Market Scope
Market Research Future (MRFR) reveals in its new research study that the AR and VR smart glasses market 2020 can procure an approximate growth rate of 13% between 2017 and 2023 (appraisal period). We will provide covid-19 impact analysis with the report. The report offers an in-depth analysis of the market following the coronavirus disease outbreak.
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Notable Vendors
Google Inc. (U.S.), Avegant (U.S.), Atheer (U.S.), Oculus VR (U.S.), Seiko Epson Corporation (Japan), Optinvent (France), MicroOLED (France), Osterhout Design Group (U.S.), Samsung Group (South Korea), Royole Corporation (U.S.), Razer Inc. (U.S.), Sony Corporation (Japan), Ricoh (Japan), Microsoft Corporation (U.S.), Kopin Corporation (U.S.), HTC Corporation (Taiwan), Vuzix (U.S.), Jenax (South Korea), Imprint Energy, Inc. (U.S.), FlexEl, LLC. (U.S.), are the notable vendors in the AR and VR smart glasses market.
COVID-19 Analysis
The impact analysis on covid-19 by MRFR suggests that augmented reality (AR) and virtual reality (VR) solutions can significantly contribute while bracing for the impact of the pandemic, in addition to addressing the emerging challenges. The COVID-19 outbreak has compelled a number of pharmaceutical firms and healthcare institutes to enhance their R&D spending in artificial intelligence (AI), which is the core technology for several initiatives. Semiconductor is one of the many industries currently dealing with the pressure in terms of finance.
In the face of novel coronavirus, VR/AR is the best medium in e-learning, which is especially instrumental in the current lockdown situation that has led to closure of universities and schools. VR/AR and associated tools like AR and VR smart glasses are proving to be a valuable solution in offering remote assistance, preventing unnecessary travel. Considering the long-term impact of covid-19, governments are doing everything they can by implementing many policies and initiatives including exceptions in tax, reduction in interest rates and financial packages. The work from home strategies prevalent across companies, online classes combined with the rising trend of the BYOD policies are boosting the demand for connected devices, laptops, computers, and various storage solutions. While the countries are rushing to achieve a covid-19 breakthrough, this demand is only going to increase, boosting the growth prospects of the AR and VR smart glasses.
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Top Boosters and Main Deterrents
In May 2020, Vuzix Corporation, a well-known supplier of AR smart glasses, received approval for its orthopedic navigation system called Knee+ for complete knee arthroplasty. Knee+ makes use of M400 smart glasses to accurately track the implants and instruments during surgeries. This is one instance of the many product launches and similar effective strategies adopted by the leading players to gain a better position and induce growth of the AR and VR smart glasses market.
The AR and VR smart glasses market can record considerable growth despite the SARS-CoV-2 outbreak, on account of advancements in mobile software and hardware technologies. Popular trends like increasing convergence between AR and VR, wearable devices and Internet of Things or IoT can also boost the product demand. This convergence between the technologies helps provide a highly immersive and interactive user experience.
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