USD 16.51 billion
Report ID:
SQMIG45I2111 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
67
|Figures:
75
Global Mobile Augmented Reality Market size was valued at USD 16.51 billion in 2022 and is poised to grow from USD 21.63 billion in 2023 to USD 187.58 billion by 2031, at a CAGR of 31% during the forecast period (2024-2031).
The purpose of the mobile augmented reality market is to provide users with enhanced digital experiences by overlaying virtual content onto their real-world surroundings. It allows users to interact with digital objects, access information in real-time, and bridge the gap between the physical and digital realms. The mobile augmented reality market presents significant opportunities. The advancement of 5G networks provides faster and more reliable connectivity, enabling real-time streaming and more complex augmented reality experiences. Furthermore, the integration of artificial intelligence and machine learning technologies can enhance the recognition and tracking capabilities of mobile augmented reality systems, leading to more immersive and personalized experiences.
The global mobile augmented reality market is driven by the increasing adoption of smartphones, advancements in technology, and the demand for immersive and interactive experiences. While challenges exist, such as tracking accuracy and device compatibility, the market holds significant opportunities for innovation and growth. The continued development of technologies, improvements in network infrastructure, and the integration of artificial intelligence will contribute to the expansion of the mobile augmented reality market and its application across various industries.
Global Market Size
USD 16.51 billion
Largest Segment
Smartphones
Fastest Growth
Tablets
Growth Rate
31% CAGR
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The global mobile augmented reality market is segmented on the device type, application, and region. In terms of device type, the market is segmented into smartphones, tablets, personal digital assistants (PDAs), and others. With respect to classification by application, the market is segmented into consumer, healthcare, enterprise, commercial, aerospace & defense, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Mobile Augmented Reality Market Analysis by Device Type
Smartphones are the dominant segment in the mobile augmented reality market due to their widespread adoption and advanced features. With billions of smartphone users worldwide, these devices offer a convenient and accessible platform for augmented reality applications. The integration of high-resolution displays, powerful processors, and advanced camera systems in smartphones enhances the capability to deliver immersive and interactive augmented reality experiences. Smartphones enable users to seamlessly interact with virtual content overlaid on their real-world environment, whether it's playing AR games, trying on virtual products, or accessing location-based information.
The fastest growing segment, tablets show promising growth potential in the mobile augmented reality market. Tablets provide a larger screen size compared to smartphones, offering a more immersive and visually appealing augmented reality experience. They are particularly popular in industries such as education, architecture, and retail, where the larger display size is advantageous for interactive content consumption and visualization. Tablets are increasingly being utilized for educational AR apps, interactive product catalogs, and augmented reality gaming, contributing to their rapid growth in the mobile augmented reality market.
Mobile Augmented Reality Market Analysis by Application
The consumer segment holds the largest share in the mobile augmented reality market due to the widespread adoption of augmented reality applications by individuals for various purposes. Augmented reality has gained popularity in consumer applications such as gaming, entertainment, and social media. Mobile augmented reality gaming, in particular, has seen tremendous growth with popular games like Pokémon Go, which leverages augmented reality to bring virtual creatures into the real world. Furthermore, augmented reality filters and effects in social media platforms provide users with interactive and engaging experiences, boosting the demand for mobile augmented reality among consumers.
The enterprise segment is the fastest growing segment in the mobile augmented reality market. This growth is driven by the increasing adoption of augmented reality in industries such as healthcare, manufacturing, retail, and logistics. In healthcare, mobile augmented reality is being used for medical training, surgical simulations, and assisting in patient care. In manufacturing and retail, augmented reality is employed for product visualization, remote collaboration, and improved maintenance processes. The enterprise segment is witnessing rapid growth due to the efficiency and productivity benefits offered by mobile augmented reality solutions in various business applications.
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North America holds a significant share in the global mobile augmented reality market. The region is home to major technology companies and has a high smartphone penetration rate. The United States, in particular, is a key contributor to the market's dominance in North America. The presence of leading tech giants, such as Apple, Google, and Microsoft, who have invested heavily in augmented reality, has fueled the growth of the mobile augmented reality market in the region. North America has witnessed widespread adoption of mobile augmented reality applications in various sectors, including gaming, entertainment, and retail. The region's strong ecosystem of developers, content creators, and AR technology providers further strengthens its position as the dominating region in the global market.
The fastest-growing region is Asia-Pacific as the region comprises countries with large populations, such as China and India, where smartphone adoption is rapidly increasing. Additionally, Asia-Pacific has a strong presence of emerging economies that are increasingly embracing augmented reality technology across various industries. The region's growing middle class, coupled with rising disposable incomes, is driving the demand for immersive and interactive mobile augmented reality experiences. In sectors like e-commerce, education, and healthcare, Asia-Pacific has witnessed notable advancements and adoption of mobile augmented reality applications. The region's robust manufacturing capabilities also contribute to the development and adoption of augmented reality devices and software. With a burgeoning consumer market and the expanding use cases for mobile augmented reality, Asia-Pacific is emerging as the fastest-growing region in the global market.
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Mobile Augmented Reality Market Drivers
Advancements in AR Hardware
Growing Application Adoption
Mobile Augmented Reality Market Restraints
Privacy and Security Concerns
Technical Limitations
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The global mobile augmented reality market is highly competitive, with several key players vying for market share and striving to innovate in this rapidly evolving industry. The competitive landscape is characterized by a mix of established technology giants, innovative startups, and niche players, each contributing to the advancement and growth of the market. Apple Inc., one of the frontrunners in the mobile augmented reality market, has made significant strides with its ARKit platform, providing developers with tools to create immersive augmented reality experiences for iOS devices. Google LLC, with its ARCore platform, has also been actively driving the adoption of mobile augmented reality by offering developers a framework to build AR applications on Android devices. Microsoft Corporation has made notable contributions through its HoloLens mixed reality headset, targeting enterprise and industrial applications.
Mobile Augmented Reality Market Top Player’s Company Profiles
Mobile Augmented Reality Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global mobile augmented reality market analysis, this technology has revolutionized various industries, including gaming, retail, healthcare, and education. The market analysis reveals a positive outlook for the mobile augmented reality market. The global mobile augmented reality market is poised for substantial growth. With the increasing adoption of smartphones, advancements in hardware, and the expanding application areas, mobile augmented reality is transforming the way we interact with digital content in our daily lives. Despite challenges, the market offers ample opportunities for companies to capitalize on the growing demand for immersive and interactive experiences, leading to further innovation and market expansion.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 16.51 billion |
Market size value in 2031 | USD 187.58 billion |
Growth Rate | 31% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Mobile Augmented Reality Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Augmented Reality Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Augmented Reality Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mobile Augmented Reality Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45I2111