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Augmented Reality Gaming Market Size, Share, Trends Analysis And Forecasts(2024 - 2033)
Augmented Reality Gaming Market Size
According to The Business Research Company's, The augmented reality gaming market size has grown exponentially in recent years. It will grow from $11.03 billion in 2023 to $14.32 billion in 2024 at a compound annual growth rate (CAGR) of 29.8%. The growth in the historic period can be attributed to increased smartphone adoption, advancements in AR hardware, growing developer interest, rising consumer awareness, improvements in AR content quality and graphics.
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Market Drivers and Trends:
The increase in smartphone penetration is expected to propel the growth of the augmented reality gaming market going forward. A smartphone is a compact mobile device with advanced computing capabilities, a touchscreen interface, internet connectivity, and various applications for communication, multimedia, and productivity. Smartphones use augmented reality (AR) gaming by leveraging its built-in cameras and sensors to overlay virtual elements onto the real-world environment, providing users with an interactive and immersive gaming experience. For instance, in November 2023, according to Uswitch Limited, a UK-based technology company, in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) are expected to own a smartphone. Therefore, the increase in smartphone penetration is driving the growth of the augmented reality gaming market.
Major companies operating in the augmented reality gaming market are developing new products, such as geolocation-based augmented reality games, to gain a competitive edge in the market. Geolocation refers to the process or technology of identifying and determining the real-world geographic location of a person, device, or object using various methods, such as GPS (Global Positioning System), Wi-Fi, cellular networks, or sensors. For instance, in January 2023, Niantic Inc., a US-based software development company, launched NBA All-World, a free-to-play augmented reality basketball game. It is designed to celebrate basketball culture, and the game allows players to find and challenge each other on a map, recruiting NBA players to its teams and competing in real-world locations such as neighborhood courts and branded drop zones. The game encourages physical activity, exploration, and engagement with basketball culture, featuring challenges, gear drops from popular brands, and opportunities to showcase teams.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation, Qualcomm Technologies Inc., Hexagon AB, Niantic Inc., Magic Leap Inc., Meta Platforms Inc., Sixense Enterprises Inc., EON Reality Inc., DAQRI LLC, RE'FLEKT GmbH, Seabery S.L., Zappar Ltd., VividWorks Ltd., Marxent Labs LLC, Scope Technologies US Inc., Total Immersion Inc., Augmented Pixels Inc., Blippar Limited, Upskill VR, Ubimax GmbH, Catchoom Technologies S.L., Infinity Augmented Reality Ltd.
Augmented Reality Gaming Market 2024 Key Insights:
• The augmented reality gaming market is expected to grow to $40.29 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%.
• Rise In Smartphone Penetration Fuels Growth In The Augmented Reality Gaming Market
• Integration Of Geolocation In Augmented Reality Games For Enhanced Real-World Experiences
• North America was the largest region in the augmented reality gaming market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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