From 2020 to 2025, the Mobile Augmented Reality (AR) Market is anticipated to increase from USD 7.6 billion to USD 29.5 billion, with a CAGR of 31.1 %. The primary reasons influencing market growth are the rise in online gaming during the COVID-19 epidemic, rise in demand for mobile AR from the retail sector to improve consumers' shopping experiences, and surge in use of AR technology by the travel & tourism and education sectors.
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The leading companies in the MAR market include Google Inc., PTC, Apple Inc., Wikitude GmbH, Samsung Electronics Co. Ltd., Blippar.com Limited, MAXST, Magic Leap Inc., Upskill Inc., and Atheer Inc. (US). New product releases and acquisitions are two of the key techniques used by these firms to improve their product portfolios, grow their market shares, and increase their presence in the market.
For instance, PTC and Magic Leap collaborated to launch AR-integrated business solutions in December 2019. The collaboration should enable Magic Leap to utilise the Vuforia engine's augmented reality features in its Magic Leap 1 headset. To hasten the creation of AR corporate apps, PTC purchased TWNKLS (Netherlands), a provider of useful AR solutions for Industry 4.0, in June 2019. Apple released ARKit 3.5, an improved version of ARKit, in March 2020. New Scene Geometry application programme interface (API) in the enhanced version creates a 3D map of the area, distinguishing between floors, walls, ceilings, windows, doors, and seats using the LiDAR scanner.
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Google is constantly working to offer new versions and add-ons to its existing product line. The corporation is concentrated on integrating augmented reality technology into its outdated products to increase the functionality of the product, its sales, and its brand value. In addition, Google aims to integrate augmented reality technology into web browsers. The company is also targeting the general public with its recently released Pixel smartphones, its Search Engine, and the Android operating system. To acquire greater traction and seize chances brought up by the pandemic, the company is currently concentrating on many additional AR/VR applications, including as education. The business created the Google for Education Teacher Center to assist teachers and other education professionals in discovering new resources and incorporating them into their lesson plans. Google released new (AR) and Google Lens extensions for Google Search in May 2019. The new Google Search capabilities overlay data and content onto actual space using a combination of augmented reality, machine vision, and cameras.
PTC keeps developing its Vuforia AR business through new endeavours. With fresh collaborations and product advancements, the company maintains its position as a market leader. It offers its clients enticing options to quicken the process of their digital transformation. The business is heavily investing in mergers and acquisitions in order to create cutting-edge workforce optimization solutions based on augmented reality. Additionally, PTC intends to make use of its previous business agreements to open up more commercial potential for augmented reality solutions. To develop an augmented reality (AR) technology-based solution for factories, facilities, and other areas, PTC invested in 3D image startup Matterport in June 2019.
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