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Mobile Augmented Reality (MAR) Market: Analysis of Market Dynamics and Future Trends
Mobile Augmented Reality (MAR) Global Market Report 2024
According to The Business Research Company's, The mobile augmented reality (MAR) market size has grown exponentially in recent years. It will grow from $20.54 billion in 2023 to $27.57 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to demand for immersive user experiences, increased app-store revenue with the in-app and premium app purchases, use of AR smart glasses in the enterprise, and increased use of augmented reality (AR) in retail and e-commerce applications.
The mobile augmented reality (MAR) market size is expected to see exponential growth in the next few years. It will grow to $90.56 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%. The growth in the forecast period can be attributed to the increasing adoption of AR technology in various sectors, the rising popularity of AR entertainment applications, the integration of AR into social media platforms, the booming online gaming industry, and penetration of 5G technology. Major trends in the forecast period include development of innovative AR applications, investment in AR content creation and delivery platforms, collaboration with mobile device manufacturers to optimize AR experiences, expansion into emerging markets with untapped AR potential, strategic partnerships with AR software and hardware providers.
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Market Drivers and Trends:
The growing consumer adoption of smartphones and tablets is expected to propel the growth of the mobile augmented reality (MAR) market going forward. Smartphones and tablets are portable electronic devices designed for communication, computing, and multimedia consumption, featuring touchscreen interfaces and various connectivity options. The demand for smartphones and tablets persists due to their convenience, versatility, and ability to provide access to a wide range of communication, entertainment, and productivity features on the go. Smartphones and tablets leverage mobile augmented reality (MAR) to enhance user experiences by overlaying digital information or virtual objects onto the real-world environment through their built-in cameras and sensors, enabling immersive interactions and applications ranging from gaming and navigation to education and shopping. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Therefore, the growing consumer adoption of smartphones and tablets is driving the growth of the mobile augmented reality (MAR) market.
Major companies operating in the mobile augmented reality (MAR) market are developing advanced solutions utilizing innovative platforms, such as the Vuzix Ultralite OEM platform, to better serve customers with advanced features. The Vuzix Ultralite OEM platform is a mobile augmented reality (AR) solution that offers lightweight and compact hardware components for integration into various mobile AR devices such as smartphones, tablets, or smart glasses. For instance, in January 2024, Vuzix Corporation, a US-based wearable virtual reality and augmented reality display technology company, launched the Vuzix Z100 smart glasses, a mobile augmented reality device designed to seamlessly connect workers with artificial intelligence optimization tools. These glasses provide a wearable interface between AI applications and human workers, offering critical updates, workflow confirmations, and notifications in real time. They feature advanced monocular waveguide optics and a custom microdisplay engine to deliver important information hands-free to users' Android or iOS devices.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Novac Technology Solutions, Lenovo Group Limited, Panasonic Corporation, Continental AG, Xiaomi Corporation, Seiko Epson Corporation, Sony Semiconductor Solutions Corporation, Snap Inc., PTC, TeamViewer AG, Magic Leap Inc., HTC Corporation, Vuzix Corporation, WayRay AG, EON Realty Inc., SoluLab Inc., Kaon Interactive Inc., Blippar Group Limited, Scope AR, Wikitude GmbH
Mobile Augmented Reality (MAR) Market 2024 Key Insights:
• The mobile augmented reality (MAR) market size is expected to see exponential growth in the next few years. It will grow to $90.56 billion in 2028 at a compound annual growth rate (CAGR) of 34.6%.
• Consumer Adoption Of Smartphones And Tablets Fuels The Mobile Augmented Reality (MAR) Market Expansion
• Vuzix Ultralite OEM Platform In The Mobile Augmented Reality (MAR) Market
• North America was the largest region in the mobile augmented reality (MAR) market in 2023
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