The global head-mounted display (HMD) market is expected to grow at a CAGR of approximately 37% between 2018 and 2022, according to a new market research report by Technavio.
A major factor driving the growth of the market is an increase in military expenditure. The world’s expenditure for the military sector increased in 2016, particularly in the US. However, it declined in oil-extracting countries. Expenditure increased by 0.4% year-on-year in 2016.
Military and defence expenses are determined based on the economic and political scenario of a country. Globally, the US generally has the highest military expenditure.
In this report, Technavio highlights the incorporation of gesture recognition in HMDs as one of the key emerging trends in the global head-mounted display market. Like smart glasses, HMDs can be designed and developed with gesture recognition capabilities. A major vendor’s gesture control technology will offer users improved interaction capabilities, making them less dependent on touchpads and buttons.
This will help in offering smart glasses equipped with intuitive and reliable touchless gesture interaction, suited both for a demanding industry environment as well as the consumer market. A senior analyst at Technavio commented:
“HMD vendors can incorporate gesture recognition technology in their devices, which can be used across industrial workshops. Gesture recognition can be used as an alternative to voice commands to control HMDs with the help of depth sensors, which allow users to touch and swipe virtual controls in their field of view”.
The report segments the global head-mounted display market into the following applications (combat and aviation and training and simulation), end-users (defence and industrial) and key regions (the Americas, APAC and EMEA).
The combat and aviation segment held the largest market share in 2017, accounting for more than 57% of the market. The market share for this application is expected to increase by nearly 17% by 2022.
The Americas was the leading region for the global head-mounted display market in 2017, accounting for a market share of over 42%. The market share for this region is expected to increase by nearly 4% by 2022.
