Mobile Augmented Reality Market is Expected to Grow at USD ~70 Billion by 2023

Overview

Global mobile augmented reality market is forecasted to grow in concurrence with the growth prospects of Internet of Things services. The service domain of the same has also expanded with a growing level of investment from leading technology houses. Services, as part of mobile technology, are turning out to be the major contributors in this market scenario. With growing usage of smartphones, moreover, those being enriched with high-end sensors make the market scenario hugely encouraging, at least till the review period of 2023.      

Global mobile augmented reality market is expected to grow with advancing augmented reality technology. With more smartphones being enriched with these technologies makes the prospects of global mobile augmented reality market highly established. Not just the sensors, displays, and processing units of these technologies are also enhanced through augmented reality technology. All these factors contribute towards the growth of Global mobile augmented reality market during the forecast period. With growing level of investment in technology segment, the prospect of Global mobile augmented reality market can be more promising.

Emerging concepts like internet of things are also expected to enhance the Global mobile augmented reality market. Similar is the case about artificial intelligence market as well. Swiftly transforming digital reality and the advent of high-end hands-free devices and their greater adaptation makes the Global mobile augmented reality market thoroughly established. Expanding market for mobile technology and growing user base contribute towards the growth of Global mobile augmented reality market. Global mobile augmented reality market is speculated to reach a worth of USD ~70 billion by 2023, upon witnessing growth at a CAGR of ~61% during the forecast period 2017-2023.

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Segmentation

The global mobile augmented reality market can be segmented based on components, applications, end-users, and region. In terms of components, the global mobile augmented reality market is further segmented into hardware and software. The hardware can be segmented again into a 3D graphics system, GPS, wireless network, displays, sensors, and others. The application segment can be segmented further into smartphones, smart glasses and wearable, tablets, personal digital assistants, and game consoles. In terms of end-users, the global mobile augmented reality market segment is segmented further into Telecommunication, Gaming & entertainment, enterprises (public sectors and others. 

Regional analysis

Geographically, global mobile augmented reality market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Market in Asia Pacific is expected to remain highly encouraging, further divided into China, Japan, and India. North American market is further classified into the U.S., Mexico, and Canada. European market is contributed most by the U.K and Germany. Middle East and African market are the major contributors to rest of the world. North America is considered the most prominent market in this domain, mainly powered by the markets of the United States and Canada. Growing user base of technology devices is the reason behind this.

Industry News

Global mobile augmented reality market is reportedly going to be most encouraging during review period 2023. Advancing technologies like Internet of Things, augmented reality, mobile sensor technologies, etc. will contribute immensely towards the Global mobile augmented reality market. North America is going to be the most dominant market of all during review period of 2023.   

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