AR AND VR LENS MARKET REPORT OVERVIEW
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The global AR and VR lens market size was USD 333.37 million in 2021 and is expected to reach USD 886.45 million in 2028, exhibiting a CAGR of 14.7% during the forecast period.
The sudden rise in CAGR is attributable to the AR and VR lens market growth and demand returning to pre-pandemic levels once the pandemic is over. The COVID-19 pandemic has adversely affected several markets globally. This market is expected to be negatively affected during the COVID-19 pandemic. AR and VR lens is a wearable gadget that aids in virtual reality enhancement. VR stands for Virtual Reality, whereas AR stands for Augmented Reality. It allows users to experience real-life with the inclusion of digital content such as photographs, videos, text, and so on, or it can be used as visual assistance for partially sighted persons. Electronic components such as mini projectors, cameras, and interactive displays are used in the technology, which is mounted on the users' glasses frames.
Factors contributing to the market's growth include rising consumer electronics demand, increase in demand for AR and VR devices and applications in healthcare, retail, gaming entertainment, e-commerce, and other industries. The AR and VR lens market will be fueled by the growing use of AR and VR in automotive applications such as cruise control, lane departure, navigation, and other applications in HMD devices and HUD devices. The use of Fresnel lenses in AR and VR HMD devices, in particular, is expected to boost the AR and VR lens market.
COVID-19 Impact: Supply Chain Disruption to Impede Market Growth
COVID-19's emergence has coincided with a global economic downturn that has harmed a variety of industries. COVID Pandemic has also created a few new business prospects for the AR and VR lens market, in addition to this impact. Because of the epidemic, the whole competitive landscape and market dynamics of Augmented Reality and Virtual Reality Lens have been affected. This research quantifies all of these disruptions and repercussions, and it's backed up by market trends, events, and revenue shift studies.
LATEST TRENDS
"Increasing Adoption in Entertainment to Foster Market Growth"
The AR and VR lenses are utilized in the entertainment business for interactive experiences such as streaming a concert or in the education industry for collaborative experiences. The lenses can be utilized in mobile applications for navigation, gaming, education, and healthcare, among other things. Given all of these considerations, the market for augmented and virtual reality contact lenses is expected to rise at a rapid pace throughout the forecast period.
AR AND VR LENS MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into AR Lens and VR Lens
The AR segment is predicted to increase its dominance in the AR and VR lens market. The designer of augmented reality technology uses a particular programming language that allows for both embedded animation and visual knowledge in the computer program. In most AR applications, a smartphone's global positioning system (GPS) is used to locate and track the user's precise location. Some of the AR applications utilized in military training, which could include artefact identification and movement tracking. These factors are likely to boost the AR and VR lens market growth.
- By Application Analysis
Based on applications, the market is classified into Games and Entertainment, Industrial, Medical, and Others
The games and entertainment segment are expected to hold the largest market share. Simulated items and characters are activated by geo-location or unique symbols, such as QR codes, in the majority of mixed reality games in the physical world. Players in some augmented reality games, such as Temple Treasure Hunt, can create their own mission pathways, which might be a scenario for a team-building exercise, a group, or simply a method to brighten up the mundane commute to work.
DRIVING FACTORS
"Technological Advancement to Foster Market Growth"
The rise of the market is being fueled by increasing investments from IT and increase in demand for augmented reality architecture, significant growth in the travel and tourist industry, and expanding prospects in the enterprise industry. Because of these considerations, the AR contact lens will continue to dominate the market for the foreseeable future. Artificial intelligence (AI), the internet of things (IOT), virtual reality (VR), big data analytics, and other technologies are increasingly being used in industrial applications, boosting market growth. The increasing adoption of smart technology and web services is creating opportunities, resulting in an increase in demand for augmented and virtual reality lenses in the forecast period.
