According to a new report published by MarkWide Research, titled, “Mobile Augmented Reality Market,” the global market for mobile augmented reality is poised for explosive growth over the forecast period. With a projected compound annual growth rate (CAGR) of 7.2%, the market is anticipated to reach $105.2 billion by 2030.
The mobile augmented reality market’s growth can be attributed to several key factors:
1. Proliferation of Smartphones: The widespread adoption of smartphones and tablets with advanced AR capabilities is driving the use of mobile augmented reality in various applications.
2. Gaming and Entertainment: Mobile augmented reality has revolutionized the gaming and entertainment industries, with popular apps like Pokémon GO showcasing its potential. The demand for immersive gaming experiences continues to grow.
3. E-commerce and Retail: Retailers are leveraging mobile AR to enhance the online shopping experience through virtual try-ons, product visualization, and interactive advertising.
4. Healthcare and Education: Mobile AR is finding applications in healthcare for medical training, diagnostics, and patient education. In education, it enhances interactive learning experiences.
5. Industry 4.0: Mobile AR is used in industrial settings for maintenance, remote assistance, and training, contributing to increased productivity and efficiency.
6. Advertising and Marketing: Marketers are using mobile AR to create interactive and engaging ad campaigns that capture consumers’ attention.
7. Navigation and Location-Based Services: Mobile AR is enhancing navigation and location-based services, making it easier for users to find information about their surroundings.
In conclusion, the global mobile augmented reality market is poised for explosive growth, driven by the proliferation of smartphones and the increasing adoption of AR in gaming, retail, healthcare, education, and various industries. As mobile AR applications continue to evolve, the market is expected to witness substantial expansion.