Inkwood Research anticipates that the Global AR Smart Glasses Market is set to project a 20% CAGR during the assessment years 2023-2032.
“Browse 54 market data Tables and 49 Figures spread over 159 Pages, along with an in-depth TOC on the Global AR Smart Glasses Market Forecast 2023-2032.”
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Smart glasses are wearable computing devices that avail information directly to the user’s sight. These devices are similar to tablets and mobile phones and can process and implement various applications and programs. The majority of the smart glasses currently used in the market are embedded with touch and voice command features. These glasses are head-worn wearable computing devices that contain optical head-mounted displays (OHMDs), multiple sensors, and processing units. The applications of smart glasses offer the potential to achieve real-time while enriching interactions between the physical world and the user of smart glasses with augmented information. Smart glass users can provide inputs through voice inputs, head movements, hand gestures, etc.
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Developments in AR Apps and Platforms Drive Market Growth
The creation and development of AR applications and platforms also play a large role in the mass-market adoption of smart glasses. Besides, AR has been creating huge waves across the mobile technology landscape and is proving to be a disruptive force across different industry sectors, such as manufacturing, banking, retail, logistics, etc.
Moreover, smart glasses can be efficiently used by developing appropriate platforms and applications that serve specific user requirements. Currently, AR applications can be classified into location-based apps and marker-based apps. Location-based apps use the capabilities of navigation features and provide contextual data based on the user’s location. These applications enable marketers to provide location-sensitive benefits such as help with directions in a city, locating a vehicle in a busy car park, and understanding constellation patterns.
Binocular expected to lead the Form Factor Segment
Over the last few years, many companies have been aiming to develop increasingly powerful computing and display technologies that can augment the real-world view with information in graphics, text, and symbology. Binocular smart glasses have become the most prominent type of smart glasses as the majority of the new market players are working on developing these products.
Binocular smart glasses can potentially overcome many of the smart monocular glasses deficiencies. They can provide complete AR displays with a natural and better viewing experience. Monocular smart glasses have a lower field of view, have screens obstructing the view, and can cause headaches. On the other hand, smart binocular glasses can provide a greater field of view, one of the major driving factors for enterprise adoption.
Leading Region – Asia-Pacific
Rapid urbanization and a large millennial population in Asia-Pacific are expected to result in high penetration of AR technology. Thus, most Asian smart glasses manufacturers are developing new and innovative products. Further, the adoption of connected services such as near-field communication (NFC), technological innovations, increased penetration of smartphones, and availability of high-speed broadband services are projected to increase the growth potential of smart glasses in the region.
The market studied comprises several global players in a moderately contested market space. The brand identity associated with the companies has a major influence on the market for initiating technological innovations. Although the market for smart glasses is appealing and produces lucrative opportunities, the competitive trend in the market is currently shadowed by a high degree of uncertainty. There is still a significant lack of awareness among the end-users on smart glasses applications and their performance capabilities.
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