"Increasing Application in Healthcare Sector to Boost Market Growth"
In the healthcare industry, augmented reality plays a critical role. AR can be used to give a surgeon a virtual view of a patient's body parts, allowing them to assess their condition. This can assist the surgeon in doing less invasive procedures. The healthcare industry is projected to benefit from the usage of augmented reality modelling and 3D visualization. The expansion of the market in this sector is being driven by the use of AR for boosting fitness, teaching complicated subjects to medical students, educating doctors, managing pharmacies, and caring for and supporting patients after they leave the hospital.
RESTRAINING FACTORS
"High Installation Costs to Impede Market Progress"
It is quite costly to use in everyday life, and it may be beyond of reach for small businesses. The cost of improved items rises as technology advances, posing an obstacle to market expansion. Therefore, the cost element has a significant impact on market growth. The industry for augmented reality and virtual reality lens is beset by security and privacy concerns. These concerns have arisen as a result of inefficiencies in AR programming, and the neglect and oversight of both AR app and device developers and end-users.
AR AND VR LENS MARKET REGIONAL INSIGHTS
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"Startups and Technology Exposure to Propel Market Progress in North America"
North America is projected to dominate the AR and VR lens market share. The region has the most startups devoted to developing novel VR technology for a variety of industries. The U.S. is likely to be one of the most innovative AR markets in the world. The majority of the companies leading the way in this field are situated in the U.S. A robust AR market has emerged in the region due to the region's high technological exposure and widespread availability of smart devices.
Emerging Asia-Pacific economies such as China and India are expected to lead the industry. Indeed, the growth of the gaming industry, and the availability of smart devices in the area, is fueling demand for the development of the augmented and virtual reality contact lens industry. In addition, the region will experience industrial expansion due to the new technology advancements, which will propel the augmented and virtual reality contact lens market even further. Therefore, these factors are expected to develop at the fastest rate during the projection period.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnership to Strengthen their Market Position"
Due to increased investment from market leaders, the market for AR and VR is growing. Facebook is adding augmented reality advertisements into its app: Advertisements in the Facebook app will provide users with an augmented reality experience. Users of the program can view and try on trendy items such as eyeglasses and shoes electronically. IKEA just released Place, an augmented reality app that allows Apple users to place IKEA furniture in their homes and preview an interior before purchasing things.
INDUSTRY DEVELOPMENT
In Europe, patents for Samsung's bug-eye VR headset were obtained in January 2021. It appears to be much more ergonomic than previous Samsung headsets, and to be more truthful, most competitor headsets and controllers come with gleaming silver joysticks.
List of Market Players Profiled
- Sunny Optical Technology
- Goertek
- Carl Zeiss
- Jiangxi Lianchuang Electronic
- Radiant Vision Systems
- Deep Optics Ltd
REPORT COVERAGE
The report covers topics such as market analysis, market share, market sizing, and market segmentation. These market research reports offer insight into the numerous industry opportunities and risks, the important trends that will impact market growth during the forecast period. It includes information on the shifting competitive landscape and extensive vendor profile and market analysis.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 333.37 Million in 2021 |
| Market Size Value By | US$ 886.45 Million by 2028 |
| Growth Rate | CAGR of 14.99% from 2021 to 2028 |
| Forecast Period | 2023-2030 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the AR and VR lens market expected to touch by 2028?
Based on our research, the AR and VR lens market is expected to touch USD 886.45 million by 2028.
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At what CAGR is the AR and VR lens market projected to grow in the forecast period?
The AR and VR lens market is expected to grow at a CAGR of 14.99% during the forecast period.
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Which are the driving factors of the AR and VR lens market?
Increasing demand from the food industry and the launch of e-marketplace by IJMA are the driving factors.
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Which are the top companies operating in the AR and VR lens market?
Sunny Optical Technology, Goertek, Carl Zeiss, Jiangxi Lianchuang Electronic, Radiant Vision Systems, and Deep Optics Ltd are the top companies operating in the AR and VR lens market.
