The Mobile Augmented Reality Market is expected to witness moderate growth, registering a 23.3% CAGR during the forecast period (2022-2031) and projected to reach US$ 4.4 Billion in 2022 and US$ 29.3 Billion by 2031.
The credit for the unstoppable pace of the mobile augmented reality (AR) market significantly goes to the creative industry. Inclusive of video games, live events, retail, and video entertainment, this side of the business has definitely challenged mobile augmented technology, pushing it to deliver better solutions. Designed to create immersive experiences, mobile augmented reality has won a special place for game makers. The launch of sophisticated, intricately designed multiplayer games has truly utilized the real potential of solutions presented by this market.
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The explosive growth of mobile augmented reality is completely attributable to unprecedented use of smartphones and tablets. From remote places to urban landscapes, mobile AR has made an enormous contribution in changing the way experience museums, office spaces, and games. Since innovations such as Google Glass, the world of mobile AR has evolved to be a part of many other sectors, changing the game for military trainings, healthcare consultations, and learning experiences.
Key Takeaways of Mobile Augmented Reality Market Study
- East Asia to lead the race in the global mobile augmented reality market at a CAGR of 27.2% between the forecast years of 2020 and 2030
- Gaming segment anticipated to retain its leading position with a share of 28% by the end of 2030
- Smartphones and tablets to revolutionize educational experiences with integration of mobile AR
- Services segment to leap ahead at a CAGR of 24.6% during the forecast period as AR design and development, integration and development, and support services find applications across verticals
COVID-19 Proves Positive for Mobile Augmented Reality Market
The COVID-19 pandemic has deepened the chasm of economic crisis, making the global population rethink education and entertainment in many ways. With no live events to attend, cancelled sporting events, and uncertainty looming over reopening of colleges and schools, mobile augmented reality found its opening to a plethora of opportunities.
The importance of AR has also surged in healthcare consultations as medical professionals and patients are seeking safety first. Furthermore, a quantum leap in online gaming, schooling, and entertainment as artists are taking gigs online, have collectively resulted in a special demand for mobile AR. Biggest chunk is definitely consumed by the online gaming industry, which has been the strongest pillar of the entertainment during the stringent lockdowns. According to FMI, the mobile augmented reality market will grow 6%-8% by Q3 2020 in the given circumstances.
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E-commerce to Enhance Demand for Mobile Augmented Reality
The growing e-commerce industry has been identified as key contributor to the increasing adoption of mobile augmented reality. Integration of mobile augmented reality by retailers to make it more accessible for customers to purchase the right item. Augmented reality helps users to view their products in 3-D, life-like projections in real-time through smartphones and tablets.
Mobile augmented reality offers retailers the opportunity to improve the consumer shopping with real-life experiences. With an augmented reality app, an e-commerce retailer can create a virtual table with a different range of products, projecting it on the customer’s living room. The growing number of purchases via mobile devices and shoppers using smartphones in-store is increasing the demand for mobile augmented reality. Such enhancement of consumer engagement is projected to bode well of the market in the forecast period.
More Valuable Insights on Mobile Augmented Reality Market
Future Market Insights offers an unbiased analysis of the global mobile augmented reality market, providing historical data for 2015-2019 and forecast statistics from 2022-2031.
Mobile Augmented Reality Industry Survey
Mobile Augmented Reality Market by Solution:
- Mobile AR Software
- Mobile AR Application Platforms
- Mobile AR SDKs
- Services
- Integration & Deployment
- AR Design & Development
- Support Services
Mobile Augmented Reality Market by Application:
- Military
- Education
- Healthcare
- Gaming
- Media & Entertainment
- Travel & Tourism
- Others
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Mobile Augmented Reality Market by Region:
- North America Mobile Augmented Reality Market
- Latin America Mobile Augmented Reality Market
- Europe Mobile Augmented Reality Market
- East Asia Mobile Augmented Reality Market
- Middle East & Africa Mobile Augmented Reality Market
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