According to a new report published by Allied Market Research, titled, “Mobile Augmented Reality (AR) Market by Component, Device Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global mobile augmented reality (AR) industry size was valued at $12.61 billion in 2020, and is projected to reach $184.61 billion by 2030, registering a CAGR of 31.40%. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.
Mobile augmented reality (MAR) has emerged as the most popular and most convenient form of augmented reality, especially because of the proliferation of mobile devices. A type of mobile application that incorporates and complements built-in components in a mobile phone and provides a specialized application to deliver reality-based services and functions. Also, mobile AR uses location based services that give us the geographical position of the mobile device. In addition, the growth of the mobile ecosystem was driven by three use cases including creative, contextual and connected apps. These same use cases are now pushing the AR ecosystem past the initial novelty stage into creating true value for users. AR technology widely used in fields such as education, healthcare, retail, automotive, engineering design, aerospace, and military.
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Most AR capabilities have been available primarily on smartphones. The combined installed base of mobile AR devices and smart glasses could exceed two and a half billion units in coming year, creating huge opportunities for innovative AR applications. As these devices become more ubiquitous, AR will become less of a novelty technology and form a more integral part of consumers’ everyday technology experience. These factors would create lucrative growth opportunities for mobile augmented reality (AR) market players.
The prominent factors that impact the mobile augmented reality (AR) market growth are high usage of Mobile AR in healthcare industry, rapid growth of the retail industry, and surge in adoption of AR technology by tourism and education sector. However, Limited user interface affecting navigation performance of AR apps restricts the market growth. On the contrary, rising adoption of AR smart glasses is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global mobile augmented reality (AR) market growth during the forecast period.
The global mobile augmented reality (AR) market share is segmented on the basis of component, device type, application, and region. By component, it is divided into hardware, software, and services. The hardware segment further sub segmented into 3d camera, sensors, processor, and others. By device type, it is fragmented into smartphones, tablets, personal digital assistants (PDAs), and others. Depending on application, it is separated into consumer, healthcare, enterprise, commercial, aerospace & defense, and others.
Region-wise, the mobile augmented reality (AR) market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Taiwan, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to grow at a highest CAGR during the forecast period, due to an increasing adoption of mobile AR for different applications such as healthcare, education, tourism, and e-commerce sectors. The overall mobile augmented reality (AR) market analysis is determined to understand the profitable trends to gain a stronger foothold
Covid-19 Impact Analysis
The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development is expected to hamper the market growth for consumer, education, tourism sector.
The slowdown in productions by OEMs and reduction in demand for mobile devices and other electronics devices has slightly pulled down the market for mobile AR. Shortages of components and materials have significantly impacted the global supply chains. In addition, reductions in various budgets and delay in planned projects in various industries have hampered the global economy.
Moreover, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe. This would boost the recovery of the mobile augmented reality (AR) market.
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Key Findings Of The Study
- In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 29.70% during the forecast period.
- The smartphones segment accounted for more than 50% of the global mobile augmented reality (AR) market share in 2020.
- The enterprise segment witness highest growth rate during the forecast period.
- UK was the major shareholder in the Europe mobile augmented reality (AR) market revenue, accounting for approximately 26% share in 2020.
The key players profiled in the report include Qualcomm Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Blippar.Com Ltd., Google, Apple, Magic Leap, Groove Jones, Wikitude, and Marxent Labs. These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in mobile augmented reality (AR) industry.
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