New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Mobile Augmented Reality Market, By Component, Applications, End-User - Forecast Till 2030”, The global mobile AR market will reach USD 29.2 billion at a 17.76% CAGR by 2030.
Mobile Augmented Reality Market Growth Drivers
The increasing adoption of the mobile augmented reality in retail sector will boost market growth over the forecast period. The retail sector is expanding quickly. Retailers are under pressure to show how useful their products are without compromising their quality. These merchants also participate in taking charge of the transaction of products. Together, these elements are encouraging the usage of augmented reality technology in the retail industry.
Mobile AR Market Key Players
Eminent market players profiled in the global mobile augmented reality market report include,
- Apple Inc. (USA)
- Blippar (UK)
- Catchoom technologies (Spain)
- CORDIS (USA)
- DAQRI (USA)
- Elsevier (Netherlands)
- Google Inc. (USA)
- HCL Technologies Limited (India)
- Infinity augmented reality (Israel)
- Intel Corporation (USA)
- Microsoft Corporation (USA)
- Samsung Electronics Ltd. (South Korea)
- SAP SE (Germany)
- Qualcomm Inc. (USA) and Others.
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Mobile AR Market Opportunities
Growing Use of Mobile Augmented Reality in Healthcare to offer Robust Opportunities
The growing use of mobile augmented reality in healthcare will offer robust opportunities for the market over the forecast period. Precision is needed for diagnosis, which is a crucial stage in all medical treatments. Worldwide, doctors are creating a need for a solution that streamlines the procedure and aids in preventing inaccurate diagnoses. A new remedy for this is augmented reality on mobile devices. In order to identify wounds and promote accurate diagnosis, Tissue Analytics, a US-based business that combines artificial data with the medical industry, is developing a mobile application that makes use of augmented reality on smartphones. This kind of innovation is creating a lot of demand and promoting market expansion.
Mobile AR Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 29.2 Billion |
| CAGR during 2022-2030 | 17.76% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing adoption of the mobile augmented reality in retail sector |
| Key Market Drivers | The next-generation mobile AR and emerging internet are resulting in the growth of the market. |
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Mobile AR Market Restraints
Limited Processing Power to Boost Market Growth
The limited processing power & storage capacity, limited user interface effecting navigation performance of AR apps, privacy-related and social issues, and the need to redesign & reconfigure AR apps for various applications and platforms may act as market restraints over the forecast period.
Mobile Augmented Reality Market Segmentation
The global mobile augmented reality market is bifurcated based on end user, applications, and component.
By component, the mobile augmented reality market is segmented into software and hardware.
By applications, tablets will lead the market over the forecast period.
By end user, the mobile augmented reality market is segmented into gaming and entertainment and telecommunication.
COVID-19 Analysis
The COVID-19 epidemic has possessed a substantial effect on the world's economies, including travel and worker limitations, supply chain and production interruptions, and decreased demand and spending in a variety of industries. The market growth for the consumer, education, and tourist sectors is anticipated to be hampered by a sudden fall in infrastructure development. The demand for mobile devices and other electronics products has declined, which has marginally lowered the market for mobile augmented reality. OEM production has slowed down. Global supply chains were severely impacted by component and material shortages. The worldwide economy has also been affected by budget cuts across a range of industries and project delays. However, due to its advantages in visualization, annotation, and storytelling, AR technology is starting to acquire some popularity after COVID-19. Through access to cultural events and online learning, AR technologies are assisting users in escaping the isolation of lockdowns. A number of nations, including China, Japan, South Korea, and India, anticipate an immediate end to the pandemic after taking preventive measures like lockdowns and social isolation. Additionally, as vaccines become available everywhere and the pandemic situation is better managed, particularly in North America. This would accelerate the mobile augmented reality (AR) market's revival.
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Mobile Augmented Reality Market Regional Analysis
North America to Head Mobile Augmented Reality Market
North America is the highest geographic market for smartphone augmented reality. Huge demand for smart devices, rising investment in smart devices and augmented reality, and technological innovation all lead to the development of the market in this region, which makes it a ready-made market for technologically advanced goods. The USA, Canada, & Mexico are the three largest countries in this region in terms of domestic markets.
APAC to Have Admirable Growth in Mobile Augmented Reality Market
The Asia Pacific region's expansion is mostly related to the existence of several producers and suppliers of goods based on augmented reality (AR) technology. These producers are particularly prevalent in Japan and China, which are major contributors to the growth of the Asia Pacific regional market. Additionally, it is anticipated that investments in consumer and commercial applications will rise in China, India, and Japan during the next few years. This is also anticipated to support the growth of the market in the area. Due to the rising usage of mobile augmented reality for various applications, including the healthcare, education, tourism, and e-commerce sectors, Asia-Pacific is anticipated to develop at the greatest CAGR over the projected period.
The advent of numerous manufacturers and sellers for products based on AR technology in China and Japan in recent years has aided in the expansion of the MAR market in those countries. As consumer and commercial use of new technologies increases, Japan, India, & China are projected to make significant investments in them. The usage of AR technology in commercial and consumer applications has grown as a result of the region's easy access to the technology. The region's market has grown thanks to the use of augmented reality technologies on smartphones and tablets. The Asia-Pacific region will hold the largest market share and experience the fastest CAGR growth in terms of mobile augmented reality.
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The rapid acceptance of new technology, economic advancements, urbanization, and rising demand for smartphones and other portable electronics like tablets and laptops are all key contributors to this enormous expansion. Additionally, the growing consumer and commercial markets in APAC nations like China, Japan, & India are actively investing in new technological advancements, which are driving up demand for mobile augmented reality apps in these nations. AR players are becoming more interested in growing their bases in this region.
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