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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The HMD market based on technology has been segmented into augmented reality and virtual reality. AR HMD is expected to grow at a highest CAGR during the forecast period. Increasing importance of AR HMDs or smart glasses in the enterprise and industry application is expected to drive the market. AR headsets can provide employees with a host of tools, such as training videos, visualized data, and multiple desktops for performing various activities. Moreover, AR can be used to teach complex maintenance procedures for factory equipment overlaying animation-based instructions and reference materials directly onto the physical gear.
A display system is important component in HMDs, which displays information in the user’s field of view. The microdisplay helps in projecting the virtual environment images in front of a user’s eye. Displays are small, have large memory size, can be easily viewed under optical amplification, have the capacity to display high-resolution images according to the application, and have high video frame rate compatibility. Its decreasing cost is expected to boost the market for HMDs.
The HMD market, on the basis of connectivity, has been segmented into wired and wireless. The market for wireless HMD is expected to grow at highest rate during the forecast period as it does not require connectivity with the PC. Increasing demand for wireless VR headsets owing to ease of use and low cost is the major driving factor for the growth of wireless VR headsets. Moreover, advancements in technologies, which result in a transition from wired HMDs to wireless HMDs, are expected to provide opportunities for the market in the coming years. Increasing demand for AR headsets is also one of the factors fueling the growth of wireless HMDs.
The HMD market based on product type has been segmented into head mounted and eyewear. The market for eyewear is expected to grow at the highest CAGR between 2017 and 2022. Increasing adoption of eyewear as it gives information about the surrounding without disturbing the wearer’s normal field of view. It allows the user to get driving directions, e-mails, and other notifications for consumer applications. Recently, various improvements took place in the eyewear or wearable glass displays, such as weight reduction, versatility, and smart looks. Moreover, the eyewear or wearable glass displays have good configurability, which provides the synchronization of HMD glasses with any smartphone or Bluetooth device.
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The head-mounted display market, on the basis of application, has been segmented into consumer; commercial; enterprise and industry; engineering and design; military, defense, and aerospace; medical; education; and others. Market for enterprise application is expected to grow at a significant rate. The use of AR headsets is rising in training, logistics and warehouse, manufacturing, assembling, education, and many other applications, which boosts the market for AR headsets. For example, AR headsets are being used in the logistics application to provide a quick access to information anytime and anywhere. In addition, the AR headset can reduce the amount of time required to train new employees. In HMD, the flexibility obtained by augmented reality technology makes it a leader for the enterprise and industry application.
APAC is expected to hold the largest share of the HMD market during the forecast period. Increasing adoption of AR and VR technologies in China, Japan, Australia, and India is one of the reasons behind the growth of the market in APAC.