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Mobile Augmented Reality Market to Reach US$ 24 Bn by 2030 as Pandemic Pushes Users to More Virtual Experiences

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Mobile Augmented Reality Market to Reach US$ 24 Bn by 2030 as Pandemic Pushes Users to More Virtual Experiences
Mobile Augmented Reality Market to Reach US$ 24 Bn by 2030 as Pandemic Pushes Users to More Virtual ExperiencesReading Time: 3 minutes

 

The credit of unstoppable pace of mobile augmented reality (AR) market significantly goes to the creative industry. Inclusive of video games, live events, retail, and video entertainment, this side of business has definitely challenged mobile augmented technology, pushing it to deliver better solutions. Designed to create immersive experiences, mobile augmented reality has won a special place for game makers. Launch of sophisticated, intricately designed multiplayer games have truly utilized the real potential of solutions presented by this market.

The explosive growth of mobile augmented reality is completely attributable to unprecedented use of smartphones and tablets. From remote places to urban landscapes, mobile AR has made an enormous contribution in changing the way experience museums, office spaces, and games. Since innovations such as Google Glass, the world of mobile AR has evolved to be a part of many other sectors, changing the game for military trainings, healthcare consultations, and learning experiences.

In this light of these factors, study predicts that the global mobile augmented reality market estimated to reach US$ 3 Bn in 2020, surge at a whopping CAGR of 23.2% during the forecast period of 2020 to 2030.

Key Takeaways of Mobile Augmented Reality Market Study

  • East Asia to lead the race in the global mobile augmented reality market at a CAGR of 27.2% between the forecast years of 2020 and 2030
  • Gaming segment anticipated to retain its leading position with a share of 28% by the end of 2030
  • Smartphones and tablets to revolutionize educational experiences with integration of mobile AR
  • Services segment to leap ahead at a CAGR of 24.6% during the forecast period as AR design and development, integration and development, and support services find applications across verticals

“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. Mobile augmented reality has also become the new medium for game developers to focus on creative immersive experiences to create a high value proposition for the end use, “says an analyst.

COVID-19 Proves Positive for Mobile Augmented Reality Market

The COVID-19 pandemic has deepened the chasm of economic crisis, making the global population rethink education and entertainment in many ways. With no live events to attend, cancelled sporting events, and uncertainty looming over reopening of colleges and schools, mobile augmented reality found its opening to a plethora of opportunities.

The importance of AR has also surged in healthcare consultations as medical professionals and patients are seeking safety first. Furthermore, a quantum leap in online gaming, schooling, and entertainment as artists are taking gigs online, have collectively resulted in a special demand for mobile AR. Biggest chunk is definitely consumed by the online gaming industry, which has been the strongest pillar of the entertainment during the stringent lockdowns.

According to a study, the mobile augmented reality market will grow 6%-8% by Q3 2020 in the given circumstances.

E-commerce to Enhance Demand for Mobile Augmented Reality

The growing e-commerce industry has been identified as key contributor to the increasing adoption of mobile augmented reality. Integration of mobile augmented reality by retailers to make it more accessible for customers to purchase the right item. Augmented reality helps users to view their products in 3-D, life-like projections in real-time through smartphones and tablets.

Mobile augmented reality offers retailers the opportunity to improve the consumer shopping with real-life experiences. With an augmented reality app, an e-commerce retailer can create a virtual table with a different range of products, projecting it on the customer’s living room. The growing number of purchases via mobile devices and shoppers using smartphones in-store is increasing the demand for mobile augmented reality.

Such enhancement of consumer engagement is projected to bode well of the market in the forecast period.

These insights are based on a report on Mobile Augmented Reality Market by Future Market Insights


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Augmented Reality Market to Reach US$ 24 Bn by 2030 as Pandemic Pushes Users to More Virtual Experiences

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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CT Gaming Expands Presence with New Installation in Cyprus

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CT Gaming announced a new successful installation at Grand Pasha Nicosia, one of Cyprus’s most prominent gaming venues. The installation features 10 EZ Modulo 32/32 slot cabinets, designed to offer unparalleled comfort and a seamless gaming experience. Each cabinet is equipped with advanced technology and ergonomic features, ensuring player satisfaction while optimising operator performance.

The cabinets are paired with Diamond King 3, CT Gaming’s bestselling multigame, renowned for its diverse and engaging content. Among the 50 captivating titles, players can discover the revived legendary Mega Jack Trio – Aztec Gold, Slot-O-Pol Deluxe and Champagne Party, delivering nostalgia with enhanced gameplay.

