The Mobile Augmented Reality Market is expected to witness moderate growth, registering a 23.3% CAGR during the forecast period (2022-2031) and projected to reach US$ 4.4 Bn in 2022 and US$ 29.3 Bn by 2031.
The relentless expansion of the mobile augmented reality (AR) market is largely attributable to the creative industry. Mobile augmented technologies have undoubtedly been improved by this division of the business, which includes video games, live events, retail, and video entertainment. Because it is designed to create immersive experiences, mobile augmented reality is especially beloved by game developers. The solutions provided by this industry have been fully tapped with the introduction of intricate, meticulously planned multiplayer games.
The unprecedented use of smartphones and tablets is solely responsible for the fast expansion of mobile augmented reality. Mobile augmented reality has significantly altered how people experience museums, offices, and games in both distant and urban settings. Since technological breakthroughs like Google Glass, the field of mobile augmented reality (AR) has developed to be a part of many different industries, revolutionising learning environments, medical consultations, and military training.
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Key Takeaways of Mobile Augmented Reality Market Study
- East Asia to lead the race in the global mobile augmented reality market at a CAGR of 27.2% between the forecast years of 2020 and 2030
- Gaming segment is anticipated to retain its leading position with a share of 28% by the end of 2030
- Smartphones and tablets to revolutionize educational experiences with the integration of mobile AR
- Services segment to leap ahead at a CAGR of 24.6% during the forecast period as AR design and development, integration and development, and support services find applications across verticals
COVID-19 Proves Positive for Mobile Augmented Reality Market
The COVID-19 pandemic has deepened the chasm of economic crisis, making the global population rethink education and entertainment in many ways. With no live events to attend, cancelled sporting events, and uncertainty looming over reopening of colleges and schools, mobile augmented reality found its opening to a plethora of opportunities.
Due to the fact that both patients and medical professionals prioritise safety, the significance of AR has increased in healthcare consultations as well. A unique demand for mobile AR has also been created by the quantum leap in online gaming, education, and entertainment as more and more artists accept gigs online. The online gaming industry, which has been the strongest supporter of entertainment during the strict lockdowns, consumes the largest portion.
In the given conditions, the mobile augmented reality market will expand by 6%–8% by Q3 2020, predicts FMI.
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E-commerce to Enhance Demand for Mobile Augmented Reality
The increasing adoption of mobile augmented reality has been attributed in large part to the expanding e-commerce sector. Retailers are incorporating mobile augmented reality to make it easier for customers to buy the right item. Through smartphones and tablets, augmented reality enables users to view their products in real-time, 3-D, lifelike projections.
Retailers have the chance to enhance consumer shopping with augmented reality on mobile devices. An online retailer can project a virtual table with a variety of products onto a customer’s living room using an augmented reality app. The demand for mobile augmented reality is rising as more people make purchases on their smartphones and as more people use their smartphones while shopping.
Such enhancement of consumer engagement is projected to bode well of the market in the forecast period.
More Valuable Insights on Mobile Augmented Reality Market
Future Market Insights offers an unbiased analysis of the global mobile augmented reality market, providing historical data for 2015-2019 and forecast statistics from 2022-2031.
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Mobile Augmented Reality Industry Survey
Mobile Augmented Reality Market by Solution:
- Mobile AR Software
- Mobile AR Application Platforms
- Mobile AR SDKs
- Services
- Integration & Deployment
- AR Design & Development
- Support Services
Mobile Augmented Reality Market by Application:
- Military
- Education
- Healthcare
- Gaming
- Media & Entertainment
- Travel & Tourism
- Others
Mobile Augmented Reality Market by Region:
- North America Mobile Augmented Reality Market
- Latin America Mobile Augmented Reality Market
- Europe Mobile Augmented Reality Market
- East Asia Mobile Augmented Reality Market
- Middle East & Africa Mobile Augmented Reality Market
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https://futuremarketblog.blogspot.com/2023/01/familyindoor-entertainment-centres.html
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