Global Mobile Augmented Reality Market – Overview
The growing use of AR technology in the e-commerce and retail, entertainment, gaming, and several other industries is the key factor driving the growth of the global mobile augmented reality market. With the key players in the market focusing developing more enriching and experience rich technology, the global market is expected to witness promising opportunities in the coming years of the forecast period.
Global Mobile Augmented Reality Market – Notable Developments
Some of the key developments of the global mobile augmented reality market are given below:
- In December 2019, PTC announced that it has partnered with Magic Leap to introduce AR-integrated enterprise solutions. The partnership is expected to allow Magic Leap to use its AR capacities of the Vuforia engine in the flagship headset.
- In May 2019, Google announced new addons in Google Search, which deploys (AR) and Google Lens. The new features in Google Search use a combination of augmented reality, computer vision, and camera to superimpose information and content onto real space.
- In December 2019, Samsung announced the company is collaborating with Librestream, an AR enterprise solutions provider, to deliver augmented reality solutions for better worker safety and communications. This solution was integrated with Samsung’s newest tablet – Galaxy Tab Active Pro.
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Global Mobile Augmented Reality Market – Drivers and Restraints
There are multiple factors that are responsible for the overall development of the global mobile augmented reality market. Rapid growth of the retail industry is one of the key factors driving the market growth. Retailers are experiencing increasing pressure to demonstrate the goods utility without compromising their quality. These retailers are also involved in controlling the exchange process of goods. All such factors are cumulatively promoting the use of augmented reality technology in the retail sector.
Another important factor helping the market growth is the popular trend of online shopping. Both small and medium enterprises have migrated to e-commerce platforms for expanding their businesses. This has prompted use of AR tech for giving more in-depth experience to users online. This is thus expected to help the overall development mobile augmented reality market.
However, there are some factors that are projected to hinder the market growth in the coming years of the forecast period ranging from 2024 to 2030. One of the biggest restraining factors for the global mobile augmented reality market is the difficulty in adopting the augmented reality technology because of poor quality of user interfaces in several devices. Because of the small screen sizes of the mobile phones and incompatibility, a user has a limited access with strict boundaries. This is projected to impact the growth of the global mobile augmented reality market in the coming years.
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Global Mobile Augmented Reality Market – Geographical Outlook
In terms of geographical outlook, the global mobile augmented reality market is segmented into five key regions. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global mobile augmented reality market is expected to be led by the regional segment of Asia Pacific in the coming years of the forecast period ranging 2024 to 2030. The growth of the Asia Pacific region is primarily attributed to the presence of several manufacturers and vendors of the augmented reality (AR) technology based products. Japan and China is particular have large presence of such manufacturers, and thus are leading contributors to the development of the Asia Pacific regional market. In addition to this, commercial as well consumer application in China, India, and Japan are projected to witness increasing investments in the coming years. This too is expected to help the development of the market in the region.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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