NEW YORK, April 21, 2021 /PRNewswire/ --
The "Global Smart Glasses Market" report has been added to Technavio's library which consists of more than 17000 reports from 150+ industries.
The smart glasses market is poised to grow by USD 69.10 million between 2021-2025, progressing at a CAGR of almost 15% during the forecast period.
One of the key smart glasses market drivers is the growing adoption of AR gaming. The rising popularity of AR gaming can be attributed to the fact that it provides the best virtual experience. AR gaming uses AR hardware products and software programs to simulate gaming visuals and audio content with the user's environment in real-time. These factors will positively impact the sales of smart glasses.
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61% of the market's growth will originate from North America during the forecast period. The US is one of the key markets for smart glasses in North America. Market growth in this region will be faster than the growth of the market in other regions. The growth of the smart glasses market in the North American region will be high during the forecast period due to the presence of a well-developed communication network.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Smart Glasses Market in Leisure Products Industry
The smart glasses market is segmented by product (developer and commercial), end-user (enterprise and individual), OS (android, windows, and others), and geography (North America, Europe, APAC, MEA, and South America).
The smart glasses market growth by the developer segment will be the largest in near future. Smart glasses are constantly improved, designed, and manufactured by developers. They are prospective consumers and are commonly called prosumers. The developer version of smart glasses enables developers to test them and recommend solutions to improve them further.
The smart glasses market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Key Market Dynamics:
Implementation of automation in industrial sector
Increase in number of crowdfunding campaigns
Growing adoption of AR gaming by individuals
High initial cost of smart glasses
Concerns associated with security and privacy
Technical limitations and unattractive design
Rise in the number of strategic partnerships and acquisitions
Emergence of SLAM technology
Elbit Systems Ltd.
Huawei Investment & Holding Co. Ltd.
Seiko Epson Corp.
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Key Topics Covered:
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Market Segmentation by OS
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