Mobile Augmented Reality Market to Reach USD 158 Billion at a CAGR Of 32% by 2031, Report By SNS Insider

The global Mobile Augmented Reality (MAR) Market is experiencing explosive growth, driven by the increasing adoption of AR technology across various industries. A recent report by SNS Insider predicts the market size to reach a staggering USD 158 billion by 2031, reflecting a phenomenal CAGR of 32% during the forecast period of 2024-2031.

Growing Demand for Immersive Experiences Propels Market Growth

The rise in demand for immersive and interactive experiences is a key driver of the mobile AR market. AR technology seamlessly overlays digital content onto the real world, creating engaging experiences for users in gaming, education, healthcare, retail, and many more sectors. This innovative technology empowers businesses to Improve customer engagement, improve product visualization, and streamline operational processes. Mobile AR’s versatility is revolutionizing various industries. It provides the immersive experiences in gaming that blur the lines between the virtual and real worlds. The educational sector leverages AR to Improve learning by providing interactive visualizations and 3D models. Healthcare professionals utilize AR for remote diagnostics and surgical procedures. The retail industry is embracing AR to enable virtual try-ons and product visualization, fostering informed purchasing decisions. These diverse applications contribute significantly to the market’s growth. The advancements in hardware and software development have Driven the AR revolution, technical limitations persist. Issues such as accuracy, latency, and battery life continue to impact the quality and usability of AR applications.

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Top Companies Featured in Mobile Augmented Reality Market Report:

boogie (Us), FITC (Us), Apple (Us), Wikitude (Austria), Samsung Electronics (South Korea), Blippar (UK),MAXST (South Korea), Magic Leap US), Upskill (US),Atheer (US), Marxent Labs (US), Inglobe Technologies(Italy), Augment (France), Niantic (US), NEXT/NOW(US), 8ninths (US), Groove Jones (US), VironIT (US),Scope AR (US), EON Reality (US), INDE (UK), Zappar(UK), HQSoftware (Estonia), Talespin (US), Scanta(US), Craftars (Romania), Appentus Technologies(India), and BidOn Games Studio (Ukraine).

Recent Developments

– In May 2022, Microsoft partnered with Volkswagen to integrate AR into cars using Microsoft’s HoloLens 2. This collaboration signifies the growing interest in utilizing AR technology within the automotive industry.

– In September 2022, Magic Leap announced a collaboration with NVIDIA to enable powerful computing and streaming of high-fidelity 3D models within its AR headset, Magic Leap 2.

Mobile Augmented Reality Industry Segmentation as Follows:

By Offering

• MAR Software (AR application platforms, AR SDKs)
• MAR Services (AR Design & Development, Deployment & Support Services)

by Offering, Mobile AR SDKs (Software Development Kits) Dominates the market and poised to play a Important role in market growth. These toolkits empower developers to create and integrate AR functionalities into their applications. The widespread adoption of ARCore by Google and ARKit by Apple has significantly contributed to the burgeoning mobile AR landscape.

By Type

• Marker-based (Passive Marker, Active Marker)
• Markerless (Model-based, Image Processing-based)
• Anchor-based

by Type, the Markerless segment currently dominates the mobile AR market. Markerless AR eliminates the need for physical markers or codes, allowing users to experience AR seamlessly by simply pointing their mobile devices at the real world. This intuitive and user-friendly approach is driving the popularity of markerless AR technology.

By Device Type

• Smartphones
• Tablets
• Personal Digital Assistants (PDAs)/Handheld Gaming Consoles
• Other Devices (Smartglasses, Wearables)

By Application

• Consumer (Gaming, Sports & Entertainment)
• Aerospace & Defense
• Healthcare
• Commercial (Tourism & Sight-seeing, E-learning, E-commerce & Marketing)
• Enterprise (Manufacturing)
• Others (Architecture & Building Design, Geospatial Mining)

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The Impact of Global Events

The Russia-Ukraine war and the possibility of a global economic slowdown creates potential challenges to the mobile AR market. The war can disrupt supply chains and hinder the production of AR hardware components. An economic slowdown Result to decreased consumer spending on AR devices and applications. The long-term growth prospects of the mobile AR market remain strong, driven by its inherent value proposition and increasing adoption across industries.

Regional Analysis

The Asia-Pacific (APAC) region is Projected to lead the mobile AR market, boasting the highest CAGR during the forecast period. This dominance can be attributed to the presence of Various AR technology manufacturers and vendors in countries Such as Japan and China. The burgeoning consumer base and the increasing demand for innovative consumer and commercial applications in this region are Drive the significant investments in AR development. The easy availability of AR-enabled smartphones and tablets further accelerates market growth in APAC.

Key Takeaways for the Mobile Augmented Reality Market

• The report provides a comprehensive analysis of the global mobile AR market, encompassing key trends, drivers, restraints, and opportunities, enabling them to make informed strategic decisions.
• It offers valuable insights into market segmentation by type, offering, device type, application, and region.
• The report sheds light on recent developments and their impact on the future growth of the mobile AR market.

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Mobile Augmented Reality Market Segmentation, By Type
9. Mobile Augmented Reality Market Segmentation, By Offering
10. Mobile Augmented Reality Market Segmentation, By Device Type
11. Mobile Augmented Reality Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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