Mobile Augmented Reality Market Soars: Anticipated CAGR of 22.1%, Expected to Reach US$ 31.5 Billion by 2033

The global mobile augmented reality market was worth US$ 4.2 billion in 2023. The desire for mobile augmented reality is expected to grow significantly, with an impressive annual growth rate of 22.1%. By the year 2033, it is anticipated that the market will be valued at US$ 31.5 billion.

The credit for the unstoppable pace of the mobile augmented reality (AR) market significantly goes to the creative industry. Inclusive of video games, live events, retail, and video entertainment, this side of the business has definitely challenged mobile-augmented technology, pushing it to deliver better solutions. Designed to create immersive experiences, mobile augmented reality has won a special place for game makers. The launch of sophisticated, intricately designed multiplayer games has truly utilized the real potential of solutions presented by this market.

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The explosive growth of mobile augmented reality is completely attributable to unprecedented use of smartphones and tablets. From remote places to urban landscapes, mobile AR has made an enormous contribution in changing the way experience museums, office spaces, and games. Since innovations such as Google Glass, the world of mobile AR has evolved to be a part of many other sectors, changing the game for military trainings, healthcare consultations, and learning experiences.

Key Takeaways of Mobile Augmented Reality Market Report:

• 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 anticipated to retain its leading position with a share of 28% by the end of 2030
• Smartphones and tablets to revolutionize educational experiences with 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.

E-commerce to Enhance Demand for Mobile Augmented Reality

The growing e-commerce industry has been identified as key contributor to the increasing adoption of mobile augmented reality. Integration of mobile augmented reality by retailers to make it more accessible for customers to purchase the right item. Augmented reality helps users to view their products in 3-D, life-like projections in real-time through smartphones and tablets.

Mobile augmented reality offers retailers the opportunity to improve the consumer shopping with real-life experiences. With an augmented reality app, an e-commerce retailer can create a virtual table with a different range of products, projecting it on the customer’s living room. The growing number of purchases via mobile devices and shoppers using smartphones in-store is increasing the demand for mobile augmented reality. Such enhancement of consumer engagement is projected to bode well of the market in the forecast period.

Recent Developments in the Market:

• In January 2021, Apple announced iOS 15, a major update with powerful features to enhance the iPhone experience.
• In June 2021, Magic Leap established a collaboration with AMD, an American multinational semiconductor company, to advance computer vision and perception into the enterprise market.

Leading Key Players:

• Apple Inc.
• Google LLC
• Qualcomm Technologies, Inc.
• Samsung Electronics Co. Ltd.
• Amazon.com, Inc.
• Intel Corporation
• Microsoft Corporation
• Micro Focus
• Magic Leap, Inc.
• Wikitude GmbH
• Scope AR.
• Blippar
• DAQRI

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