The mobile augmented reality (AR) market is projected to grow from USD 7.6 billion in 2020 to USD 29.5 billion by 2025; it is expected to grow at a CAGR of 31.1% from 2020 to 2025. The increase in online gaming activities during COVID-19 pandemic, rise in demand for mobile AR from retail sector to enhance consumers shopping experience, and surge in adoption of AR technology by travel & tourism and education sector are the key factors driving the market growth.
The major players in the MAR market are Google, Inc. (US), PTC (US), Apple Inc. (US), Wikitude GmbH (Austria), Samsung Electronics Co. Ltd. (South Korea), Blippar.com Limited (UK), MAXST (South Korea), Magic Leap, Inc.(US), Upskill (US), and Atheer Inc. (US). Key strategies adopted by these players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and acquisitions.
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For instance, in December 2019, PTC partnered with Magic Leap to introduce AR-integrated enterprise solutions. The partnership is likely to allow Magic Leap to use AR capabilities of the Vuforia engine in its Magic Leap 1 headset. In June 2019, PTC acquired TWNKLS (Netherlands), a supplier of practical AR solutions for Industry 4.0, to accelerate the development of AR enterprise apps. In March 2020, Apple released ARKit 3.5, which is an updated version of ARKit. The upgraded version has a new Scene Geometry application program interface (API) that uses the LiDAR scanner to create a 3D map of the space, differentiating between floors, walls, ceilings, windows, doors, and seats.
Google is continuously involved in updating its product portfolio with new versions and addons. The company is focused on integrating AR technology into its old products to enhance the product’s functionalities, improve its sales, and enhance brand value. Google also plans to bring augmented reality technology to web browsers and is also planning to target masses through newly launched Pixel devices, their Search Engine, and the Android platform. Presently, the company is focusing on various other applications of AR/VR, such as education, to gain more traction and grab opportunities that are created by the pandemic. The company has developed Google for Education Teacher Center, which helps educators and education leaders to find more resources and utilize them in their teaching processes. In May 2019, Google announced new addons in Google Search, which deploys (AR) and Google Lens. The new features in Google Search use a combination of augmented reality, computer vision, and camera to superimpose information and content onto real space.
PTC continues to strengthen its Vuforia AR business with new initiatives. The company continues to be a market leader with new partnerships and product developments. It provides its customers with captivating solutions to speed up their digital transformation efforts. The company is significantly investing in mergers and acquisitions to develop innovative AR-based workforce optimization solutions. PTC also plans to utilize its old business contracts to unleash more business opportunities for augmented reality solutions. In June 2019, PTC invested in 3D imaging start-up—Matterport to build an AR technology-based solution for factories, facilities, and other spaces.
Mobile Augmented Reality Market with COVID-19 Impact Analysis by Device Type (Smartphones, Tablets, PDAs), Offering (Software, Services), Application (Consumer, Healthcare, Enterprise, Commercial), and Region - Global Forecast to 2025
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