Mobile Augmented Reality Market Outlook and Opportunities in Grooming Regions with Forecast 2023
Buzzwords like the internet of things (IoT), virtual reality (VR), and augmented reality (AR) are the best fitting narrative for the future of technology. It is safe to say that with the advent of smartphones and the internet of things (IoT); the deployment of augmented reality has been easily available to the masses. Augmented reality-based games and mobile applications have taken the internet world by a storm since the world was first introduced to the technology by Snapchat back in 2016. The craze to click pictures using the Snapchat lenses has only upscaled, with people using every Snapchat filter ranging from a flower crown to bunny ears. Another prime example of the introduction of mobile augmented reality that created an international buzz was the launch of the AR-based game Pokémon Go.
Since the emergence of augmented reality, many industry giants such as Samsung Electronics, Google Inc., Microsoft Corporation, Blippar, and Qualcomm have heavily invested in ways to integrate the technology into their products. The rising demand for AR integration has pushed all these consumer electronics giants to devise their latest gadgets with in-built sensors, processing, and displays used for AR applications.
Augmented reality has opened many growth avenues for businesses to enhance their consumer experience, leading to burgeoning adoption of augmented reality among numerous industry verticals. For instance, on April 17, 2019, Shutterstock, an online stock photo and video platform has launched ‘View in Room,’ which is an AR-based update in its iOS application. This update enables iOS-based smart gadget users to access their phone camera and virtually position their desired image from Shutterstock’s 250 million+ image repository on a wall of their liking. Another example of an effective AR application would be in the travel and tourism sector. One of the earliest instances of AR integration was done by the tourism giant TripAdvisor on their iOS application, back in 2011. Similar deployments have been on the rise since then, significantly altering the e-commerce landscape.
A staggering adoption of mobile augmented reality is seen, with 61 out of every 100 organizations integrating some form of AR application into their business. Industry verticals ranging from retail, tourism, to gaming and entertainment are actively participating in the proliferated shift towards AR integration.
The augmented reality sector is witnessing bold investment moves from market players in developed economies like North America and Europe. The deployment of AR is extremely easy in North America since the region boasts an advanced mobile network infrastructure. Further, intrepid investments in the development of smart devices with AR integration is only influencing an astronomical use of the augmented reality in the region. Whereas, rapid technological advancements are taking place in many developing countries such as India, China, and Japan. These countries are likely to emerge as the biggest integrators of augmented reality, thanks to several noteworthy factors supporting such integration.
Augmented reality is, although revolutionary, quite tricky to adopt; especially in countries with poor technological infrastructure. This is bound to drive up initial costs of deployment if they want to ride the wave of AR integration and not be left behind. Apart from that, the lack of awareness towards what augmented reality truly is, and how its different applications can enable better capitalization is causing the stagnation witnessed in the mobile augmented reality market, as projected by MRFR in their latest report.
Conclusively, the mobile augmented reality technology, even though it is facing off with various challenges, is extremely likely to alter the way businesses operate, generate revenue, and interact with their consumers.
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