The report "Head-mounted Display Market with COVID-19 Impact Analysis by Type, Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Aerospace & Defense), Product Type, Component, Connectivity, and Geography - Global Forecast to 2026", is expected to grow from USD 5.5 billion in 2021 to USD 36.5 billion by 2026, at a CAGR of 46.0%. The market growth can be attributed to several factors, such as surge in investments by major players in development of HMDs, increased adoption of AR and VR technologies due to COVID-19, availability of low-cost HMDs, and technological advancements and growing digitalization.
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Driver: Surge in investments by major players in development of HMDs
There has been a significant increase in the investments toward the development of HMDs, and in the use of such devices in various applications worldwide. The investments in the HMD market have been huge, and investors have been keen to invest in companies that have proved the worth of their technologies and products in the last few years.
Companies such as Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group are investing heavily in the HMD market. Also, several research institutes are carrying out research in the AR application market for various products and applications. Research institutes are being funded by private firms and venture capitalists or governments. Industries such as consumer electronics, aerospace & defense, healthcare, retail, and advertising are embracing AR due to its benefits.
Boeing announced a new setup named HorizonX in 2017. It would be investing in some companies to start with, including Upskill, a major company in enterprise software for industrial AR devices, and Zunum Aero. In April 2019, Magic Leap raised USD 280 million from NTT DoCoMo, the Japan-based cellphone service provider. The objective of the partnership is to combine NTT’s 5G infrastructure with Magic Leap’s AR platform. In January 2019, Niantic raised USD 245 million from a venture capital company named IVP. The funding’s objective is to support the company behind Pokémon Go to innovate and develop innovative AR solutions and expand its gaming offerings.
Restraint: Lack of standardization for HMD design
Many manufacturers of HMDs and eyeglasses are focusing on enhancing the user experience and making products more informative. The lack of standardization causes compatibility issues between products from different sellers, as different products have different specifications and quality, which affects user experience. To enable widespread enterprise and consumer adoption of HMDs, VR and AR HMDs require similar universal standards that allow developers to make applications that are open and interoperable across different headsets.
For mobile virtual reality, where different smartphones from different manufacturers are used, it becomes more complicated, as users have different operating systems, screen standards, and other parameters. As a result, it becomes difficult for developers to create VR apps, which limits the growth of the market. Therefore, the lack of standardization restrains the growth of the market.
Augmented reality technology to grow at the fastest rate during the forecast period
The use of mobile phones for 3D navigation with a real-time overlay of computer graphics has numerous applications in the gaming sector and other industries; this is expected to drive the growth of the AR segment. Increasing importance of AR HMDs or smart glasses in the enterprise and industry application is also expected to drive this segment. AR headsets can provide employees with a host of tools, such as training videos, visualized data, and access to multiple desktop screens for performing various activities.
Americas is leading the market head-mounted display market in 2020
Americas held the largest share in the head-mounted display market in 2020. The increased acceptance of AR and VR devices by enterprise users to improve productivity and accuracy has been the key factor driving the growth of the HMD market in Americas. The use of AR and VR technologies in consumer electronics also propels the growth of the market.
Some of the key companies operating in the market are Sony (Japan), Google (US), Microsoft (US), Oculus (US), HTC (Taiwan), Seiko Epson (Japan), Samsung (South Korea), Lenovo (China), Magic Leap (US), and Vuzix (US) and so on.
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