December 2024
14 Dec 2022
The global augmented, virtual and mixed reality optics and display market size is expected to attain around USD 29 billion by 2030.
The AR/VR/MR optics and display market engulfs the complete sector of optics and display technologies which are applied in spatial reality products. These lenses enlarge the display for the consumer to see and make a big difference in the experience user experiences when using a spatial reality device. The engaging experience for many consumers is defined by their initial experience and if incase this is an unforgettable experience; there is a high possibility that they will continue to use the device.
Report Highlights
Based on organization size, the large enterprise segment will have the highest growth in the forecasted. Due to the increase in the application of augmented and virtual reality in manufacturing, automotive, construction, health care, aircraft, education, law enforcement, etc the market is expected to grow well.
Based on application, the consumer segment is expected to maintain its dominance in the coming years. There is increased adoption and testing of augmented reality and virtual reality techniques in work-related applications. The enterprise segment will also witness good growth as an increase in the number of organizations.
Augmented Virtual And Mixed Reality Optics And Display Market Report Scope
| Report Coverage | Details |
| Market Size By 2030 | USD 29 Billion |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Organization Size, By Application, By Display Type, By Technology |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
Regional Snapshots
North America proves to be a booming market for the growth of the VR/AR/MR optics and displays market. The increasing use of modern technology and smart devices has led to high demand for a better visual experience. The Asia-Pacific region is also proving to be a driving market for this sector pertaining to the rapid urbanization of this region. Other nations contributing to the market are China, Japan and South Africa.
Market Dynamics
Drivers
VR has made its impact as a training aid, an enhancer of telepresence and as a method for design or visualization and not described as the future of gaming. The use of AR/MR products for directing workers, keeping operating layouts in front of surgeons and substituting the smartphone for data consumption is gradually growing. In the times to come, these technologies are foreseen to revolutionize the way we function and communicate.
Restraints
Presently available smart devices in the market with AR/VR features are showcasing various consumption and display issues. When it comes to digital experience, specifically something like AR and VR, aesthetics are a basic feature expected by consumers. In other words, device aesthetics is a huge aspect that encourages adoption. Presently, AR/VR wearables provide with very bulky form factors.
Besides, you also experience that there are some laser-focus on designs, even after their large size. Hence, it is important to provide fine aesthetics to consumers to propel the desirability of the products.
Opportunities
The pandemic has put the main focus on this interactive hands-free technology, and it is estimated that this focus will not move for a considerably long time. There will be a demand for this advanced technology in many new cases, which earlier did not demand hands-free, or remote functioning.
This is using the remote assistance features that have been earlier used by Hololens users for producing, maintenance, and other similar uses. By using this technology, the staff reduced the duration of time they had to spend in a high-risk area by 83%. Additionally, they are utilizing less PPE, as only a few clinicians are present in the room during patient care.
Challenges
No doubt, AR/VR experiences are fascinating, however, customers see no point in purchasing them, except for the technicians and gamers. If we take a look at AR’s first application with Google Glass, it would have failed very easily if it didn't have support by tech’s big 5.
People have not recognized a convincing reason to purchase a Google Glass worth $1000. Presently, only professional gaming enthusiasts are attracted to buying AR/VR headsets. Moreover, millions are being invested in AR/VR gadgets.
However limited usage is the last level challenge, the real AR inherent is a big challenge for the companies. Google Glass is not considered as true AR usage. It just gave a glance at the digital elements into the field of vision neglecting any real-world understanding. An impressive experience can be introduced by AR/VR by adapting to the various sets of disciplines, typically optic mechanical layout. Moreover, there is a great urge to have a huge capital to infuse optics along with such high accuracy requisite and a noticeable volume of units to recover the investment.
Recent Developments
Micro LED display developer Plessey Company plc which is a UK based company is majorly aiming on AR/MR display application and it disclosed its future plans to collaborate with Facebook in March 2020, It promises to provide its technology to support Facebook in creating a prototype and introduce new technologies for future use in the reality space.
Key Players in the Report
Market Segmentation
By Organization Size
By Application
By Display Type
By Technology
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