Mobile Augmented Reality Receives Impetus as Consumers Rely on Virtual Experiences -- FMI
The mobile augmented reality (AR) market is projected to have an impressive surge in growth prospects in the short-term and long-term forecast, reaching a valuation of $24 billion by 2030 as reported by a study from Future Market Insights (FMI).
Mobile AR is a relatively young technology. However, it has generated a great deal of hype, especially among youngsters. The platform has been effective exploited by the creative industry, with the launch of exciting video games, video entertainment and live events. Designed to generate immersive experiences, mobile AR has carved a niche for itself, especially in the gaming industry. Over the years, the launch of sophisticated virtual multiplayer games has revolutionized the mobile AR market.
Mobile AR has also seen a major surge due to rapid penetration of ICT devices, most notably tablets and smartphones across the developing and developed regions. Ranging from the remotest corners of the world to the densest of urban settlements, mobile AR has made immense contributions in enhancing office space, museums and gaming experiences.
The market has especially gained major traction in light of the COVID-19 pandemic. As offices, educational institutions and workplaces remain shut to enforce social distancing, people are relying heavily on the virtual platform to carry on with their daily activities. A notable upsurge has been witnessed in live video streaming, conferencing, educational activities, gaming and retailing, providing software solutions providers with an opportunity to introduce technologically advanced and user-friendly interfaces.
"The future of mobile augmented reality shall emerge as a potential cash cow in the future, not only from commercial and industrial-grade applications, but also from academia. It is expected that virtual learning will become the new normal, eradicating the need to attend schools or universities. Therefore, market players are shoring-up their efforts to design high-capacity educational platforms to cater to this burgeoning trend," infers a prominent analyst at FMI.
Key Takeaways from the Mobile AR Market Report
East Asia and Europe shall account for the lion's share of the mobile AR revenue pie, collectively comprising half of the market
Mobile AR market shall reach a value of US$ 3 Bn by 2020-end, registering a stellar 23.2% CAGR between 2020 and 2030
Demand for online gaming has skyrocketed in the past few months attributed to home confinement due to the implementation of social distancing measures
Education and healthcare to emerge as green spaces for the growth of mobile AR across the forecast period
Military applications of AR is set to gain pace due to the changing nature of warfare and defense and emerging cybersecurity threats
Mobile AR Market’s Key Trends
The advent of 5G-technology has enhanced internet usage experience due to the introduction of greater bandwidth, high quality uninterrupted streaming services and ease of communication. As a result, investment in internet infrastructure has surged, providing fertile ground for the growth of the mobile AR market
Consumer goods providers are leveraging AR to offer improved customer engagement, augmenting their revenue prospects. For instance, furniture shops are utilizing AR to provide customers with an actual in-shop experience by virtue of online simulations
The automotive industry shows tremendous promises for expansion through the incorporation of mobile AR, particularly for interior designing and maintenance. Manufacturers are exploiting this platform to enhance safety features within automobiles and prevent accidents
Access to real-time data and patient information over cloud systems is providing a platform for the mobile AR market in the healthcare sector. This is enabling doctors and professionals to understand medical conditions, trace disease progression and take steps to inhibit further spread
Mobile AR Market’s Regional Analysis
East Asia shall be the most lucrative market for mobile AR. Increasing penetration of smartphones and tablets is attributed as the primary reason for this rapid growth
North America is emerging as a potential market for mobile AR services. A proliferating automotive industry and rising penetration of online gaming is prompting vendors to augment their investments in the region
In China, companies have already initiated marketing campaigns using AR experience