Hyderabad, India, March 10, 2016 (Newswire.com) - The global mobile augmented reality (AR) market to grow profoundly at a CAGR of around 89% during the forecast period. The proliferation of mobile AR apps among consumers using smartphones and tablets globally is the primary growth driver for this market. The number of mobile devices AR users is predicted to increase from 92 million in 2015 to 929 million by 2020. Much of this market’s high growth potential can be attributed to the rising demand for AR apps and technology from the enterprises segment. The enterprise segment includes industries such as automotive, fashion, logistics, healthcare, and retail, where an increase in the demand for AR apps and technologies will enhance brand awareness and product sales.
The adoption of crowdfunded strategies by vendors in the global mobile augmented reality market will help providers to raise enormous funds for AR developments. It enables direct interaction with potential buyers and has increased awareness among potential customers by providing tremendous opportunities to small vendors to innovate and succeed in a stiff competition. For instance, during 2015, Prynt launched a crowdfunding campaign on Kickstarter for its Prynt smartphone case with AR functions. Through scanning, the camera can convert still images into video clips.
End-user segmentation of the mobile augmented reality market
In this market analysis, analysts have estimated the enterprises segment to account for approximately 53% of the total market share by 2020. This market segment includes the advertising, marketing, industrial, healthcare, retail, and tourism sectors, which utilize AR for various commercial purposes. Tablets offer the most convenient way to use AR technology in this segment. Benefits such as the ease of work, reduced time consumption, and mobility will foster the adoption of AR apps in this segment during the predicted period.
Geographical segmentation and Market Analysis of Mobile Augmented Reality market
In terms of geography, the EMEA region currently dominates this market and is envisaged to grow at an impressive CAGR of around 87% during the forecast period. The presence of many prominent AR brands, such as Blippar, Metaio, and Wikitude, in this region, will foster market growth until 2020.
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Competitive landscape and key vendors
The global mobile augmented reality market is in its nascent stage of growth. The number of successful and established vendors is few despite the presence of multiple providers in the market. Most of the revenue generated is split between app developers and agencies. In this market, the technology providers have the lowest revenue share, whereas, the startups are turning to crowdfunding platforms to develop innovative AR apps. Well-established technology companies like Epson, Facebook, Google, HP, Intel, Microsoft, Nokia, and Qualcomm could become some of the big names in the industry during the forecast period.
Key Vendors of the market are:
Ø Augmented Pixels
Other prominent vendors in the market include Google, Infinity Augmented Reality, Inglobe Technologies, NGRAIN, VividWorks, Seabery, Snaploader, Total Immersion, and Zappar.
Key questions answered in the report include
Ø What will the market size and the growth rate be in 2020?
Ø What are the key factors driving the global mobile augmented reality market?
Ø What are the key market trends impacting the growth of the mobile augmented reality market?
Ø What are the challenges to market growth?
Ø Who are the key vendors in this market space?
Ø What are the market opportunities and threats faced by the vendors in the global mobile augmented reality market?
Ø Trending factors influencing the market shares of the Americas, APAC, and EMEA.
Ø What are the key outcomes of the five forces analysis of the mobile augmented reality market?
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