Increase in demand for mobile AR in the healthcare industry, rapid growth of the retail industry, and surge in adoption of AR technology by the tourism and education sector drive the growth of the global mobile augmented reality (AR) market.
Allied Market Research published a research report on the mobile augmented reality (AR) market. The findings of the report states that the global market for mobile augmented reality (AR) generated $12.61 billion in 2020, and is expected to garner $184.61 billion by 2030, witnessing a CAGR of 31.4% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
Avinash Savekar, the Lead Analyst, Semiconductor and Electronics at Allied Market Research, outlined, “The mobile augmented reality (AR) market share is expected to witness growth at the highest rate during the forecast period, owing to rapid growth of the retail industry and high usage of mobile AR in the healthcare industry. Also, surge in adoption of AR technology by tourism and education sector is anticipated a huge growth for the global market.”
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The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. Increase in demand for mobile AR in the healthcare industry, rapid growth of the retail industry, and surge in adoption of AR technology by the tourism and education sector drive the growth of the global mobile augmented reality (AR) market. However, underdeveloped user interfaces affect the navigation performance and hinder the market growth. On the other hand, increase in adoption of AR smart glasses offers new opportunities for the market growth.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the mobile augmented reality (AR) market across the globe. The outbreak of Covid-19 affected the global mobile augmented reality (AR). Sudden fall in infrastructure development is anticipated to affect the market growth for the education, consumer, and tourism sector.The market for mobile AR has been marginally dragged down due to the slowdown in OEM production and reduced demand for mobile smartphones and other electronic products. The global economy has been affected by financial constraints and delays in planned projects in many industries.
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The report offers a detailed analysis of segments of the global mobile augmented reality (AR) market. These segments include component, device type, application, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for determining growth strategies for the next few years.
Based on application, the consumer segment held the largest market share in 2020, accounting for more than two-thirds of the global mobile augmented reality (AR) market, and is anticipatedto maintain the lead throughout the forecast period. However, the enterprise segment is expected to grow at the fastest CAGR of 38.4% from 2021 to 2030.
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Based on devices type, the smartphones segment dominated the market share in 2020, contributing tomore than half of the total market share. Moreover, the same segment is projected to manifest the highest CAGR of 32.6% from 2021 to 2030, and is expected to lead the market by 2030.
Based on region, North America dominated the market in terms of revenue in 2020, accounting for around two-fifths of the global mobile augmented reality (AR) market, and is anticipated to maintain the lead throughout the forecast period. The Asia-Pacific region, however, is projected to witness the fastest CAGR of 32.8% during the forecast period.
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Leading players in the global mobile augmented reality (AR) market analyzed in the research include Microsoft Corporation, Qualcomm Inc, Samsung Electronics Co. Ltd., Google, Blippar.Com Ltd., Apple, Groove Jones, Magic Leap, Wikitude, and Marxent Labs.
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