Augmented reality is revolutionizing the way we see things, with one of the recent examples being the Pokemon GO game, which is a location-based augmented reality mobile game, and it is spreading like wildfire across the globe. With the development of this technology and more and more applications, the shift to the use of mobile in AR applications is expected to bring in winds of change in the digital world in the near future. Mobile AR market is predicted to expand tremendously over the coming years, majorly driven by the huge demand and usage of smartphones and other smart devices, the reason being that they offer quick and portable access to AR apps, thus enriching AR experiences.
The worldwide mobile augmented reality market is expected to reach a size of USD 79.77 Billion by the end of 2022, registering a huge CAGR of 69.85% during the forecast period from 2016 to 2022. Among verticals, the commercial segment held the largest market share in 2015, followed by the consumer segment. The commercial segment is also expected to witness the highest growth over the forecast period, owing to a high for AR applications in the retail and tourism sectors for enhancing customer engagement.
What are the recent advances in augmented reality applications boosting the market growth?
The augmented reality (AR) technology has a large application in various fields. Few of recent advances in augmented reality application include:
- The use of augmented reality for branding the products and to visualize its use before buying would drive the augmented reality application in commercial application. Brands like IKEA (Sweden) are using AR technology to connect with their customers.
- The launch of new, active listening ear buds by Doppler Labs (U.S.), based on augmented reality would be one of the innovations that would enhance the AR market in consumer and commercial applications.
- The use of augmented reality in geolocation would provide suggestive information about fashion outlets, restaurants, and grocery stores based on user requirements.
What factors are leading APAC to hold a major share of the market?
The market for mobile augmented reality in Asia-Pacific is predicted to account for the highest share as well as grow at the highest CAGR over the forecast period. This tremendous growth can be majorly attributed to the increasing adoption of new technologies, economic developments, urbanization, and increased use and demand for smartphones and other portable devices such as tablets and laptops. Moreover, the increasing interest of AR players in expanding their base in the APAC region and the growing consumer and commercial markets such as Japan, India, and China are actively investing in new technological developments, thereby increasing the demand for mobile augmented reality apps in these countries.
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What is restricting the growth of mobile augmented reality market?
Although the worldwide market for mobile augmented reality is expected to achieve stellar growth, there are some factors such as development of mobile augmented reality which is largely dependent on the advancements in computing and digital networks and limited user interface affecting the navigation performance of augmented reality applications are the two major factors which are likely to act as deterrents for the growth of this market. Moreover, complex designs and lower adoption rate due to issues related to privacy and security are the key challenges faced by the leading players in this market.
Major strategies adopted by leading market players
Google Inc. (U.S.), Qualcomm Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Microsoft Corporation (U.S.), Infinity Augmented Reality Inc. (Israel), Blippar.com Limited (U.K.), DAQRI LLC (U.S.), Wikitude GmbH (Austria), Metaio GmbH (Germany), Catchoom Technologies (Spain), Aurasma (U.K.), and Atheer Inc. (U.S.) are the prominent companies involved in the global market for mobile augmented reality.
The key strategies adopted by these leading players include new product development, agreements, mergers & acquisitions, and partnerships so as to expand their geographical presence on the globe and also gain a stronger hold on the market. Moreover, they are working towards developing technology as well as standardization for the overall strengthening of their businesses.