Mobile Augmented Reality Market Trends, Industry & Size 2030

Report Description

The global mobile augmented reality market was estimated at USD 7.6 billion in 2020 and is projected to expand at a CAGR of 31.1% during the forecast period from 2021 to 2028. Mobile augmented reality refers to the interactive experience of a real-world environment or mixed reality coupled with a virtual reality, which comprises numerous sensory modalities such as auditory, haptic, and visual. Increase in the demand for mobile AR and rise in adoption of augmented reality (AR) are driving the market.

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COVID-19 Analysis

COVID-19 outbreak emerged as a global pandemic, which impeded various industries and economies, causing disruptions in the supply chain and financial markets. It also affected the mobile augmented reality market, which declined the year-on-year. However, AR/VR technology is expected to gain slight traction post COVID-19 owing to its benefits such as visualization, annotation, and storytelling. Major companies in Asia Pacific have switched to work remotely to restrict the spread of the virus. Moreover, the market players in Asia Pacific are expected to gain through the increase in use of AR through mobile devices in the healthcare and enterprise sectors.

Market Dynamics (Trends, Drivers, Restraints, and Opportunities)

• Easy availability of products with advanced technologies and next generation mobile AR and rising internet penetration are driving the market.
• The expansion of the global gaming industry is propelling the mobile augmented reality market.
• Increase in the demand for mobile AR in various sectors such as retail and e-commerce to improve consumers shopping experience and rapid adoption of AR in major social apps such as Snapchat and Instagram with a variety of features fuels the market.
• Mobile AR is used for several applications such as tourism, commercial, consumer, aerospace, and healthcare industries. However, limited user interface in devices is causing performance difficulties in AR apps and limiting computational power, while consuming inadequate storage capacity. These factors are restraining the market.
• Unique value proposition offered by various social media apps and use of mobile AR apps by brands and marketers to boost their sales through different campaigns using social media platforms are expected to create lucrative opportunities in the mobile augmented reality market.

Scope of the Report

The report on the global mobile augmented reality market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report that throws light on the different market segments for a comprehensive understanding.

Segment Overview

Based on type, the market is segmented into marker-based, markerless, and anchor-based. The marked-based segment is bifurcated into passive marker and active marker. The markerless segment is split into model-based and image processing-based.

On the basis of device type, the global mobile augmented reality market is segregated into smartphones, tablets, personal digital assistants (PDAs), handheld gaming consoles, and other devices, such as Smart glasses and wearables. The tablets segment is estimated to grow significantly during the forecasted period, while the smartphones segment accounted for a dominant share of the market.

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In terms of offerings, the global market is divided into software and services. The software segment is divided into AR application platforms and AR SDKs. The services segment is fragmented into AR design & development and deployment & support services. Mobile AR SDKs are expected to emerge as fastest growing segment in mobile augmented reality market due to widespread adoption of mobile AR SDKs across the globe developed by major companies such as Google and Apple

Based on applications, the global mobile augmented reality market is segregated into consumer, healthcare, enterprise, and commercial. The consumer segment is classified as gaming and sports & entertainment. The commercial segment is categorized as tourism & sight-seeing, e-learning, and e-commerce and marketing. The others segment is fragmented into architecture, building design, geospatial, and mining. The e-commerce & marketing segment is in its nascent stage and is growing due to advantages offered by sellers to buyers such as effective decision making and convenience.

Based on regions, the global mobile augmented reality market is segmented into North America Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to dominate the global market and this trend is expected to continue during the forecast period, due to rising investments and growing commercial and consumer applications in major economies such as India, China, and Japan.

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Recent Developments

• In December 2019, PTC partnered with Magic Leap to launch AR-integrated enterprise solutions, which enables Magic Leap to use AR capabilities of the Vuforia engine in its Magic Leap 1 headset.
• In December 2019, Samsung announced collaboration with Librestream to deliver an AR solution integrated with Samsung’s latest ruggedized tablet, Samsung Galaxy Tab Active Pro, for improved worker safety and communication.