The mobile AR market will grow 6%-8% by Q3 of this year, according to the report
In its Mobile Augmented Reality Market report, Future Market Insights concluded that significant growth in the area can be expected as the COVID-19 pandemic encourages more interest in virtual experiences. Specifically, the report suggests that the mobile AR market will grow 6%-8% by the third quarter of this year, and that by 2030, it will reach $24 billion.
Further, advances in video games and video entertainment as well as the increase in popularity of e-commerce and retail will also contribute to the growth of the AR market, according to the report.
The gaming segment, for instance, will hold on to a 28% share of the mobile AR market by the end of 2030, while the services segment is expected to see compound annual growth rate of 24.6% during the forecast period across a number of verticals.
While interest in AR technology will be seen throughout the world, the study indicates that East Asia will lead the pack ,with a CAGR of 27.2% through 2030.
An analyst with the company provided further detail, commenting, “The mobile augmented reality market in East Asia is expected to grow at a high CAGR as sales of smartphones with AR apps remains exponential. This eliminates the need for additional hardware to support this technology, which is expected to drive the expansion of mobile AR technology in the region.”
The report also noted that smartphones and tablets will be integrated mobile AR functionalities, “revolutionizing” educational experiences.