Market Highlights
Mobile augmented reality is the juxtaposition of virtual objects in the physical world. Popularity of smartphones and the open-source nature of Android has driven the sales of mobile phones and widened the scope of mobile augmented reality. Marker and markerless are two major types of the technology currently functional in the industry. The global mobile augmented reality market size is pegged to reach USD 70 billion by 2023, according to the latest report by Market Research Future (MRFR). It is expected to expand at 61% CAGR over the forecast period (2017-2023). MRFR provides a comprehensive analysis of reports of major industries by assessing market dynamic variables against micro and macroeconomic indicators.
Market Scope
The global mobile augmented reality market is likely to peak over the forecast period. This is attributed to strides in technologies of internet of things, artificial intelligence, and tracking. The growing retail industry as well as rise of online shopping can together provide scope for the market. Retailers are able to display the functionality of products without compromising the packaging or quality. The use of mobile AR for driving sales of products and bridging the gap between customers and online shopping can bode well for the market.
The COVID-19 pandemic is a boon to the mobile AR market owing to the use of the technology for expediting online learning. For instance, medical students of Case Western Reserve University, Ohio, U.S., are using HoloLens and HoloAnatomyAccess for attaining their medical educations from the confines of their homes. Exposure to events and experiences and its effect can be amplified during the period of movement restrictions. Travel agencies are offering online virtual tours to customers through this technology.
But the accuracy of sensors and consumption of battery of smartphones are challenges facing the global market.
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Segmentation:
By component, the market is segmented into hardware and software. By hardware, it is sub-segmented into displays, sensors, 3D graphics system, GPS system, wireless network, and others. The software segment is deemed to drive the market demand owing to development of AR software development kits. New opportunities in gaming and lifestyle are likely to push the segment demand. On the other hand, the sensors sub-segment in the hardware segment can capture a large market share owing to improvements in tracking. Correction software ingrained in sensors for accurately pinpointing objects as well as faster computing power can drive the demand.
By application, the global mobile augmented reality market is segmented into game consoles, smartphones, smart glasses and wearable, personal digital assistants, and tablets. Smart glasses and wearable segment is estimated to drive the maximum demand in the coming years. This is attributed to increasing improvements in smart glasses and present dependence on wearables for being attuned to latest updates.
The end users of the market are public sectors (education, government, military), telecommunication, gaming & entertainment, enterprises (E-commerce, advertising and healthcare), and others. Enterprises are likely to gain the major market share due to scope in advertising and retail sectors.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions covered for outlining the prospects of the global mobile augmented reality market.
Among them, North America can dominate the market over the forecast period owing to investment in AR and proliferation of smart devices. The U.S. and Canada are key contributors of the region owing to a huge penetration rate of smartphones. Ease of work as well as high entertainment value provided to customers can drive the market expansion in the region.
APAC is expected to be lucrative for the mobile augmented reality market owing to presence of various vendors of AR hardware in China and Japan. Investments in technology as well as consumption of mobile applications can drive the regional market growth. Presence of smartphone manufacturers as well as tax breaks provided by governments can drive the market growth.
Competitive Scope
Google Inc., Microsoft Corporation, Apple Inc., Intel Corporation, SAP SE, CORDIS, Elsevier, DAQRI, Catchoom Technologies, Blippar, Qualcomm Inc., Samsung Electronics Ltd., Infinity augmented reality, and HCL Technologies Limited are prominent players of the global mobile augmented reality market. Among these, Blippar, Microsoft, Google, Qualcomm, and Samsung Electronics have captured a major market share. Rollout of internet of things services and products encouraging AR are the main strategy of these players.
Industry News
Microsoft’s Dynamics 365 Remote Assist on HoloLens can enable collaboration among teams and supports live annotation for faster comprehension of challenges. This can be used by emergency rescue workers, enterprises, and government agencies for collaborating over long distances.
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Global Mobile Augmented Reality Market, By Component (Hardware, Software), Applications (Smartphones, Smart Glasses & Wearable, Tablets), End-User (Telecommunication, Gaming & Entertainment) - Forecast Till 2027
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