LONDON--(EON: Enhanced Online News)--The global mobile augmented reality (AR) and virtual reality (VR) apps market is expected to grow at a CAGR of more than 74% during the period 2016-2020, according to Technavio’s latest research.
“The growth of the market in the enterprise segment is driven by the demand for custom mobile AR apps from industries such as automotive, fashion, logistics, healthcare, and retail. Mobile AR apps are used to increase brand awareness and product sales”
In this research report, Technavio covers the market outlook and growth prospects of the global mobile AR and VR apps market for 2016-2020. The market is further categorized into six industry segments, which are gaming and entertainment, marketing and advertisement, retail, industrial, healthcare and wellness and others. The gaming and entertainment, and others segment accounted for more than 60% of the total market share in 2015.
“The growth of the market in the enterprise segment is driven by the demand for custom mobile AR apps from industries such as automotive, fashion, logistics, healthcare, and retail. Mobile AR apps are used to increase brand awareness and product sales,” says Ujjwal Doshi, a lead human machine interface research expert from Technavio.
Technavio’s hardware and semiconductor research analysts segment the global mobile AR and VR apps market into the following regions:
In 2015, with a market share of over 48%, EMEA emerged as the leader in the global mobile AR and virtual reality VR apps market, followed by the Americas with over 44% and APAC with a little over 8%.
EMEA: Western Europe accounts for over 70% of the total revenue
EMEA dominated the market in 2015, and it is likely to experience more than tenfold revenue growth during the forecast period. The growth of the market in this region is supported by Western Europe, which accounted for more than 70% of the revenue share in EMEA. Many prominent brands in the mobile AR industry such as Blippar, Metaio, and Wikitude are based in Europe. The UK is one of the key leading countries worldwide.
AR technology is widely used by many companies in the defense, military, and aerospace sectors in Israel. Some of the other leading countries in the region are Germany, France, Switzerland, and Austria. Companies such as BMW and Volkswagen use AR technology to increase customers' interest in their products by giving them a virtual experience of products.
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Americas: the US stands out as the largest revenue contributor in the region
The US contributed the largest revenue share in the region, followed by Canada. As the Americas is one of the earliest adopters of AR technology, the market share of the region is invariably high. Moreover, numerous apps using AR and VR technology are developed here for iOS and Android devices.
In addition, the penetration rate of smartphones is high, with more than 75%, of the adult population in this region. Furthermore, consumers in the region are keen on trying new technologies. The high purchasing power of consumers and the presence of many vendors in the region have made the US a favorable destination for the mobile AR and VR apps market.
APAC: projected to be the fastest growing market during the forecast period
The growth of the market in APAC is likely to be driven by China and Japan. There are few AR technology companies in the region, with Japan accounting for the highest number of companies. The region experienced low penetration of AR technology in 2015. However, the mobile AR and VR apps market in APAC is likely to grow at the fastest rate during the forecast period. The revenue contribution from APAC is likely to increase at a steady rate during the forecast period driven by the outsourcing of AR technology to India. The final products are then to be sold in EMEA and the Americas.
“APAC is expected to lead the market in terms of mass production of AR devices, which include mobile devices, head-mounted displays, and smart glasses,” says Ujjwal.
The top vendors in the global mobile AR and virtual reality VR apps market as highlighted in this research analysis are:
- Augmented Pixels
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