Mobile Augmented Reality Market to grow by USD 83.48 billion from 2022 to 2027 | Market driven by increasing dependence on apps and the proliferation of AR apps for numerous activities- Technavio
NEW YORK, Sept. 22, 2023 /PRNewswire/ -- The "Mobile Augmented Reality Market by application (Marketing and advertisement, Gaming and entertainment, Education and learning, Travel and tourism, and Others), end-user (Enterprise and Consumer), and geography (North America, APAC, Europe, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the mobile augmented reality market between 2022 and 2027 is USD 83.48 billion. Increasing dependence on apps and the proliferation of AR apps for numerous activities is the major factor driving the growth of the market. The widespread use of smartphones and the growing availability of reasonable mobile devices have broadened the potential user base for AR applications, driving demand and usage of AR applications. Also, the availability of high-speed Internet and the expansion of 4G and 5G networks have promoted real-time data processing, allowing seamless AR experiences that need constant data exchange. However, AR applications are used in real estate and architecture to deliver virtual tours of properties, visualize architectural designs, and overlay virtual objects over physical spaces. In addition, AR is used in corporate environments for maintenance, repair, and training purposes, enhancing worker productivity and efficiency. Therefore, such factors are anticipated to fuel the growth of the global mobile AR market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
Stringent government regulations on the privacy of data are the major challenge hindering the growth of the market. Generally, mobile AR apps gather and process user data, including location information and personal preferences. Stringent norms regarding data privacy and security, such as the General Data Protection Regulation (GDPR) in Europe, can increase costs and compliance needs for AR developers and service providers. Neglect to comply with such regulations can result in substantial penalties and reputational damage which limits the growth of the mobile AR market players. Also, government regulations regarding content, copyright, and intellectual property can impact the development and distribution of AR content. Adherence to such restrictions may limit the functionality and user experience of mobile AR applications. Therefore, such factors are anticipated to hinder the growth of the global mobile AR market during the forecast period.
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The mobile augmented reality market has been segmented by application (Marketing and advertisement, Gaming and entertainment, Education and learning, Travel and tourism, and Others), end-user (Enterprise and Consumer), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
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Key Companies in the mobile augmented reality market:
Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., Independiente Communication Ltd., Inglobe Technologies Srl, Lenovo Group Ltd., Magic Leap Inc., mCloud Technologies Corp., Niantic Inc., Plural Technology Pvt. Ltd., PTC Inc., QuestUpon, Robert Bosch GmbH, Seabery Augmented Technology SL group, Seiko Epson Corp., VividWorks Oy, weAR Srl, Wikitude GmbH, and Zugara Inc.
Global Augmented Reality Market size is estimated to grow by USD 157.21 billion between 2022 and 2027 accelerating at a CAGR of 28.71% during the forecast period. This report extensively covers market segmentation by application (enterprise, retail, media and entertainment, healthcare, and others), component (hardware and software), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing investments in AR technology are the key factor driving the global AR industry growth.
The Augmented Reality (AR) Gaming Market size is estimated to grow at a CAGR of 30.11% between 2022 and 2027. The market size is forecast to increase by USD 24,120.94 million. This AR gaming market report extensively covers market segmentation by type (mobile devices, HMDS, and smart glasses), component (hardware and software), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The increasing investments in AR technology a driving growth in the market.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Drivers, Challenges, & Trends
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