Mobile Augmented Reality Market by Component (3D Cameras, Displays, Sensors, and Software)- worth 79.77 Billion USD by 2022

The mobile augmented reality market is expected to be worth USD 79.77 Billion by 2022, at a CAGR of 69.85% between 2016 and 2022. It has a large application in the commercial vertical. Mobile augmented reality is one of the emerging technologies to view virtual information or content in a real-world environment using handheld devices.

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The commercial vertical accounted for the largest share of the mobile augmented reality market, followed by the consumer vertical, in 2015.  The augmented reality applications in e-commerce help retailers provide digital information and 3D visualization of physical goods. Retailers, franchise stores, and mall owners are using mobile augmented reality technology for advertising and marketing. In the tourism sector, virtual objects are displayed in a real environment to provide users information pertaining to a particular site and enrich their experience.  This is likely to boost the demand for this technology in this sector.

The consumer vertical includes gaming and entertainment applications. There are AR gaming applications for smartphones and game consoles in which players have access to create virtual objects and characters and can link those digital objects to defined locations in the real world. Therefore, the mobile augmented reality technology enhances the gaming experience with 3D view.

The market for the industrial vertical is expected to grow at a high rate since augmented reality apps and handheld devices are used in architecture and building design for a 3D view of the construction plan which helps reduce errors in the final design.

Software components are expected to experience high growth during the forecast period. In this technology, the development of applications is done by using software development kits (SDKs) based on requirements in different verticals. Also, different operating systems are used in handheld devices. Various software applications are being developed to make augmented reality more effective and accurate, within less time. Thus, the demand for software components is expected to be more than that for hardware components, in the future.

APAC is expected to hold the largest share of the mobile augmented reality market in 2022; the market in the region is expected to grow at the highest CAGR between 2016 and 2022. Increasing economic developments, urbanization, high demand for smartphones and tablets, and adoption of advanced technologies are driving the mobile augmented reality market in the APAC region.

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One of the key restraining factors in the mobile augmented reality market is the low adoption of mobile AR technology, due to the complex design of augmented reality devices. Google Inc. (U.S.) is among the leading players in mobile augmented reality and specializes in Internet-based services as well as develops Android-based AR apps and devices. The major strategy adopted by this company is new product development to expand its product portfolio by developing smartphones and wearables with augmented reality features.

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