Global Mobile Augmented Reality Market – Overview
The growing use of AR technology in the e-commerce and retail, entertainment, gaming, and several other industries is the key factor driving the growth of the global mobile augmented reality market. With the key players in the market focusing developing more enriching and experience rich technology, the global market is expected to witness promising opportunities in the coming years of the forecast period.
Global Mobile Augmented Reality Market – Notable Developments
Some of the key developments of the global mobile augmented reality market are given below:
- In December 2019, PTC announced that it has partnered with Magic Leap to introduce AR-integrated enterprise solutions. The partnership is expected to allow Magic Leap to use its AR capacities of the Vuforia engine in the flagship headset.
- In May 2019, Google announced new addons in Google Search, which deploys (AR) and Google Lens. The new features in Google Search use a combination of augmented reality, computer vision, and camera to superimpose information and content onto real space.
- In December 2019, Samsung announced the company is collaborating with Librestream, an AR enterprise solutions provider, to deliver augmented reality solutions for better worker safety and communications. This solution was integrated with Samsung’s newest tablet – Galaxy Tab Active Pro.
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Global Mobile Augmented Reality Market – Drivers and Restraints
There are multiple factors that are responsible for the overall development of the global mobile augmented reality market. Rapid growth of the retail industry is one of the key factors driving the market growth. Retailers are experiencing increasing pressure to demonstrate the goods utility without compromising their quality. These retailers are also involved in controlling the exchange process of goods. All such factors are cumulatively promoting the use of augmented reality technology in the retail sector.
Another important factor helping the market growth is the popular trend of online shopping. Both small and medium enterprises have migrated to e-commerce platforms for expanding their businesses. This has prompted use of AR tech for giving more in-depth experience to users online. This is thus expected to help the overall development mobile augmented reality market.
However, there are some factors that are projected to hinder the market growth in the coming years of the forecast period ranging from 2020 to 2030. One of the biggest restraining factors for the global mobile augmented reality market is the difficulty in adopting the augmented reality technology because of poor quality of user interfaces in several devices. Because of the small screen sizes of the mobile phones and incompatibility, a user has a limited access with strict boundaries. This is projected to impact the growth of the global mobile augmented reality market in the coming years.
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Global Mobile Augmented Reality Market – Geographical Outlook
In terms of geographical outlook, the global mobile augmented reality market is segmented into five key regions. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global mobile augmented reality market is expected to be led by the regional segment of Asia Pacific in the coming years of the forecast period ranging 2020 to 2030. The growth of the Asia Pacific region is primarily attributed to the presence of several manufacturers and vendors of the augmented reality (AR) technology based products. Japan and China is particular have large presence of such manufacturers, and thus are leading contributors to the development of the Asia Pacific regional market. In addition to this, commercial as well consumer application in China, India, and Japan are projected to witness increasing investments in the coming years. This too is expected to help the development of the market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.