What Is The Definition Of The Global Mobile Augmented Reality (MAR) Market?
Mobile augmented reality (MAR) refers to the integration of digital information or virtual objects into the real-world environment through the use of mobile devices such as smartphones or tablets. This technology overlays computer-generated images, videos, or information onto the user's view of the physical world, typically through the device's camera and screen.
Mobile Augmented Reality (MAR) Global Market Report 2024 provides data on the global mobile augmented reality (mar) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Mobile Augmented Reality (MAR) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Mobile Augmented Reality (MAR) Market Size And Growth Rates Projected To Evolve?
The mobile augmented reality (MAR) market size has grown exponentially in recent years. It will grow from $20.54 billion in 2023 to $27.57 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to demand for immersive user experiences, increased app-store revenue with the in-app and premium app purchases, use of AR smart glasses in the enterprise, and increased use of augmented reality (AR) in retail and e-commerce applications. The mobile augmented reality (MAR) market size is expected to see exponential growth in the next few years. It will grow to $90.56 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%. The growth in the forecast period can be attributed to the increasing adoption of AR technology in various sectors, the rising popularity of AR entertainment applications, the integration of AR into social media platforms, the booming online gaming industry, and penetration of 5G technology. Major trends in the forecast period include development of innovative AR applications, investment in AR content creation and delivery platforms, collaboration with mobile device manufacturers to optimize AR experiences, expansion into emerging markets with untapped AR potential, strategic partnerships with AR software and hardware providers.
What Are The Essential Drivers Behind The Growth Of The Mobile Augmented Reality (MAR) Market?
The growing consumer adoption of smartphones and tablets is expected to propel growth in the mobile augmented reality (MAR) market. Smartphones and tablets, renowned for their portability and multifunctionality, continue to gain popularity, driven by their ability to access communication, entertainment, and productivity tools on the go. Mobile augmented reality (MAR) enhances user experiences by overlaying digital information or virtual objects onto real-world environments using device cameras and sensors, facilitating immersive applications from gaming to education. For example, Uswitch Limited reported a 3.8% increase in UK mobile connections in 2023, projecting widespread smartphone ownership among 95% of the population by 2025. This growing adoption fuels the expansion of the mobile augmented reality (MAR) market through 2023, 2024, and beyond.
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How Is The Global Mobile Augmented Reality (MAR) Market Divided Into Key Segments?
The mobile augmented reality (mar) market covered in this report is segmented –
1) By Type: Marker-Based, Markerless, Anchor-Based
2) By Offering: Mobile Augmented Reality (MAR) Software, Mobile Augmented Reality (MAR) Services
3) By Device Type: Smartphones, Tablets, Personal Digital Assistants (PDAs) Or Handheld Gaming Consoles, Other Devices
4) By Application: Consumer, Aerospace And Defense, Healthcare, Commercial, Enterprise, Other Applications
What Trends Are Reshaping The Future Of The Mobile Augmented Reality (MAR) Market?
Leading firms in the mobile augmented reality (MAR) market are advancing their offerings with platforms like the Vuzix Ultralite OEM. This mobile AR solution provides compact, lightweight hardware components suitable for integration into various devices, including smartphones, tablets, and smart glasses. For example, in January 2024, Vuzix Corporation, a US-based leader in wearable virtual and augmented reality technology, introduced the Vuzix Z100 smart glasses. These glasses facilitate seamless interaction between workers and AI optimization tools, delivering real-time updates, workflow confirmations, and notifications. They feature advanced monocular waveguide optics and a custom microdisplay engine, providing essential information directly to users' Android or iOS devices.
What Is The Fastest Growing Region In The Mobile Augmented Reality (MAR) Market?
North America was the largest region in the mobile augmented reality (MAR) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the mobile augmented reality (MAR) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
