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(IT-NEWSWIRE.COM, May 21, 2020 ) MarketsandMarkets forecasts the head-mounted display market to grow from USD 3.25 billion in 2016 and is expected to USD 25.01 billion by 2022, at a CAGR of 38.8% during the forecast period. The growth of this market can be attributed to the increasing demand for lightweight HMDs, adoption of AR and VR technologies owing to technological advancements, and increasing investments by major players. The objective of the report is to define, describe, and forecasts the HMD market size based on HMD type, component, connectivity, product type, application, technology, and region
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Opportunity: Technological advancements in HMDs
Earlier, HMDs used to be bulky and limited to few applications; however, with the development of technology, they have gone through several transition phases. Traditionally, HMDs were used only in defense to make tactical operations. Technological innovations in HMDs provide users an enhanced experience by offering a wide field of view, good-quality projected image, compatibility, and ease of use. Nowadays, HMDs are lightweight, smart, flexible, and easy to access, and have low latency. Technological advancements make HMDs suitable for consumer use. A large number of lightweight HMDs are available in the market, which results in their high penetration in various application areas, such as consumer; enterprise and industry; commercial; medical; engineering and design. Also, AR smart glass manufacturers are continuously working on reducing the weight of smart glasses to fulfill the demands of users, particularly from enterprise and industry which in turn provides opportunity for the market.
Challenges: Low awareness about HMDs
Many of the users are not aware of augmented or virtual HMDs and how they are used. There is a strong lack of awareness about HMDs or VR headsets and smart glasses in the least developed or developing countries. People are not aware how HMDs can be used in various application areas, such as medical; industry and enterprise; consumer; and commercial. It is important to create awareness about the benefits of these products to observe acceptance among people or users. Hence, making people aware about the emergence of new technologies is one of the prime tasks of companies
“APAC expected to hold major share of HMD market between 2017 and 2025”
APAC is expected to hold the largest share of the HMD market during the forecast period. Government support and initiatives to grow AR-VR industry, growing number of start-up HMD players and increasing presence of international players in APAC, rising adoption of low cost HMDs are some of the factors that drive the growth of market. The Chinese VR market has seen huge investments, partnerships, and new ventures—wherein both local and international players have capabilities for low-cost and mass-scale manufacturing. APAC is home to many leading companies such as HTC Corporation (Taiwan), Sony Corporation (Japan), Lenovo Group Ltd. (China), Acer Inc. (Taiwan), Xiaomi, Inc. (China), and LG Electronics Inc. (South Korea).
Major players in the HMD market are Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Oculus VR, LLC (US), Microsoft Corporation (US), BAE Systems, Inc. (US), Seiko Epson Corporation (Japan), Google Inc. (US), Kopin Corporation (US), Osterhout Design Group (US), Recon Instruments, Inc. (Canada), Rockwell Collins, Inc. (US), Sensics, Inc. (US), Thales Visionix, Inc. (US), and Vuzix Corporation (US). It also includes start-up companies such as Avegant Corporation (US), Beijing ANTVR Technology Co., Ltd. (China), FOVE, Inc. (US), Magic Leap, Inc. (US), and Shoogee GmbH & Co. KG (Germany).
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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Source: EmailWire.com
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