The Global Market for Mobile Augmented Reality is Forecast to Reach US$94 Billion by 2024

Proliferation of Mobile App Stores and Rapid Technological Innovations Drive the Global Mobile Augmented Reality Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Mobile Augmented Reality market. The global market for Mobile Augmented Reality is forecast to reach US$94 billion by 2024, driven by technology developments/innovations, ability of MAR to deliver immersive experiences, rapid proliferation of mobile app stores worldwide, and swift acceptance of smartglasses as a revolutionary technology.

As one of the most disruptive technologies of the 21st century, Mobile Augmented Reality (MAR) is forecast to induce sweeping changes across all vectors of life and business and exert a far reaching impact on real world applications and use of the technology. MAR is bringing in a fundamental shift in the way information is visualized and processed. The convergence of mobile handheld devices and augmented reality has numerous game changing implications for various industries. The growth and proliferation of the technology in all these industries will be supported by the effervescent development of augmented reality apps. Defined as software applications designed to make mobile phones or tablet PCs display real world with augmented elements through the device’s camera allowing information to be manipulated and seen like never before, mobile augmented reality apps have been gaining attention over the last few years. By enabling smartphones to scan and recognize images, objects or places, and display augmented and context rich data and information on their screens, mobile augmented reality apps is forecast to find revolutionizing applications for consumer, industrial/manufacturing, retail/eCommerce, infrastructure and enterprise sectors.

The future growth of MAR technology will be spurred by increasing popularity of tablets and smart phones. Driven by increasing use of AR technology in emerging sectors like e-commerce and tourism, large companies are investing in MAR technology, which has a positive impact on the worldwide MAR market. AR technology compatible mobile devices are becoming increasingly powerful and more affordable. Emerging hardware possibilities, including mobile projection devices, which facilitate the use of latest AR technology based applications, and the increasing use of 3D cameras for generating 3D models of objects, are furthering the MAR technology dedicated R&D initiatives of large companies, thus fueling growth of the MAR market.

The technology continues to fuse virtual and physical worlds driven by innovations and breakthroughs in key enabling technologies such as quick response (QR) code, imaging recognition/object identification, facial recognition, markerless tracking, neural networks, simultaneous localisation and mapping (SLAM), display technologies, and tracking sensors, among others. The emergence, albeit slow, of smart glasses featuring practicality and ubiquity hitherto associated with mobile devices is resulting in creation of a sustainable market for use of MAR in business applications. Going forward, AR technology is expected to increasingly be used as an embedded mobile technology for several platformization strategies, including software development kits (SDKs), resulting in increasing use of the AR technology in e-commerce and business applications, social media platforms, and maps. Design complexities, which, by impeding the adoption of MAR technology, adversely impact the market’s growth, feature among the primary challenges confronting leading companies within the MAR market. Other factors inhibiting the market’s growth include lack of consumer awareness about AR technology, privacy concerns, high creation cost and technological limitations.

As stated by the new market research report on Mobile Augmented Reality, the U.S. represents the largest market and will continue to be so in the short term. Asia-Pacific is projected to record the fastest compounded annual growth rate of 86.6% over the analysis period driven mainly because of the mammoth mobile user base of China and India, which is expected to further enhance the market for the next few years. MAR is quite a new concept, and growing interest of Chinese and Indian consumers in the new technology has induced AR vendors to develop premium apps for the thriving market.

Key players in the market include Apple, Inc., Augmensys GmbH, Augment, Augmented Pixels Inc., Aurasma, Blippar, Catchoom Technologies, DAQRI, Google Inc., Gravity Jack, Hunter Research and Technology, LLC, LM3LABS Corp., Marxent Labs LLC, Mollejuo Software, Inc., Mybrana Network S.L., Niantic, Inc., Occipital Inc., Seabery Augmented Technology, Snap, Inc., ViewAR GmbH, VividWorks Ltd., Wikitude GmbH, and Zappar Ltd., among others.

The research report titled “Mobile Augmented Reality (MAR): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, and Rest of World. The report also analyzes the global market by application – Education, Marketing, Gaming, and Others (includes Travel and Tourism among others).

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