ID: MRFR/ICT/0542-HCR | 100 Pages | Author: Ankit Gupta | May 2023
Mobile Augmented Reality Market Estimated to Reach at USD 29.2 Billion with 17.76% CAGR by 2030
The Mobile Augmented reality market is expected to grow at USD 29.2 Billion by 2030 at a CAGR of 17.76% during the forecast period from 2020 till 2030.Mobile Augmented reality is an AR that corporation along, anywhere we go. It specifically means that the hardware which is required to execute an AR application is something that can be carried with us wherever we go. There are a lot of companies that are leading providers of mobile augmented reality solutions in global warming. Such companies include- Samsung electronics Ltd ( South Korea), Microsoft Corporation (U.S), Google Inc (U.S.), and Bilapper (U.K.)
The latest devices have inbuilt features which are combined with the sensors, displays, and processing for the mobile users for such application resulting in market growth. The Mobile Augmented reality market is predicted to emit a CAGR of approximately 17.76% from 2020 to 2030.
The lockdown has a different impact on the industries as well as humans. Working in AR allows people to shop, talk and socialize using different platforms. It has certainly made it earlier for people to stay connected using the internet.
These technologies are easily available and affordable resulting in the growth of the market and socially connecting people. The new technologies are wearable and hands-free. The acknowledgment of such devices not only makes them popular among the consumers but also increases the sale and growth.
The use of artificial intelligence and mobile expansion is fueling the growth in the market. They are fully developed and advanced technologies that are as reliable as smartphones and laptops.
The next-generation mobile AR and emerging internet are resulting in the growth of the market. They are the driving factors. Internet and artificial intelligence are giving rise to the growth and new way of digitalization.
Companies are catching the preferences of the consumer by fulfilling their demands virtually. They are seeking new opportunities to increase the market sale. Wearable devices and handsfree devices have become popular among consumers resulting from the growth in the market. Tan these devices are being widely used among people making them lead a hassle-free life. With an augmented system, people can shop online and can conduct meetings as well as classes virtually.
During the lockdown, there is a lot of change in our day-to-day routine. The impact of such devices is that it has made us dependable. The pandemic has caused many behavioral changes. People are now connected, can sing, can dance, or talk via video calls but has taken away the charm of meeting socially.
Mobile augmented reality market belongs to the next generation as thus, compliances with the emerging needs of the service seekers. Internet of things (IoT) along with artificial intelligence is boosting supply chain management. The digital era is the new reality with providing flexibility, ease, convenience, as well as support to the customers. Also, people are flocking towards fulfilling their cellular needs. This, in combination with artificial intelligence, is providing reliable solutions to the target audience, thus increasing the reliability quotient to a good level.
The Mobile Augmented reality market is segmented into four different categories. These include:
It further gets divided into two parts, i.e, hardware, and software. The hardware is,sub-segmented. It consists of 3D graphics systems, GPS systems, wireless networks, etc.
The applications are further divided into smartphones, smart glasses, and wearables. They also include tablets, personal digital devices, and game consoles, making it easier for the generation to access.
The end part is segmented into sub-segments such as Gaming and entertainment, Telecommunications, etc. They are divided into categories according to the functions and requirements of the consumers. For eg. enterprise (E-commerce, advertising, and healthcare) and public sectors (Education, Government, and Military )making it easy for the new generation to understand and recognize.
The Mobile Augmented reality market has a cross-over across the regions including North America, Europe, Asia Pacific, along the rest of the world. In terms of market shares, North America is one of the regions that are on top. The main reason behind this is the exposure the region has goi, in terms of the enormous demands. All this has been possible because of the extension of investment in the market by big market players.
Among many, Europe is the one to witness the rapid growth in the forthcoming period. India, China, and Japan are expected to grow at the highest CAGR in coming years being Asia Pacific countries. This is a very promising figure thus, increasing the base of the mobile augmented market to a great level.
The upcoming and rising companies in the global Mobile Augmented reality market are as follows:
Many among the others are still recovering from the losses due to the pandemic.
HCL Technologies Ltd. is the company that balances both works as well as life altogether.
It is a multinational company that specializes in IT. The company has its respective offices in 32 countries some among them are the UK, US, France, and Germany. It believes in operating all the sectors including defense, banking, healthcare, hi-tech, etc.
Latest Industry News
On Mar.14, 2023, Nextech3D.AI, a leading supplier of generative AI-powered 3D models for major e-commerce retailers, launched the industry's first augmented reality mobile app for live events. The company has enhanced features of its popular event app with AR/AI combined solutions for trade show managers and event professionals. The app combines the MapD event management solutions technology with ARway, the AI-powered AR Navigation platform with a no-code, no-beacon spatial computing solution.
Mobile Augmented Reality is the Most Popular & Convenient Form of Augmented Reality
The mobile augmented reality market is likely to garner significant revenue growth. The rising efficient throughput of data transmission and massive advances in cloud platforms will drive market growth in the next few years. According to Market Research Future (MRFR), the global mobile augmented reality market will reach USD 29.2 billion by 2030, growing at a 17.76% CAGR throughout the assessment period (2020-2030).
Mobile Augmented reality (MAR) refers to various components required to execute an AR application and be used anywhere. These are the latest devices with built-in features combined with sensors, displays, and processors designed for mobile applications. Augmented reality applications are used on many mobile platforms.
Mobile augmented reality has emerged as the most popular and convenient form of augmented reality, especially due to the proliferation of mobile devices. Applying a mobile augmented reality tool allows indoor or outdoor AR use in unauthorized environments by carrying the AR equipment or by accessing the virtual information remotely. For instance, head-mounted displays are worn for mobile AR, and handheld devices or portable LCD screens are used to display virtual information.
Augmented reality is extensively being used in the industrial sector. Considering the many benefits that augmented reality offers, companies across industries are becoming increasingly interested in this technology. Industry 4.0 modalities also brought along many complex transformation processes. The awareness of the potential role that AR can play in the industry has increased significantly.
|Market Size||USD 29.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Qualcomm Inc. (U.S.) SAP SE (Germany) Microsoft Corporation (U.S.) Samsung Electronics Ltd. (South Korea) Catchoom Technologies (Spain) HCL Technologies Limited (India) Apple Inc. (U.S.) Intel Corporation (U.S) DAQRI (U.S.) Google Inc. (U.S.)|
|Key Market Opportunities|
|Key Market Drivers||The next-generation mobile AR and emerging internet are resulting in the growth of the market.|
Mobile Augmented Reality Market Estimated to Reach USD 29.2 Billion by 2030.
The market has a forecast period ending in 2023. The expected size of the market by that time is Mobile Augmented Reality.
The gaming industry is focusing on the large-scale adoption of advanced technologies. This is one of the major drivers that is expected to work well for the expansion of the market size by the end of the forecast period.
By the end of the forecast period of 2023, there is an expectation of the market to grow at a 17.76% CAGR, globally.
The market has various divisions as its target audience. They are: • Mobile augmented reality providers, as well as, companies • Technology investors and organizations • System integrators • Solution providers • Researching and consulting firms • Research-based companies • Development-based organizations • Security providers • Professional and managed service providers • Technical and professional universities
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