“We are deeply thankful to our partners at Grand Pasha Nicosia for their trust and collaboration. This partnership not only strengthens our presence in the Cypriot market but also sets the stage for future growth and innovation,” said Radoslav Le, International Sales Manager.

The post CT Gaming Expands Presence with New Installation in Cyprus appeared first on European Gaming Industry News.

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NOVOVISION CMS Celebrates Successful Go-live at Casino Tróia in Portugal

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Casino Tróia is a popular gaming and entertainment venue on the Tróia Peninsula off the coast of Setúbal in Portugal. The elegant casino is part of the 5-star Tróia Design Hotel Resort and welcomes international visitors and local guests alike with a broad variety of gaming entertainment, comprising video slots of leading manufacturers as well as table games including Black Jack, Roulette and Poker.

To upgrade the casino’s player journey and enhance the internal business processes, the management of the Casino Tróia have opted for a visionary solution powered by NOVOMATIC: In early January, the NOVOVISION (NV) casino management system was successfully implemented in an Advanced setup comprising NV core as well as a number of additional modules that comprise nearly the entire gaming floor.

The first point of contact for the casino guests are the NV access registration desks, where they are enrolled with a player account and an NFC card for their NV wallet. Once all regulatory requirements and data protection obligations are fulfilled, guests are granted access to the gaming floor, where their next step will lead them to the NV promo PromoTower to participate in the casino’s promotional programme via the NOVOSPIN Wheel. Any wins will be directly booked into their single wallet and be instantly available for slots play.

All 150 video slots of leading manufacturers across the Casino Tróia have been retrofitted with NOVOVISION player tracking modules (PTM) for smooth and intuitive cashless gaming. They also ensure precise accounting processes and for player revenues to be consistently accounted for in the loyalty programme. Also the majority of the casino’s live tables have been equipped with NV tables accounting functionalities. NV pay guarantees the fast pay-out or purchase of additional credits at three cash desks and a brand new NCM 90 large-capacity cash terminal.

Floor staff benefit from the NOVOVISION Notifier app, which notifies selected users of any defined event according to their user role to ensure they can react to these alerts fast and accurate. At the same time, the Casino Tróia’s management will greatly appreciate the system’s powerful set of Business Intelligence functionalities that enable them to make informed decisions for their business, based on in-depth analysis of game, machine and player performance, promotions and the business trends as a whole.

Werner Kearns, Sales Manager NBS, said: “Casino Tróia is our second NOVOVISION installation in Portugal, which firstly shows how highly the Portuguese market appreciates visionary solutions, and secondly, it is a real testament to the excellent local service provided by our long-standing local distribution partner Marcos Pinto from Diverstock. It is very gratifying for me personally to see how our solution is gaining momentum with customers who recognise its true benefits and technical depth. I also extend my thanks to the management of Casino Tróia for their trust and the excellent cooperation of their local team with our NOVOVISION teams.”

Jorge Calado, General Manager Casino Tróia, said: “We are incredibly proud to implement this state-of-the-art management system, which not only enhances the quality of service we offer our customers but also delivers a more engaging and dynamic experience for them. This milestone is the culmination of months of dedicated effort and collaboration between our team at Casino Tróia, Diverstock, NOVOMATIC and the SRIJ (Serviço de Regulação e Inspeção de Jogos). Thanks to this collective effort, we are now among the first casinos in Portugal to offer such an innovative solution to our guests. This achievement represents a significant step in our continuous journey of growth as we strengthen our value proposition and leverage innovation as a key differentiator in the national market. The new system expands our service offerings for guests while streamlining operations for our team, enabling faster, more efficient service and creating a smoother, more engaging customer experience.”

The post NOVOVISION CMS Celebrates Successful Go-live at Casino Tróia in Portugal appeared first on European Gaming Industry News.

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Danes Gambling Spend Increased in November 2024

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Danes’ gambling spend increased in November 2024 compared with November 2023. The statistics show that all gambling categories saw an increase in gross gaming revenue. Online casino especially contributed to the growth.

The total gambling spend in November increased by 7.8% compared to November 2023. Online casino saw the biggest growth with an increase of 17.9%, while gaming machines, land-based casino and betting increased by 1.9%, 0.8% and 0.3%, respectively.

The post Danes Gambling Spend Increased in November 2024 appeared first on European Gaming Industry News.

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