Head Mounted Display Market Size Worth $55,333.07 Million, Globally, by 2028 at 32.2% CAGR - Exclusive Report by The Insight Partners
- The Head Mounted Display Market Size is driven by implementation of HMD in gaming application. The Virtual Reality (VR) segment led the market with a market share of 40.8% in 2020. The head mounted displays (HMD) segment led the market with a market share of 54.7% in 2020; it is expected to hold 41.1% share by 2028. The wireless segment led the market with a market share of 55.4% in 2020; it is expected to account for 61.3% of the total market in 2028.
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the new market research report "Head Mounted Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Integrated HMD, Discrete HMD, and Slide-On HMD), Application (Training & Simulation, Sports & Leisure, Imaging, Defense & Security, and Others), Component (Display Screens, Controllers, Sensors, Cameras, and Others), Technology (Augmented Reality, Virtual Reality, and Mixed Reality), Design (Head Mounted Display and Wearable Glasses), and Connection (Wired, Wireless, and Hybrid)", published by The Insight Partners, the global head mounted display market is expected to grow from US$ 7,840.66 million in 2021 to US$ 55,333.07 million by 2028; it is estimated to grow at a CAGR of 32.2% from 2021 to 2028.
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Head Mounted Display Market: Competitive Landscape and Key Developments
Microsoft, Sony, Oculus VR, Lenovo, Magic Leap Inc., BAE Systems, Seiko Epson Corporation, Samsung Electronics, Google LLC, HTC Corporation, and Vuzix are among the key players profiled during the study of the head mounted display market. In addition, several other essential head mounted display market players were studied and analyzed to get a holistic view of the market and its ecosystem.
In April 2021, the US Army awarded Microsoft a US$ 22 billion deal to manufacture Augmented Reality Gear. Under the terms of the contract, it would begin producing Integrated Augmentation Systems over a ten-year period.
In January 2021, Magic Leap entered into a multi-phased, multi-year strategic partnership agreement with Google (US) for Google Cloud to deliver spatial computing solutions to businesses and Google Cloud customers.
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Head mounted displays help enhance the user experience by providing them real time insights and simulation environment along with the processed information regarding the task performed. The display has a small display optic in front of one (monocular HMD) or each eye (binocular HMD). It has many applications across gaming, aviation industry, engineering, medicine, and industrial sectors. Currently, most of the industries are having the advantage of augmented reality (AR) and virtual reality (VR) technologies for upgrading their technical systems to achieve higher operational efficiency for their operations and automate their businesses. Moreover, the gaming and entertainment industry majorly adopts the HMD technology. Similarly, other applications of smart-glasses (AR, VR, and Mixed-Reality) include the engineering, training & simulation, and educational purposes. Before the COVID-19 pandemic, many companies were cautiously interested in AR and VR, but only a few were actually ready to use the technologies. Some researched how to apply this new technology in their businesses. Others tried to calculate the development costs to plan budget resources for the future. Over the past year, the situation has evolved quickly. Today, customers are less hesitant to actively implement AR and VR in education and retail. They also see it as a tool that helps their scattered teams and remote workers do their jobs. Also, the consumers are taking sheer interest in having the experience of AR/VR-based shopping transactions. Furthermore, the businesses worldwide are observing the impact of these technologies on the market, which is expected to be continued with the trend in the coming years.
APAC to Register Highest CAGR in Global Head Mounted Display Market during Forecast Period:
Rapid technological advances and economic digitization and growing disposable income of the middle-income class are among the factors driving economies from growth phase to developed phase. It is supporting the growth of MSMEs eventually. Major factors responsible for the increasing market share in APAC are the presence of a large customer base, increasing number of smartphone users, and the rising startups in AR and VR technology. One of the most popular uses of virtual reality and augmented reality technology is in video games. This is where Asia-Pacific has spearheaded the VR/AR revolution, with the presence of companies in the region, such as Sony, Nintendo and Sega, turning out exciting products that would bring AR/VR to a whole host of new audiences worldwide. The increasing demand for VR and AR technology in the gaming industry due to the COVID-19 pandemic and the rising interest of large technology corporations drive the virtual reality market. Many product developments are also initiated by companies worldwide, which are also accelerating the growth of the Head Mounted Display Market. For instance, in May 2020, HP Development Company, LP announced the launch of its new virtual reality (VR) headset HP Reverb G2. The new product is launched in collaboration with Microsoft and Valve and offers spatial 3D audio, inside-out tracking, cutting-edge optics, and plug-and-play support for Windows. The new product increased the product portfolio of the company. In July 2019, HTC Corporation announced the launch of its new business division VIVE Enterprise Solutions. The new division is equipped with extended reality (XR) solutions for enterprises and developers globally. The new division increased the product portfolio of the company.
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Growing Adoption of AR/VR Headsets Across Military Sector:
Military operations are becoming increasingly diverse in their nature. There have been numerous goals driving this research over the past several decades. Many of the military requirements and capabilities have specifically driven development of AR systems. For instance, in 2021, The Indian Ministry of Defense (MoD) has announced that the army is in the process of procuring 556 augmented reality head-mounted display (ARHMD) systems. Military HMDs generally do not display videos or media, but rather provide information and tracking as part of a vehicle's heads-up display. AR/VR headsets undertake a huge range of simulations, without the associated costs, thus massively reducing training budgets. Therefore, the adoption of AR/VR headsets is growing in military. The global head mounted display market growth is primarily driven by the rising adoption of HMD for defense and military applications. Furthermore, in 2019, as part of a new effort to develop advanced technologies to enhance situational awareness and capabilities for soldiers, the U.S. Army invited Microsoft engineers and other employees to a military base in North Carolina for signing a contract of delivering AR/VR headsets. Thus, the above-mentioned initiatives and developments in AR/VR technologies in the military sectors would drive the growth of the head mounted display market in the coming years.
Head Mounted Display Market: Connection Overview
Based on connection, the global head mounted display market is segmented into wired, wireless, and hybrid. The wireless segment led the market with a market share of 55.4% in 2020, and it is expected to account for 61.3% of the total market in 2028. Wireless HMDs devices do not require any wired connection for receiving any command. Instead, it has components such as diodes, receivers, sensors, and other components that provide wireless commands and proceed with the transmission of signals. The devices are most widely used for gaming applications, sports applications, entertainment, and other leisure facilities. Also, it is the highest growing HMDs in the global head mounted displays market, according to the market research study.
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