The head mounted devices (HMD) market is estimated to grow at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the increasing adoption of virtual reality (VR) and augmented reality (AR) technologies, surging demand for lightweight helmet-mounted displays and growing investment by leading market players. Rising advent of mobile based AR applications and rapid technological advancements in terms of impact on eyes are another factors predicted to accompany market growth in the coming years. Augmented reality market is evaluated to occupy a sizeable amount of revenue by the end of 2021, amounting to approximately USD 9 million. Along with these, the escalating penetration of smartphones and tablets, and increasing emphasis of vendors to reduce price of head mounted devices are projected to provide ample opportunities to the growth of the market during the forecast period.
The market is segmented by technology into augmented reality and virtual reality, out of which, the augmented reality segment is anticipated to grow by the highest CAGR over the forecast period in the head mounted devices market on account of increasing applications of AR smart glasses in enterprises as these devices are able to offer a wide range of functionalities such as visualized data and ease in performing multiple activities at a time on desktops. In addition to this, based on application, the segment for enterprise is projected to occupy a notable share in the market over the forecast period owing to the growing usage of HMD in manufacturing, assembling, training and warehouses. Moreover, many businesses are adopting AR to enhance customer experience which involves enticing the consumers to purchase products by using immersive and interactive visuals. This is another factor driving growth of this market segment in the future.
Global Head Mounted Devices Market Regional Synopsis
On the basis of geographical analysis, the head mounted devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific region is anticipated to witness noteworthy growth over the forecast period on the back of rising expansion of the electronics industry, availability of cheap labor with appropriate skillset and the growing number of market players in the region, especially in countries such as China, Japan and Korea. It was estimated that China spent more than USD 5.5 billion on AR/VR in 2020. However, North America is expected to occupy the largest share in the market accounting to the hike in demand from military, medical and security sectors. Apart from this, the United States is a home to some of the biggest market players of the HMD industry, which is also responsible for boosting further progress of the market in this region. CLICK TO DOWNLOAD SAMPLE REPORT
The head mounted devices market is further classified on the basis of region as follows:
Our in-depth analysis of the head mounted devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing use of AR and VR technologies is the major factor driving market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Lack of presence of a standardized design for HMD is estimated to hamper the market growth.
Asia Pacific region is expected to provide more market growth opportunities owing to increasing adoption of HMD in a wide range of applications in the region.
The major players in the market are SONY ELECTRONICS INC. (SEL), Samsung Electronics Co., Ltd., Facebook Technologies, LLC. (Oculus VR), and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, connectivity, application, and by region.
The enterprise segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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