Mobile Augmented Reality (AR) Market Forecast: $7.6B to $29.5B in Five Years

The Mobile Augmented Reality (AR) Market is set to experience remarkable growth, expanding from USD 7.6 billion in 2020 to an anticipated USD 29.5 billion by 2025, reflecting a robust CAGR of 31.1% during this period.

This surge is driven by the increasing adoption of AR technology across various sectors, including gaming, retail, healthcare, and education. The proliferation of smartphones and advancements in AR software and hardware are key contributors to this growth. Enhanced user experiences, such as immersive gaming, interactive shopping, and improved educational tools, are propelling the demand for mobile AR applications. Additionally, the integration of AR in social media platforms and the rise of remote assistance and training solutions further amplify market expansion. As industries continue to explore innovative AR applications, the mobile AR industry is poised for significant advancements and widespread adoption.

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The surge in adoption of Augmented Reality (AR) technology by the travel and tourism and education sectors, coupled with an increase in online gaming activities during the COVID-19 pandemic, and a rise in demand for mobile AR from the retail sector to enhance consumers' shopping experiences are key factors driving market growth. Travel and tourism are leveraging AR to create immersive experiences, such as virtual tours and interactive guides, enriching visitor engagement. The education sector has rapidly integrated AR to facilitate interactive and engaging learning environments, especially during the pandemic-induced shift to online education. The online gaming industry has seen a significant uptick in AR adoption as players seek more immersive and engaging experiences. Additionally, the retail sector is using mobile AR to transform shopping by allowing customers to visualize products in their real-world context, thereby enhancing the overall shopping experience and driving market expansion.

Mobile Augmented Reality (AR) Companies:

• Google, Inc. (US),
• PTC (US),
• Apple Inc. (US),
• Wikitude GmbH (Austria),
• Samsung Electronics Co. Ltd. (South Korea),
• Blippar.com Limited (UK),
• MAXST (South Korea),
• Magic Leap, Inc. (US),
• Upskill (US) and
• Atheer Inc. (US).

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Market for Mobile Augmented Reality Services is projected to grow at a higher CAGR during the forecast period

Cloud computing-based Augmented Reality (AR) enhances the mobile AR experience by comparing captured images with those in a database and sending relevant information back to the mobile device. This process allows the mobile device to detect, resize, and generate 3D images, creating a dynamic and immersive experience for users. Additionally, AR mobile app maintenance and support services play a critical role in ensuring these applications remain functional and user-friendly. These services include responding to customer inquiries, providing organizational training programs, deploying apps to app stores or enterprise stores, and integrating apps with complex corporate systems. This comprehensive support framework is driving faster growth in the market for Mobile Augmented Reality (MAR) services, as it ensures continuous productivity enrichment, feature enhancement, and regular functionality updates for AR applications.

Market for smartphones projected to grow at a higher CAGR during the forecast period

Modern smartphones are equipped with a range of functionalities, including sophisticated sensing capabilities enabled by devices such as microphones, cameras, accelerometers, gyroscopes, GPS, and proximity sensors. These smartphones also feature high MHz processors and memory chips capable of storing vast amounts of data, alongside fine-quality cameras and advanced 3D graphics software/cards. The increasing demand for these components underscores their importance in enhancing smartphone capabilities. Additionally, the installation of various software applications further boosts smartphone functionality. By implementing Augmented Reality (AR) applications, smartphones can transform into AR systems capable of identifying and analyzing data. This enables users to visualize digital objects in real-world surroundings, providing an immersive and interactive experience that merges the digital and physical worlds seamlessly.

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Market in APAC estimated to grow at the highest CAGR during forecast period

The improvement in spending capacity among people in various APAC countries, such as China and India, has significantly boosted the demand for consumer-centric products, including smartphones, smart wearables, and other consumer electronics like gaming consoles. This surge in demand is driving insatiable interest in mobile AR for gaming and entertainment applications. With a rapidly growing middle class and increasing disposable incomes, consumers in the APAC region are more inclined to invest in advanced technology and immersive experiences. Consequently, the market for mobile AR applications is poised for robust growth in the coming years, positioning APAC as a key player in the global AR landscape.

News Covered:

https://www.globenewswire.com/news-release/2023/08/04/2718897/0/en/Mobile-Augmented-Reality-Market-Size-Growth-Opportunities-Industry-Trends-and-Analysis.html