The global mobile augmented reality market was worth US$ 4.2 billion in 2023. The desire for mobile augmented reality is expected to grow significantly, with an impressive annual growth rate of 22.1%. By the year 2033, it is anticipated that the market will be valued at US$ 31.5 billion.
Designed to create immersive experiences, mobile augmented reality has won a special place for game makers. The launch of sophisticated, intricately designed multiplayer games has truly utilized the real potential of solutions presented by this market.
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The explosive growth of mobile augmented reality is completely attributable to unprecedented use of smartphones and tablets. From remote places to urban landscapes, mobile AR has made an enormous contribution in changing the way experience museums, office spaces, and games. Since innovations such as Google Glass, the world of mobile AR has evolved to be a part of many other sectors, changing the game for military trainings, healthcare consultations, and learning experiences.
Key Takeaways of Mobile Augmented Reality Market Report:
The Mobile Augmented Reality (AR) Market Report highlights several key trends and projections for the coming decade. East Asia is poised to lead the global market, with an impressive compound annual growth rate (CAGR) of 27.2% from 2020 to 2030. The gaming segment is expected to maintain its dominance, capturing a 28% market share by 2030. Additionally, smartphones and tablets are set to revolutionize educational experiences through the integration of mobile AR. The services segment, encompassing AR design, development, integration, and support services, is projected to surge ahead with a CAGR of 24.6% during the forecast period, finding applications across various verticals.
E-commerce to Enhance Demand for Mobile Augmented Reality
The growing e-commerce industry has been identified as key contributor to the increasing adoption of mobile augmented reality. Integration of mobile augmented reality by retailers to make it more accessible for customers to purchase the right item. Augmented reality helps users to view their products in 3-D, life-like projections in real-time through smartphones and tablets.
Mobile augmented reality offers retailers the opportunity to improve the consumer shopping with real-life experiences. With an augmented reality app, an e-commerce retailer can create a virtual table with a different range of products, projecting it on the customer’s living room. The growing number of purchases via mobile devices and shoppers using smartphones in-store is increasing the demand for mobile augmented reality. Such enhancement of consumer engagement is projected to bode well of the market in the forecast period.
Recent Developments in the Market:
In January 2021, Apple announced iOS 15, a major update with powerful features to enhance the iPhone experience.
In June 2021, Magic Leap established a collaboration with AMD, an American multinational semiconductor company, to advance computer vision and perception into the enterprise market.
Leading Key Players:
The mobile augmented reality market is driven by several key players, including tech giants like Apple Inc., Google LLC, and Samsung Electronics Co. Ltd., known for integrating AR capabilities into their devices and ecosystems. Qualcomm Technologies, Inc. provides essential AR hardware and software platforms. Amazon.com, Inc. explores AR in retail, while Intel Corporation and Microsoft Corporation focus on AR innovation and enterprise solutions. Micro Focus and Magic Leap, Inc. contribute with specialized AR software and hardware. Companies like Wikitude GmbH, Scope AR, Blippar, and DAQRI enhance AR experiences through applications in various industries, pushing the boundaries of AR technology.
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