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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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.
Opportunity: Unique value proposition through social media apps
Companies’ decisions are highly dependent on their capacity to understand demand signals, the ability to forecast certain things in advance, the capacity to monitor social media demand behavior, and how quickly they respond to fulfill customers’ demands. These capabilities are essential for better performance of the business in the usual scenario, as well as when there are supply chain disruptions in the pandemic situation. Significant adoption of AR in social apps, such as Snapchat and Instagram (filters), would drive the demand for more rich content in mobile AR for social media. Brands and marketers, in particular, are finding ways to boost their sales using mobile AR apps through different campaigns using social media platforms. This would provide a huge opportunity even for the developers who create different platforms for the marketers to sells their products.
Challenge: Social and privacy-related issues impacting adoption rate
AR is an emerging technology. Some mobile AR applications have features through which a user can see details of any person on all social media platforms. Hence, the widespread use of AR apps and devices is expected to significantly reduce the levels of personal privacy. Security and privacy issues are the major challenges faced by the AR industry. These issues have emerged due to the inconsistencies in AR programming, and negligence and oversight of both the developers and end users of AR apps and devices. A few AR apps are not capable of securing user identity and privacy. There are no regulations that define the dos and don’ts associated with the AR environment. This implies that the AR technology can incorporate malicious intent and lead to the misuse of personal information of users. For instance, the try-before-you-buy concept for clothing retailers can be misused. If the concept is not secured well, it can be hijacked. The hacker can overlay a nude body image instead of clothes, which can harm the reputation of the user. All these issues pose challenges for the adoption of AR technology in the retail sector.
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