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.
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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.
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