Published on : Feb 17, 2017
ALBANY, NY, Feb 17, 2017: The worldwide market for mobile augmented reality is poised to clock in an astounding CAGR of 65.24% from 2017 to 2021, finds a report recently added to the massive database of ResearchMoz.us. The study, titled “Global Mobile Augmented Reality Market 2017-2021”, notes that the rising reliance on apps for several activities is the primary driving factor.
The market for mobile augmented reality is also fueled by the proliferation of AR applications, the growing use of this technology to develop more effective advertising solutions, a massive tablet and smartphone market in Asia Pacific, and increased awareness regarding augmented and virtual reality. In the near future, the mobile augmented reality market is likely to benefit from key trends such as the emergence of depth-sensing cameras, rising partnerships with creators of mobile AR content, and the availability of pico projectors. On the down side, however, the mobile augmented reality market will be hampered by the lack of content, several limitations pertaining to hardware, the dearth of interoperability across various mobile platforms, and strict government norms.
The report evaluates the global market for mobile augmented reality based on key parameters, such as application, end user, and geography.
By way of application, the mobile augmented reality market can be segmented into gaming and entertainment, travel and tourism, marketing and advertising, and education and learning. The segment of marketing and advertising holds the top spot in the overall market on account of the increased adoption of this technology.
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On the basis of end user, mobile augmented reality is used by consumers as well as enterprises. Owing to the cost of this technology, enterprises are the major end users and apply it in various commercial purposes such as marketing, education, advertising, healthcare, retail, logistics, and tourism.
Based on region, the mobile augmented reality market comprises the Americas, Europe, the Middle East, and Africa, and Asia Pacific. The Americas are the most rapidly growing markets and will continue to hold a leading position in the mobile augmented reality market. This can be attributed to the fact that the U.S. is perhaps one of the earliest adopters of augmented and virtual reality technology. The region is also driven by a greater penetration rate of smartphones, the presence of a host of vendors, and increased purchasing power.
Nature-wise, the global market for mobile augmented reality exhibits a rather fragmented vendor landscape with a moderate degree of competition. Owing to the fact that this market is still in a nascent stage, there are a host of lucrative investment opportunities that they can capitalize on. Low entry barriers in this industry means new players are likely to venture into this promising market in the coming years. Augmented Pixels, Wikitude, DAQRI, Catchoom, PTC, Blippar, and Aurasma are some of the most prominent players in the mobile augmented reality market.
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