Mobile augmented reality merges digital content in the physical world. The global mobile augmented reality market is expected to grow with a CAGR of about 65% during the forecast period 2016-2023.The various applications of augmented reality include gaming, entertainment, advertisement, e-commerce, tourism etc. The rise in application of augmented reality in these sectors is responsible for the growth of the global mobile augmented reality market. Also, investment in the augmented reality market is contributing to the growth of global mobile augmented reality market during the forecast period. However, development of augmented reality dependent on advancements in computing and digital networks and limited user interface are the factors that restrain the growth of the global mobile augmented reality market during the forecast period.
Geographically, North America accounted for the largest market share in terms of revenue for mobile augmented reality in 2016 and is expected to dominate the market during the forecast period. The dominance of North America in mobile augmented reality market is due to the presence of augmented reality companies such as Blippar, Wikitude etc. across the region. However, Asia Pacific is expected to be the fastest growing region for mobile augmented reality market during the forecast period due to adoption of new technologies, economic growth etc.
The growth in global mobile augmented reality market is also influenced by the presence of major players such as Qualcomm Inc. (U.S.), Google Inc. (U.S.), Infinity Augmented Reality Inc. (Israel), Samsung Electronics (South Korea), Microsoft Corporation (U.S.) etc. product launches, mergers & acquisitions, partnerships etc. are some of the crucial strategies adopted by the major market players of the global mobile augmented reality market to gain competitive advantage.
Global mobile augmented reality market report covers segmentation analysis of component, vertical and application. Report further covers segments of component type which includes hardware and software. Software segment is expected to dominate during the forecast period. The applications of mobile augmented reality include Personal Digital Assistants (PDA) and game consoles, smart glasses and wearable, smart phones and tablets. Smart phone is expected to dominate the segment during the forecast period. The dominance of smart phone is observed owing to rising demand for installation of various software applications in smart phones to sense real world environment and provide related virtual information. Verticals adopting mobile augmented reality include aerospace and defense, commercial, consumer, industrial and medical. Commercial is expected to dominate the segment during the forecast period due to rising demand for mobile augmented reality applications in e-retailing, education sectors and tourism market.