CHICAGO, June 8, 2021 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets, the market 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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Integrated HMDs to account for the largest share of head-mounted display market in 2020
Integrated HMD, also called optical HMD (OHMD), is the most expensive and sophisticated type of HMD. It is an independent computing device, as it can deliver VR and AR experiences to users without any external hardware such as a PC or smartphone. Microsoft Corporation (US), Magic Leap, Inc. (US), and Osterhout Design Group (US) are among the companies that provide integrated HMDs. With the growing advent of HMDs and advancements in them, it is expected that integrated HMDs will play a key role in the development of the overall HMD 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.
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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.
Related Reports:
Augmented Reality and Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Device Type (HMD, HUD, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare), and Geography - Global Forecast to 2025
Head-up Display Market with COVID-19 Impact Analysis by Component (Video Generator, Projector/Projection Unit, Display Unit, Software), Type (Conventional HUD, AR-Based HUD), Application (Aviation, Automotive), and Geography - Global Forecast to 2025
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