaining its independent operations out of Lake Forest, CA, USA, and its existing team continued to run all studio operations, led by co-founders Phil Robb and Chris Ashton. The acquisition had no effect on Back 4 Blood, Turtle Rock’s hit multiplayer action game, which was published by Warner Bros. Games.
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Emerging Uses of AR technology Fuels Growth in North America and Europe
The European region is considered a lucrative market due to the rising demand for AR technology. AR glasses demand is rising in Europe due to tech investments, industry adoption, etc., which marks Europe a lucrative market. As per the data of the CBI Ministry of Foreign Affairs, the market for AR in Europe is expected to grow by 35% for the time frame of 2018 to 2026 and is anticipated to reach approximately the value of US$ 49.8 billion by 2030, which is ten times more than the market value of 2018. Germany and the United Kingdom are considered centres of attraction for the AR market, where in Germany a total growth of 11% is expected by the end of 2030, whereas in the United Kingdom the compound annual growth rate for AR technology is expected to be 36.5%. Furthermore, according to the data of the International Trade Administration, the market for eSports is projected to exceed $2.5 billion by 2024. The demand for AR glasses is expected to rise in the North American sector due to the rising manufacturing industry. According to the data of NIST, the manufacturing sector was valued at US$2.3 trillion in the year 2022 and contributed 11.4% of the total United States gross domestic product. Also, out of the top 10 largest manufacturing economies, the United States is considered the second largest economy for manufacturing value added per capita, due to which North America can be considered a lucrative market.
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The report provides a detailed overview of the augmented reality glasses market insights in regions including North America, Latin America, Europe, Asia-Pacific and the Middle East and Africa. The country-specific assessment for augmented reality glasses market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the augmented reality glasses market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the augmented reality glasses market. Some key country and region included in the augmented reality glasses market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Turkey, Egypt, Morocco, Israel, Kenya, Rest of MEA |
Augmented Reality (AR) Glasses Market Research Report Covers In-depth Analysis on:
- Augmented Reality (AR) glasses market detailed segments and segment-wise market breakdown
- Augmented Reality (AR) glasses market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in augmented reality glasses industry)
- Current, historical and forthcoming 10 years market valuation in terms of augmented reality glasses market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Augmented Reality (AR) glasses market demand analysis
- Augmented Reality (AR) glasses market pricing analysis over forecast period (by key segment and by region)
- Augmented Reality (AR) glasses market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in augmented reality glasses market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in augmented reality glasses market
- Augmented Reality (AR) glasses market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on augmented reality glasses market forecast by countries
- Mergers and acquisitions in augmented reality glasses market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are augmented reality (AR) glasses?
Augmented reality (AR) glasses are wearable devices that overlay digital information onto the real world, enhancing the user's view with interactive elements such as graphics and data.
What are the key drivers of growth in the AR glasses market?
Major drivers include advancements in AR technology, increasing applications in sectors like healthcare and manufacturing and growing consumer demand for interactive and immersive experiences.
What are the primary challenges faced by the AR glasses market?
Challenges include high development and production costs, limited battery life and the need for seamless integration with existing systems and applications.
What advancements are expected in AR glasses technology in the next decade?
Future advancements may include improved display quality, longer battery life, enhanced spatial awareness and more compact and comfortable designs, making AR glasses more practical for everyday use.
