The report "Mobile Augmented Reality Market with COVID-19 Impact Analysis by Device Type (Smartphones, Tablets, PDAs), Offering (Software, Services), Application (Consumer, Healthcare, Enterprise, Commercial), and Region - Global Forecast to 2025", is projected to grow from USD 7.6 billion in 2020 to USD 29.5 billion by 2025; it is expected to grow at a CAGR of 31.1% from 2020 to 2025. Surge in adoption of AR technology by travel & tourism and education sector, increase in online gaming activities during COVID-19 pandemic, and rise in demand for mobile AR from retail sector to enhance consumers shopping experience are the key factors driving the market growth.
Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=174800140
Impact of COVID-19 on current mobile augmented reality market size and forecast
The year-on-year growth rate of the MAR market has dropped by -34% in 2020 due to the outbreak of COVID-19. However, post-COVID-19 AR/VR technology is gaining slight traction owing to its benefits in visualization, annotation, and storytelling. AR/VR technologies are aiding online learning and also offering access to cultural events, which is helping users to overcome the isolation of COVID-19 lockdowns. Apart from China, countries such as Japan, South Korea, and India in APAC are also expecting quick control over the outbreak, following a pre-emptive response in the form of lockdowns and social distancing. Many companies in APAC have switched to work remotely to curb the spread of the virus. The market players based in APAC are likely to gain through the growing use of AR through mobile devices in the healthcare and enterprise sectors.
Mobile Augmented Reality Market Dynamics
Driver: Rise in demand for mobile AR from retail sector to enhance consumers’ shopping experience
The retail industry is growing at a rapid pace. Retailers are witnessing pressure to demonstrate the utility of goods without hampering their quality. These retailers are also involved in taking control of the exchange process of goods. All these factors are together promoting the use of AR technology in the retail sector. The retail industry involves the sale of products and merchandise online or from static locations, for example, a physical store. Retail shops are overcrowded, and customers do not want to invest a lot of time in purchasing. Hence, the trend of online shopping has grown over the years. Hence, many small and large retailers have increased their investments in e-commerce platforms. However, they are still facing issues when entering the online shopping space. It is mainly due to the lack of interaction with physical products due to which customers are not able to get into the depth of the products while purchasing online. The use of mobile AR in the retail space helps retailers reduce the purchasing gap between customers and online products. With the help of mobile AR, customers can see brands and their stocks online. Additionally, 3D AR products tempt customers to try out in-store products, making their purchase decisions easier, which, in turn, increases sales.
Restraint: Limited user interface affecting navigation performance of AR apps
Mobile AR apps are in demand for several applications in tourism, commercial, consumer, aerospace, and healthcare industries. However, the adoption of this technology in certain sectors is difficult due to the poor quality of user interfaces in devices. Due to the small screen size of mobile phones and incompatible user interface, a user has limited access with defined boundaries, which is likely to affect the navigation view. Hence, the limited user interface affects the quality of augmented reality-featured navigation apps in sectors such as tourism. The user interfaces in mobile AR systems are complicated and are different from monitor-based augmented reality. User interfaces in mobile AR systems should be available to users irrespective of the user-location or the occupation. These apps should be location-aware and should provide links to the physical world surrounding the user.
Market for smartphones projected to grow at a higher CAGR during the forecast period
Smartphones, nowadays, have multiple functionalities, including sensing; the data is gathered through various devices, such as microphones, cameras, accelerometers, gyroscopes, GPS, and proximity sensors. Also, high MHz processors, memory chips that store a large volume of data, fine-quality cameras, and 3D graphics software/cards are in demand to deploy in smartphones. Various types of software apps are installed in smartphones to increase their functionalities. After implementing AR applications, smartphones can work as AR systems that can identify and analyze data to enable users to visualize digital objects in real surroundings.
Market in APAC estimated to grow at the highest CAGR during forecast period
The improvement in the spending capacity of people in various APAC countries, such as China, India, has led to the increasing demand for consumer-centric products, including smartphones, smart wearables, and other consumer electronic products, including gaming consoles. This has led to the adoption of mobile AR for gaming and entertainment applications. Therefore, strong growth for mobile AR applications in the coming years is expected in APAC.
Major vendors in the mobile augmented reality market include Google (US), PTC (US), Apple (US), Wikitude (Austria), Samsung Electronics (South Korea), Blippar (UK), MAXST (South Korea), Magic Leap, (US), Upskill (US), and Atheer (US). Apart from these, Talespin (US), Scanta (US), Craftars (Romania), Appentus Technologies (India), and BidOn Games Studio (Ukraine) are among a few emerging companies in the mobile augmented reality market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment