According to MarketsandMarkets, the mobile augmented reality market 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 Compound Annual Growth Rate (CAGR) of 31.1% from 2020 to 2025. The increasing use of mobile AR in e-commerce and retail, gaming, and entertainment, and many other industries has been driving the market growth. The increased interest of giant technology companies in mobile AR apps is one of the driving factors for the growth of the MAR market. The objective of the report is to define, describe, and forecast the market based on type, offering, device type, application, and region.
APAC is expected to adopt mobile augmented reality solutions at the fastest rate. Countries such as China, Japan, and India have a high potential for future growth of the market.
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Market for mobile augmented reality services is projected to grow at a higher CAGR during the forecast period
Cloud computing-based AR is used to compare captured images with those in the database and send back relevant information to the mobile device. The mobile device further processes the image and detects, resizes, and generates 3D images. From productivity enrichment, feature enhancement to regular functionality updates, AR mobile app maintenance and support services help users to make their apps convenient to use. It includes critical functions that are responding to customer inquiries, providing organizational training programs, deploying the apps-to-app stores/enterprise stores, and integrating apps with complex corporate systems. Hence, the market for MAR services is growing faster.
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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