Mobile augmented reality (MAR) has emerged as the most popular and most convenient form of augmented reality, especially because of the proliferation of mobile devices. A type of mobile application that incorporates and complements built-in components in a mobile phone and provides a specialized application to deliver reality-based services and functions. Also, mobile AR uses location based services that give us the geographical position of the mobile device.
According to a new report published by Allied Market Research, titled, “Mobile Augmented Reality (AR) Market by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global mobile augmented reality (AR) market size was valued at $12.61 billion in 2020, and is projected to reach $184.61 billion by 2030, registering a CAGR of 31.40%. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.
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 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 key players profiled in the report include Qualcomm Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Blippar.Com Ltd., Google, Apple, Magic Leap, Groove Jones, Wikitude, and Marxent Labs. These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in mobile augmented reality (AR) industry.
Most AR capabilities have been available primarily on smartphones. The combined installed base of mobile AR devices and smart glasses could exceed two and a half billion units in coming year, creating huge opportunities for innovative AR applications. As these devices become more ubiquitous, AR will become less of a novelty technology and form a more integral part of consumers’ everyday technology experience. These factors would create lucrative growth opportunities for mobile augmented reality (AR) market players.
The prominent factors that impact the mobile augmented reality (AR) market growth are high usage of Mobile AR in healthcare industry, rapid growth of the retail industry, and surge in adoption of AR technology by tourism and education sector. However, Limited user interface affecting navigation performance of AR apps restricts the market growth. On the contrary, rising adoption of AR smart glasses is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global mobile augmented reality (AR) market growth during the forecast period.
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The global mobile augmented reality (AR) market share is segmented on the basis of component, device type, application, and region. By component, it is divided into hardware, software, and services. The hardware segment further sub segmented into 3d camera, sensors, processor, and others. By device type, it is fragmented into smartphones, tablets, personal digital assistants (PDAs), and others. Depending on application, it is separated into consumer, healthcare, enterprise, commercial, aerospace & defense, and others.
Region-wise, the mobile augmented reality (AR) market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Taiwan, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to grow at a highest CAGR during the forecast period, due to an increasing adoption of mobile AR for different applications such as healthcare, education, tourism, and e-commerce sectors. The overall mobile augmented reality (AR) market analysis is determined to understand the profitable trends to gain a stronger foothold
Key Findings of The Study
In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 29.70% during the forecast period.
The smartphones segment accounted for more than 50% of the global mobile augmented reality (AR) market share in 2020.
The enterprise segment witness highest growth rate during the forecast period.
UK was the major shareholder in the Europe mobile augmented reality (AR) market revenue, accounting for approximately 26% share in 2020.
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