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(IT-NEWSWIRE.COM, May 11, 2021 ) The report "Mobile Augmented Reality Market with COVID-19 Impact Analysis by Device Type (Smartphones, Tablets, PDAs), Offering (Software, Services), Application (Consumer, Healthcare, Enterprise, Commercial), and Region - Global Forecast to 2025", is projected to grow from USD 7.6 billion in 2020 to USD 29.5 billion by 2025; it is expected to grow at a CAGR of 31.1% from 2020 to 2025. Surge in adoption of AR technology by travel & tourism and education sector, increase in online gaming activities during COVID-19 pandemic, and rise in demand for mobile AR from retail sector to enhance consumers shopping experience are the key factors driving the market growth.
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Opportunity: Unique value proposition through social media apps
Companies’ decisions are highly dependent on their capacity to understand demand signals, the ability to forecast certain things in advance, the capacity to monitor social media demand behavior, and how quickly they respond to fulfill customers’ demands. These capabilities are essential for better performance of the business in the usual scenario, as well as when there are supply chain disruptions in the pandemic situation. Significant adoption of AR in social apps, such as Snapchat and Instagram (filters), would drive the demand for more rich content in mobile AR for social media. Brands and marketers, in particular, are finding ways to boost their sales using mobile AR apps through different campaigns using social media platforms. This would provide a huge opportunity even for the developers who create different platforms for the marketers to sells their products.
Challenge: Social and privacy-related issues impacting adoption rate
AR is an emerging technology. Some mobile AR applications have features through which a user can see details of any person on all social media platforms. Hence, the widespread use of AR apps and devices is expected to significantly reduce the levels of personal privacy. Security and privacy issues are the major challenges faced by the AR industry. These issues have emerged due to the inconsistencies in AR programming, and negligence and oversight of both the developers and end users of AR apps and devices. A few AR apps are not capable of securing user identity and privacy. There are no regulations that define the dos and don’ts associated with the AR environment. This implies that the AR technology can incorporate malicious intent and lead to the misuse of personal information of users. For instance, the try-before-you-buy concept for clothing retailers can be misused. If the concept is not secured well, it can be hijacked. The hacker can overlay a nude body image instead of clothes, which can harm the reputation of the user. All these issues pose challenges for the adoption of AR technology in the retail sector.
Market for smartphones projected to grow at a higher CAGR during the forecast period
Smartphones, nowadays, have multiple functionalities, including sensing; the data is gathered through various devices, such as microphones, cameras, accelerometers, gyroscopes, GPS, and proximity sensors. Also, high MHz processors, memory chips that store a large volume of data, fine-quality cameras, and 3D graphics software/cards are in demand to deploy in smartphones. Various types of software apps are installed in smartphones to increase their functionalities. After implementing AR applications, smartphones can work as AR systems that can identify and analyze data to enable users to visualize digital objects in real surroundings.
Market in APAC estimated to grow at the highest CAGR during forecast period
The improvement in the spending capacity of people in various APAC countries, such as China, India, has led to the increasing demand for consumer-centric products, including smartphones, smart wearables, and other consumer electronic products, including gaming consoles. This has led to the adoption of mobile AR for gaming and entertainment applications. Therefore, strong growth for mobile AR applications in the coming years is expected in APAC.
Major vendors in the mobile augmented reality market include Google (US), PTC (US), Apple (US), Wikitude (Austria), Samsung Electronics (South Korea), Blippar (UK), MAXST (South Korea), Magic Leap, (US), Upskill (US), and Atheer (US). Apart from these, Talespin (US), Scanta (US), Craftars (Romania), Appentus Technologies (India), and BidOn Games Studio (Ukraine) are among a few emerging companies in the mobile augmented reality market.
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