Mobile Augmented Reality Market
The retail business is rapidly expanding. Retailers are under pressure to exhibit the usefulness of their products whilst maintaining their quality. These merchants are also implicated in the regulation of the products exchange procedure. All of these considerations are driving the usage of augmented reality in the retail industry, which is likely to work in favor of the global mobile augmented reality market in the years to come. The retail industry is concerned with the sale of goods and services either offline or online platforms, such as a physical store or e-commerce sites. Consumers do not want to spend a lot of time shopping since stores are packed. As a result, the attractiveness of internet shopping has expanded over time. As a result, many large and small merchants have boosted their e-commerce platform expenditures. However, they continue to have difficulties when it comes to online buying.
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The decisions of businesses are highly influenced by their capabilities to regulate the demand behavior of social media, estimate specific things early, comprehend demand signals, and how rapidly they meet customer requirements. These skills are critical for improved corporate performance in both normal and pandemic situations, and also when supply chains are disrupted. Considerable acceptance of augmented reality or AR in social applications, such as Instagram (filters) and Snapchat, would lead to a demand for richer social media content in mobile AR. These factors are likely to augur well for the global mobile augmented reality market in near future.
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.
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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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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