Massive mobile augmented reality market growth

Project Description

Massive mobile augmented reality market growth

 

More and more applications for mobile augmented reality are being developed so that viewing virtual information in a real-world environment on a handheld device is becoming easier. According to a new market research conducted by MarketsandMarkets the mobile augmented reality market is expected to be worth nearly $80 Billion by 2022.

Augmented reality and the smartphone

The rapid growth of the mobile augmented reality market is primarily driven by the high penetration of smartphones and tablets, especially in markets where mobile technology is not as common. Above all smartphones will play an important role in the market’s growth because they can provide a quick and portable access to augmented reality experiences.
The market for software components that are being used to develop mobile augmented reality applications is expected to grow at the highest CAGR (compound annual growth rate) between 2016 and 2022. Software components like programming languages, platforms, interfaces, SDK’s as well as motion tracking softwares for example are being taken into account.

Different kinds of industries drive mobile augmented reality growth

Using a smartphone to create digital overlays of information in an environment is interesting for different kinds of industries. Mobile augmented reality has potential in the tourism industry for example. Imagine walking around historic sites and monuments all around the globe and being able to receive additional information by tapping on your smartphone and creating digital overlays with it. This feature would enhance tourists experiences and would drive the growth for the mobile augmented reality market for the commercial vertical.
Sectors like education or e-retail are also expected to make great use of mobile augmented reality applications.

Where are the demands coming from?

Even though the US’s interest in augmented reality solutions is very high, experts expect the Asia-Pacific region to be the primary driver of augmented reality’s growth. The fast adoption of new technologies combined with economic growth will drive forward innovation in the mobile sector.

 

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Source header photo: © Simon Cunningham