AR and VR smart glasses market to reach $49.1b by 2032

The global AR and VR smart glasses market reached US$ 16.6 billion in 2023. The market is projected to reach US$ 49.1 Billion by 2032, exhibiting a growth rate (CAGR) of 12.8% during 2023-2032, according to Research and Markets.

The market is majorly driven by the widespread adoption of AR and VR technology in numerous end-use industries, including e-commerce, healthcare, military and defense, and education. This can be attributed to continual advancements in artificial intelligence (AI), machine learning (ML) and the internet of things (IoT) in combination with big data and analytics. In line with this, the widespread demand for augmented and virtual reality games, along with the rising number of gamers, are resulting in a higher product uptake on the global level.

Moreover, rapid digitization, the increasing penetration of high-speed 5G internet, and rapid developments in mobile applications are also creating a positive market outlook. The market is further driven by continual product innovations, such as the integration of 3D interactive content with 360-degree video, enhanced face and object tracking, and better speech recognition.

Some of the other factors providing an impetus to the market include the emergence of industry 4.0, rapid industrialization, inflating disposable income levels and extensive research and development (R&D) activities.

Key Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global AR and VR smart glasses market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on type and end use. Research and Markets