Mobile Augmented Reality Market to Touch USD 29.2 Billion at a 17.6% CAGR by 2030 Report by Market Research Future (MRFR)

Market Analysis

The global mobile augmented reality market will touch USD 29.2 billion at a 17.6% CAGR by 2030, as per the new Market Research Future report.

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), and Qualcomm Inc. (USA).

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Mobile Augmented Reality Market Report Scope:

Drivers

Increasing Adoption in Retail Sector to Boost Market Growth

Over the forecast period, market expansion will be aided by the growing use of mobile augmented reality in the retail sector. The retail industry is rapidly growing. Retailers are under pressure to demonstrate the use of their goods without sacrificing their quality. These business owners take part in managing the product transaction as well. All of these factors are promoting the use of augmented reality in the retail sector.

Opportunities

Increasing Demand in Hospital Sector to offer Robust Opportunities

AR is being applied to medical education. It’s wide range of applications aid in performing extremely delicate operations like MRIs. Artificial intelligence and the internet of things are two technologies that the medical field is ready to use (IoT). The medical and hospitality industries will receive a much-needed boost as a result of this. This will provide robust opportunities for this market in the forecast period.

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Restraints and Challenges

Lower Adoption Rate to act as Market Restraint

The lower adoption rate because of security and privacy coupled with complex designs may act as market restraints in the forecast period.

Market Segmentation

The global mobile augmented reality market has been 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.

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COVID-19 Analysis

When the COVID-19 pandemic broke out, it affected many different industries and economies, causing problems with the supply chain and financial markets. It also had an impact on the mobile augmented reality market, which saw a year-over-year drop. However, due to its advantages including visualization, annotation, and narrative, AR/VR technology is anticipated to gain a small amount of popularity after COVID-19. To stop the virus from spreading, several large businesses in Asia and the Pacific region have shifted to remote working. Furthermore, the expansion of AR use through mobile devices in the healthcare and business sectors is anticipated to benefit market players in Asia Pacific.

Regional Analysis

APAC to Lead 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. 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, and 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.

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