Allied Market Research, titled, “Mobile Augmented Reality Market Size by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global mobile augmented reality (AR) industry 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.
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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. In addition, the growth of the mobile ecosystem was driven by three use cases, including creative, contextual, and connected apps. These same use cases are now pushing the AR ecosystem past the initial novelty stage into creating true value for users. AR technology is widely used in fields such as education, healthcare, retail, automotive, engineering design, aerospace, and military.
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 the 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 market players.
The prominent factors that impact the mobile augmented reality market growth are high usage of Mobile AR in the healthcare industry, rapid growth of the retail industry, and surge in adoption of AR technology by the tourism and education sectors. However, a Limited user interface affecting the navigation performance of AR apps restricts the market growth. On the contrary, the rising adoption of AR smart glasses is expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the global mobile augmented reality market growth during the forecast period.
The global mobile augmented reality market share is segmented based on component, device type, application, and region. By component, it is divided into hardware, software, and services. The hardware segment is further sub-segmented into 3d cameras, sensors, processors, and others. By device type, it is fragmented into smartphones, tablets, personal digital assistants (PDAs), and others. Depending on the application, it is separated into consumer, healthcare, enterprise, commercial, aerospace & defense, and others.
Region-wise, the mobile augmented reality 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 the 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.
Competitive Analysis:
The mobile augmented reality industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size, and share analysis, operational results, and market positioning.
Some of the major key players in the global Mobile Augmented Reality Market include,
Qualcomm Inc.
Microsoft Corporation
Samsung Electronics Co. Ltd.
Blippar.Com Ltd.
Google
Apple
Magic Leap
Groove Jones
Wikitude
Marxent Labs
The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. A sudden decline in infrastructure development is expected to hamper the market growth for the consumer, education, and tourism sectors.
The slowdown in production by OEMs and the reduction in demand for mobile devices and other electronic devices have slightly pulled down the market for mobile AR. Shortages of components and materials have significantly impacted the global supply chains. In addition, reductions in various budgets and delays in planned projects in various industries have hampered the global economy.
Moreover, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe. This would boost the recovery of the mobile augmented reality market.
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Mobile Augmented Reality Market Key Segments
By Component:
Hardware
3D Camera
Sensors
Processor
Other
Software
Services
By Device Type:
Smartphones
Tablets
Personal Digital Assistants (PDAs)
Others
By Application:
Consumer
Healthcare
Enterprise
Commercial
Aerospace & Defense
Others
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 smartphone segment accounted for more than 50% of the global mobile augmented reality market share in 2020.
The enterprise segment witnesses the highest growth rate during the forecast period.
The UK was the major shareholder in the European mobile augmented reality market revenue, accounting for approximately 26% share in 2020.
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