Dubai, U.A.E, July 7, 2020
Dubai, U.A.E, July 7, 2020 /PRNewswire/ -- Award winning market research firm Future Market Insights study on the mobile augmented reality market projects an impressive surge in growth prospects in the short-term as well as long-term forecast. The market is expected to reach a valuation of US$ 24 Bn by 2030.
Mobile augmented reality is a relatively young technology. However, it has generated a great deal of hype, especially amongst 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 augmented reality (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.
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"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 Augmented Reality Market Report
Mobile Augmented Reality Market- Key Trends
Mobile Augmented Reality Market- Region-wise Analysis
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Mobile Augmented Reality Market- Competitive Landscape
The mobile augmented reality market is dominated by several leading software solution providers, making the market highly competitive. Some of these players are: Metaio GmbH, Qualcomm Inc., Amazon, Intel Corporation, Apple Inc, Samsung Electronics Co. Ltd, Micro Focus, Microsoft Corporation, Google Inc., Wikitude GmbH and Daqri LLC.
Besides, a number of startups have emerged who focus on experimenting with innovative ideas to introduce technological advancements and offer new solutions. An example of such a startup is VR Vision Inc, which was established in 2016 in Toronto, Canada. The company has provided innovative and impactful experiences to users using virtual and augmented reality experiences. An example of its service is its RealityWell platform. The players are also concentrating on incorporating 5G technologies to provide enhanced services.
Mobile Augmented Reality Market Taxonomy
South Asia & Pacific
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More Valuable Insights on Mobile Augmented Reality Market
Future Market Insights offers an unbiased analysis of the global mobile augmented reality market, providing historical data for 2015-2019 and forecast statistics from 2020-2030. To understand opportunities in the mobile augmented reality market, the market is segmented on the basis of solution (mobile AR software (mobile AR application platform, and mobile AR SDKs), services (integration & deployment, AR design & development, support services)), application (military, education, healthcare, gaming, media & entertainment, travel & tourism, others), and region (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East & Africa).
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