Mobile Augmented Reality Market – Overview
Amplified usage of mobile devices has increased the scope and opportunities for the development of the industry. Market reports linked to the information and communication technology sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this market. The Mobile AR market is anticipated to achieve revenue figures of USD 70 billion approximately by 2023 while growing at a CAGR of 61 percent during the forecast period.
Consumer’s demand to gain more features from their mobile devices has led to major developments in the Mobile Augmented Reality Market. Enhancement of consumer experience is one of the major factors fuelling the expansion of the industry. Furthermore, the increased level of investment by new entrants and established competitors is expected to lead to the development of the industry in terms of product developments and increasing the size of the industry. Wearable devices and hands-free devices are expected to add more momentum to the growth pace of the industry in the forecast period.
SAP SE (Germany), Infinity augmented reality (Israel), Microsoft Corporation (U.S.), Blippar (U.K.), Qualcomm Inc. (U.S.), Apple Inc. (U.S.), DAQRI (U.S.), Samsung electronics Ltd. (South Korea), Google Inc. (U.S.), are among the noteworthy competitors in the mobile augmented reality market profiled in this report.
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Mobile AR Market Segments
The mobile augmented reality market is segmented into applications, component, end-users, and region. The component is segmented into software and hardware. Additionally, the hardware segment is sub-segmented into GPS system, 3D graphics system, displays, wireless network, sensors and others. The application segment comprises of smart glasses and wearable, smartphones, personal digital assistants, tablets and game consoles. The end users segment is segmented into Telecommunication, Gaming & entertainment, enterprises which further include E-commerce, advertising and healthcare and public sectors which additionally comprise of Government, Education, Military and others. The market covers regions such as Europe, Asia Pacific, North America and rest of the world.
Mobile AR Industry: Detailed Regional Analysis
The regional analysis of the mobile augmented reality market covers regions such as the Asia Pacific region which includes China, Japan, India, the North America region which includes the U.S., Mexico, Canada, the European region which includes the U.K, Germany and Rest of the World. The North American region is one of the foremost regions of the world in relation to the market share. The mobile AR market in this region is experiencing a spike in demand owing to the rising investment in smart devices, which is boosting the market’s development to a great extent. The mobile augmented reality industry in the European region is anticipated to observe swift growth in the upcoming period. While, the Asia Pacific countries in the region such as Japan, China, and India are an evolving market for mobile augmented reality, which is estimated to expand at a motivating CAGR in the coming years.
Mar 2018 Macy’s is planning to roll out a nationwide service in the US of new features in its mobile app starting with an augmented reality furniture shopping experience that will made be accessible to its consumers in April. Mobile Checkout which is powered by the Macy’s app and is intended to speed up the in-store checkout process, is also scheduled for a nationwide rollout to all full-line stores by the year end.
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Global Competitive Analysis
The corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition. This particular trend has enabled portfolio improvement along with the affinity for diversification in the sector, which has indirectly enabled the players to use the valuable state of dealings available in this industry. The use of these prospects by contenders, who are trying to cultivate their industry stake by intensive expansion can stimulate the expansion of this industry. The companies are also moreover trying to create and capture financial in a suitable manner. This has elevated the potential for the forthcoming growth period significantly. The strategic decision-making process has increased the productivity of companies so that they maintain their company’s liquidity and sustain feasible to take effective choices in terms of strategy designing and implementation.
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