Mobile Augmented Reality Market Size is expected to reach about USD 70 billion by 2023
Mobile Augmented Reality Market Size
The global mobile augmented reality market is growing rapidly.With the proliferation of smartphones among users which is boosting the demand of mobile augmented reality solution due to increasing use of high speed of internet connectivity. Apple Inc. has acquired augmented reality startup company, Metaio in the year 2015. This acquisition would provide Apple a broader set of technology and network to work for augmented reality applications. For instance, with the use of smartphones and advanced technology, the augmented reality application are being experienced at the location where it makes the most sense. The advantage of mobile augmented reality application could never be limited to a specific geographic place.
The advanced cloud based solution is propelling the market growth of the mobile augmented reality across the globe. The increasing need of IT industry which is propelling the mobile augmented reality growth to a large extent due to increasing penetration of augmented reality applications among users. Qualcomm Inc. has announced their agreement with Guangdong Oppo Ltd. on August 2016. Both companies have entered into 3G/4G patent license agreement for the market of China. Smartphones are widely used among users and with the latest features in the applications which is fuelling the mobile augmented reality market growth and is estimated to gain momentum in the coming years.
According to the Market Research Future Analysis, the global mobile augmented reality market is expected to reach USD ~70 billion by the end of forecast period at a CAGR of ~61%.
Segmentation
The global mobile augmented reality market has been segmented on the basis of application, component, end user, and region. As per the application-based segmentation, this market has been segmented into game consoles, personal digital assistants, smart glasses & wearable, smartphones, and tablets. On the basis of components, the market has been segmented into hardware and software. Further, the hardware is sub-segmented into 3D graphics system, displays, Global Positioning System (GPS), sensors, wireless network, and others. Based on the end users, the market has been segmented into enterprises, gaming & entertainment, public sectors, telecommunication, and others. Enterprises include advertising, e-commerce, and healthcare. Public sector covers the education sector, military sector, and government sector.
The regional segmentation of the global mobile augmented reality market comprises of Asia Pacific, North America, Europe, and the rest of the world (RoW). The largest regional market for mobile augmented reality is North America. Factors contributing to the growth of the market in this region include huge demand for smart devices, growing investment in smart devices and augmented reality, and technological advancement because of which, the market for technologically advanced products is always ready-made in this region. The biggest country-based markets in this region include the United States of America (USA), Canada, and Mexico.
During the forecast period, Europe market is expected to witness huge growth because, after North America, Europe has maximum technological advancement. Its population is anyways more than North America. The cream of this lucrative market comprises of France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Europe. With steady technological advancement, high density of population, and growing demand for mobile devices, Asia Pacific region is expected to emerge as a significant market for mobile augmented reality. Important country-based markets in this region are Australia, China, India, Japan, and New Zealand, followed by the rest of the Asia Pacific region. In the RoW countries, due to limited technological advancements, some countries of Latin America and Middle East & Africa (MEA), can emerge as potential markets in the near future.
Key Players
The key players in the global mobile augmented reality market 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).
Latest Industry News
Apple has acquired a start-up called Longmont, a Colorado-based Akonia Holographics company. Longmont is focused on making lenses for augmented reality glasses. Speculations about Apple’s plans to venture into augmented reality have already started, but Apple is tight-lipped. 30 AUG 2018
The city of Fairborn and local software development company Mile Two have created a new augmented reality mobile game that has been designed to attract people downtown. 27 AUG 2018
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Mobile Augmented Reality Market Research - Forecast 2023 | MRFR
Global mobile augmented reality market is estimated to grow at a CAGR of 61% over the forecast…
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