The way we interact with our surroundings is being drastically changed by augmented reality, and this trend doesn't seem to be slowing down. With its enormous appeal and worldwide appeal, the location-based augmented reality mobile game Pokemon GO serves as a shining illustration of this modern technological revolution. The usage of mobile devices in augmented reality (AR) is poised to become a significant force in the digital world as more and more mobile applications are created. The need for smartphones and other smart devices, which offer quick and portable access to AR applications and consequently improve the overall AR experience, is expected to generate a significant growth in the market for mobile AR in the near future. As a result, thanks to the constantly developing field of augmented reality, we can anticipate a wave of new changes in the world of digital technology in the years to come.
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With a forecasted value of USD 79.77 billion by the end of 2022, reflecting a remarkable CAGR of 69.85% during the forecast period from 2016 to 2022, the global mobile augmented reality market is primed for explosive expansion in the following years. In the retail and tourist sectors, where AR is being used to improve brand experiences and increase customer engagement, the commercial category now commands the highest proportion of the market. As more companies recognise the potential of augmented reality to change the way they engage with their consumers, the commercial segment is also anticipated to experience the largest growth over the projection period. We can anticipate an explosion of new and inventive augmented reality (AR) applications across a wide range of industries as the industry continues to develop, promising to alter the way we interact with the world around us.
Major strategies adopted by leading market players
Google Inc. (U.S.), Qualcomm Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Microsoft Corporation (U.S.), Infinity Augmented Reality Inc. (Israel), Blippar.com Limited (U.K.), DAQRI LLC (U.S.), Wikitude GmbH (Austria), Metaio GmbH (Germany), Catchoom Technologies (Spain), Aurasma (U.K.), and Atheer Inc. (U.S.) are the prominent companies involved in the Mobile Augmented Reality Market.
What are the recent advances in augmented reality applications boosting the market growth?
TWith new apps being created every day, the augmented reality (AR) market is continually growing and changing. Numerous recent developments in AR technology have accelerated the market's expansion. One significant development is the use of augmented reality (AR) to brand and visualise items, allowing customers to interact and experience them in novel and engaging ways. For instance, well-known companies like IKEA are employing augmented reality (AR) technology to give customers virtual product trials and let them see furniture in their homes before making a purchase. Additionally, developments like the augmented reality-based active listening earbuds by Doppler Labs are expected to revolutionise how we engage with music and expand the market for AR in both consumer and business applications. Additionally, the usage of AR in geolocation is creating new opportunities for giving consumers context-specific information and recommendations about, among other things, grocery stores, restaurants, and clothing stores. We can anticipate that the AR market will continue to grow and expand in the years to come thanks to these and other interesting developments in AR technology.
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What factors are leading APAC to hold a major share of the market?
In the global market for mobile augmented reality, the Asia-Pacific (APAC) region is quickly becoming a significant player (AR). Over the course of the forecast period, APAC is expected to have the largest market share and see the fastest CAGR growth. This is brought on by a variety of elements, such as the expanding use of new technologies, quick economic growth, and urbanisation. The region's mobile AR industry is expanding as a result of the rising demand for and use of smartphones as well as other portable electronics like tablets and laptops. Additionally, the growing consumer and business markets in nations like China, Japan, and India are luring AR players to establish new bases in the APAC area. We can anticipate that the mobile AR market in the APAC region will continue to grow and spur innovation in the coming years due to the rising demand for mobile AR apps and the growing interest in new technological advancements in these nations.
What is restricting the growth of mobile augmented reality market?
The mobile augmented reality market is anticipated to increase, but a variety of problems could prevent it from reaching its full potential. The dependence of the development of mobile augmented reality technologies on advances in computers and digital networks is a significant obstacle. The limited user interface of augmented reality applications is another important element that can impair navigational performance. The complex designs and lower adoption rate brought on by privacy and security worries also present serious difficulties for the market's top players. In order for the mobile augmented reality market to reach its full potential and fulfil its potential as a disruptive technology, it will be essential to address these difficulties. We can anticipate continuing growth and innovation in the mobile augmented reality sector over the coming years as these obstacles are solved.
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