Strategic Insights: Investing in the $29.5 Billion Mobile Augmented Reality Market Future
The Mobile Augmented Reality (AR) Market is expected to grow significantly, with estimates indicating that it would reach USD 29.5 billion by 2025, up from USD 7.6 billion in 2020. Over the projection period from 2020 to 2025, this increase is anticipated to occur at an excellent Compound Annual increase Rate (CAGR) of 31.1%.
The increase in market value demonstrates how mobile augmented reality technologies are being used and integrated more widely, demonstrating how well acknowledged their potential is across a range of industries. The market is positioned as a major player in the changing field of augmented reality technologies by this strong development trajectory, which highlights the rising need for cutting-edge AR apps on mobile platforms.
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Key Market Players in Mobile Augmented Reality Market
- Google (US),
- PTC (US),
- Apple (US),
- Wikitude (Austria),
- Samsung Electronics (South Korea),
- Blippar (UK),
- MAXST (South Korea),
- Magic Leap US),
- Upskill (US), and
- Atheer (US).
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Mobile Augmented Reality Market Dynamics
Driver: Rise in demand for mobile AR from retail sector to enhance consumers’ shopping experience
Retailers are under pressure to highlight the usefulness of products while upholding quality because the retail sector is expanding quickly. Retailers are increasingly relying on Augmented Reality (AR) technology to oversee the goods exchange process. In the context of the retail industry, which includes both online and brick-and-mortar transactions, this trend is especially noticeable. Both small and major merchants have made considerable investments in e-commerce platforms as the trend towards online buying has gained momentum and traditional retail venues become more crowded. Nevertheless, difficulties still exist in the realm of internet shopping, chiefly because there is no in-person engagement with the merchandise. The answer appears to be mobile augmented reality, which closes the gap between consumers and online goods. Customers can virtually explore brands and their product offerings through smartphone augmented reality. Adding 3D augmented reality products encourages customers to digitally try on items in-store, which helps them make informed decisions and eventually boosts sales in the retail industry.
Restraint: Limited user interface affecting navigation performance of AR apps
Applications for mobile augmented reality (AR) are in high demand in a number of sectors, including consumer, travel, business, aerospace, and healthcare. Nonetheless, many industries confront difficulties, chiefly because of the constraints imposed by mobile device user interfaces. Mobile phones' limited screens and incompatible interfaces limit users to certain areas, which affects navigation views. This constraint is especially noticeable in navigation apps with augmented reality features for industries like tourism, where the user experience is very important. Adoption is hampered by the complexity of user interfaces in mobile AR devices as opposed to monitor-based augmented reality. These interfaces need to be location-aware and seamlessly integrate users with the real world around them, so that users may utilise them regardless of where they are or what they do for a living.
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Opportunity: Unique value proposition through social media apps
Businesses rely heavily on their capacity to interpret demand signals, predict trends, track social media demand behaviour, and quickly satisfy client needs when making decisions. These capacities are essential for regular corporate operations, but they also come in quite handy in the event of supply chain interruptions, as demonstrated in pandemic scenarios. Richer content in mobile augmented reality (AR) is becoming more and more in demand for social media platforms due to the increasing use of AR in social apps like Instagram and Snapchat, especially through features like filters. In an effort to increase sales, marketers and brands are actively utilising smartphone augmented reality apps in a variety of social media campaigns. This development not only gives businesses a tonne of opportunities, but it also gives developers a chance to build platforms that help marketers sell their goods more successfully. Businesses looking to improve their engagement and sales tactics are finding that integrating augmented reality (AR) technology into social media is a wise strategic move.
Challenge: Social and privacy-related issues impacting adoption rate
Augmented Reality (AR) is a new technology that shows up in some smartphone applications and lets users examine personal information from different social media networks. However, it's expected that privacy issues may surface as augmented reality apps and gadgets become more widely used. The security and privacy concerns that the AR sector faces are of utmost importance. These issues are caused by inconsistent AR programming and carelessness on the parts of AR app and device developers and end users. Certain AR apps aren't able to protect user identification and privacy, and the lack of clear rules in the AR space makes these worries worse. Because there are no regulatory frameworks in place, augmented reality technology may be used maliciously, potentially resulting in the exploitation of users' personal data. For example, the "try-before-you-buy" idea in the retail industry might be abused by hackers, who could overlay offensive graphics and damage users' reputations. Significant obstacles stand in the way of the retail industry's broad adoption of augmented reality technology due to privacy and security concerns.
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