Mobile Augmented Reality Market Overview:
2016 witnessed the gamming community running on the streets behind virtual species of Pokemons, thanks to the most important augmented reality (AR) game ever released. Pokemon Go, the brainchild of Nintendo and The Pokemon Company, was the first global instance of the kind of power that augmented reality could hold over our smartphones. It is the largest mobile game ever invented and has around 20 million active users every single day. This was just the beginning and since then, multiple mobile applications using AR technology have been released in the world. In Netherlands, an application called Layar uses 3D camera and GPS to assemble information of the area the user is in. One of the simple ways to use the application is to just point the phone towards a building, and the application uses AR to generate imperative information related to it and its vicinity. Applications like these are being developed in every nook and corner of the world, thereby generating demand in the mobile augmented reality market.
The mobile AR market is experiencing astounding growth because of high demand from consumers, and perpetual technological invention. In 2018, the global mobile augmented reality market size hovered around $8 billion to $9 billion in 2018.
Mobile Augmented Reality Market Outlook:
Augmented reality, also known as mixed reality, is a combination of real life information, coupled with virtual reality and spread over several sensory modalities such as auditory, haptic, and visual. It is a futuristic technology that enables users to take real life data, employ the power of the Internet, and get background information related to it. It has impacted our phones in the last few years and during the forecast period of 2019-2025, the market is set to grow at an outstanding CAGR of 57%- 65%.
Such is the power of augmented reality on our phones that nearly all application developers are trying to center their applications on it. An application called Augment developed by three people in three different countries enables users to visualize how a product would look inside their houses and gives relevant information related to it. After that, a customer is free to buy the product according to their needs. This way, augmented reality has affected the sales of consumer electronics where it finds its highest application, through our smartphones. This segment is will be growing with an excellent CAGR of 60%-70% during the aforementioned forecast period. APAC is geographically identified to hold the largest regional mobile augmented reality market share of around 27% as of 2018.
Mobile Augmented Reality Market Growth Drivers:
- Healthcare Industry Relies On Augmented Reality in Smartphones
Diagnosis is a critical step in any medical treatment and requires precision. Doctors around the world are generating a demand for a solution that eases up the process, and helps in prevention of incorrect diagnosis. Augmented reality in mobile phones has been an emerging solution for this. Tissue Analytics, a US based company that merges artificial data with the medical field is creating a mobile application that uses augmented reality in mobile phones in order to identify wounds and encourage correct diagnosis. Innovation of this stature is generating high demand, and is encouraging market growth.
- Augmented Reality Video Gaming
In the 2013 International Conference on Virtual and Augmented Reality in Education, a game called Serious Game was unveiled which consisted of a virtual zoo that was useful in teaching children about animals. The games used software like Unity 3D and Cinema 4D, both of which are compatible on Android and iOS. Mobile augmented reality market is experiencing high demand from the gaming sector. Videogames industry is booming with games that involve AR in one way or another.
Mobile Augmented Reality Market Challenges:
The biggest challenge faced by the mobile augmented reality market is limited consumers. Gamers, and tech-savvy consumers flock towards products released by key players of this market, but they are the only trusted purchasers. People of other domains get interested in the products albeit briefly. One possible way to get past this challenge is to create more relatable mobile applications that could benefit people of all criteria.
Mobile Augmented Reality Market Key Players Perspective:
Mobile augmented reality market is still at its nascent stage and companies are just testing out their products. Google Inc, one of the most operative players in this market recently released an application called Just a Line on Playstore. The app uses the concept of augmented reality to draw white lines in the air and can only be used on phones that have an ARCore.
Some of the key players in the mobile augmented reality market are Samsung Electronics Co. Ltd., Google Inc., Microsoft Corporation, Qualcomm Inc., Catchoom Technologies, Atheer Inc., Apple Inc., Intel Corporation, Catchoom technologies, and Blippar.Com Ltd.
Mobile Augmented Reality Market Trends:
- Travel Becomes Easier With Augmented Reality Maps
Google Inc. has been one of the most experimental companies in the world in the field of augmented reality. AR Core, a Google platform for building and testing augmented reality applications has given birth to several applications that are changing the way we see the world. One of the prime examples is augmented reality Google maps that are titled as AR Visual Positioning System. To use it properly, one just needs to lift their phones right in front of their eyes, and the application uses the phone camera to give proper directions with their pros and cons. The app is not meant to be used while driving, rather to be used while travelling. Applications of this sort are disrupting the market and encouraging other companies to develop similar yet equally unique products.
Mobile Augmented Reality Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Mobile Augmented Reality Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Mobile Augmented Reality Market, and their specific applications in different areas.
Mobile Augmented Reality Market Report: Industry Coverage
The mobile augmented reality can be segmented on the basis of component, application, and vertical. By component, the market can be divided into 3D cameras, displays, sensors and software. On the basis of application, the market can be bifurcated into smartphones, tablets, PDA/game consoles, smart glasses and wearables. Based on vertical, the market can be divided into medical and A&D.
The Mobile Augmented Reality Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Mobile Augmented Reality Market Report
Is the market demand for the Mobile Augmented Reality growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the Mobile Augmented Reality market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global the Mobile Augmented Reality market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures