Augmented Reality Market expected to Touch USD 36.3 Billion at 28.50% CAGR by 2032

Market Analysis

The global augmented reality market will touch USD 36.3 billion at a 28.50% CAGR by 2032, as per the latest Market Research Future report.

Key Players

Prominent market players profiled in the global mobile augmented reality market report include

• 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.)

Drivers

Rising Penetration of Smartphones to Boost Market Growth

The rising penetration of smartphones will boost market growth in the forecast period. With the rising smartphone penetration, there is a higher user base for the AR apps. With much of the people having access to smartphones, prospective audiences for the AR apps goes up. Today mobile handsets come with advanced features like sensors, processors, and cameras which can deliver best AR experience. Users these days are widely seeking immersive experiences which offer better engagement levels over traditional media.

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Opportunities

Increasing Use in Consumer Application to offer Robust Opportunities

The increasing use of AR in consumer applications will offer robust opportunities for the mobile augmented reality market in the forecast period. The burgeoning need for augmented reality to boost consumer experience is favoring market growth. AR can be utilized to offer interactive product demonstrations, immersive shopping experiences, and virtual try-on. Besides, augmented reality can be used in social media filters and mobile games too.

Restraints and Challenges

Limited Consumers to act as Market Restraint

Limited consumers, limited storage capacity and processing power, social & privacy-related issues, and limited user interface may act as market restraints over the forecast period.

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Market Segmentation

The global mobile augmented reality market is bifurcated based on end user, applications, and component.

Based on component, this market is categorized into software and hardware.

By applications, the market is segmented into tablets, smart glasses and wearables, and smartphones.

By end user, the market is segmented into telecommunication, gaming & entertainment.

COVID-19 Analysis

The mobile augmented reality market experienced growth at the time of the COVID-19 epidemic. With people spending maximum time at home & sought digital entertainment, augmented reality games and apps became increasingly popular. Besides, businesses too adopted the augmented reality for remote collaboration and virtual try-ons.

Regional Analysis

North America will command the mobile augmented reality market in the forecast period. This is owing to the region’s increasingly developed technology infrastructure that has led to the widespread use of smartphones & other mobile devices. Besides, there exists a strong ecosystem of augmented reality technology companies, content creators and software developers in the region that is boding well for the growth of the market. Also, several key players in the region are early adopters of augmented reality technology as well as have been using this in different industries which comprise marketing, education, healthcare, and gaming, thus propelling market growth.

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