Smart Eyewear Technology Market Set for a Rapid Growth, Expected to Reach USD 63,650 Million by 2025
The global smart eyewear technology market was valued at USD 3,65.0 million in the year 2016 and expected to reach USD 63,650 million by 2025 with the expected CAGR of more than 39% between the years 2017 and 2025.
Sarasota, FL -- (SBWire) -- 07/10/2018 --Increasing adoption of virtual reality technology and rising investment by a major player in new technologies are expected to propel the growth of smart eyewear technology market. Additionally, rising demand for head-mounted displays in gaming and entertainment sectors is a key driving factor for smart eyewear technology market.
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According to our research analyst, virtual reality segment will continue to dominate the market over the forecast period. Rising technology penetration such as unreal engine, fuzor, oculus rift, hololens and others across the many industries such as retail, healthcare, e-commerce, consumer electronics and automotive is anticipated to drive the virtual reality segment.
Microsoft's HoloLens will lead the growth of mixed reality devices due to features like multiple sensors, advanced optics, and a custom holographic processing unit that enable to go beyond the screen. This factor will act as a major growth driver for the mixed reality market.
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Head-Mounted Displays segment held the largest market share in 2016. Rising use of smart glasses in an industrial application is one of the major driving factors for this segment.
The android segment is expected to grow with highest CAGR during the forecasted period. As per data, Android held 81.7% market share into smartphones in 2016. Because Android is an open source operating system and middleware framework for smart devices.
Consumer Electronic segment dominated the smart eyewear technology market in 2016. This is mainly driven by rising per capita income and evolving more interconnected lifestyles are expected to boost the consumer electronics products.
North America accounted for the largest share of smart eyewear technology market. The presence of major global players (Google, Facebook, and Microsoft) in the region and high internet penetration will continue its domination the market.
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The major market players in the global Smart eyewear technology market are Google Inc, Sony Corporation, and Microsoft Corporation among others.
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