The latest report published by Report Ocean, titled “Augmented Reality (AR) Gaming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023 to 2031,” offers a comprehensive assessment of the industry, including valuable insights into market trends. The report encompasses competitor and regional analysis, as well as the latest developments in the market. It serves as an excellent resource for investors, researchers, consultants, marketing strategists, and anyone planning to enter the market in any capacity.
Overview:
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The augmented reality (AR) offers an innovative technology that includes digital information thereby providing a composite view to the user and in real-time. The AR technology has been around since 1960′ but the name was given in 1990 by Thomas Caudell. The AR technology allows gamers to scan physical world with an augmented experience by providing digital information. The increasing penetration of smartphones and tablets’ internet penetration’ and integration of AR into mobile devices are the major factors driving the market growth.
Segmentation Overview
The study offers in-depth analyses of the market’s major segments and sub-segments. The report examines the value of and revenue growth projections for these segments. In order to gather estimates based on variables such as the demand-supply chain, consumer attitude, brand acceptance, and socioeconomic issues, research analysts perform a SWOT analysis.
Geographical Insights
The market is assessed based on several geographic locations, taking into account performance indicators that change based on scenarios for economic growth, governmental support, and investment. When determining the market value, other variables like the ease of doing business index and other growth factors that encourage market expansion are also taken into account. In order to support its conclusions, the paper cites data and statistics from respectable government agencies.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches. Also, this report covers market segmentation by major market verdors, types, applications/end users and geography(North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America).
The growing affordability and availability of AR games in mobile devices is a prime factor driving the market growth. Many organizations are hugely investing in the advanced solutions that integrate AR games into mobile devices’ enabling them to improve client experience’ enrich business expansion’ and increase the revenue during the forecast period. Data security breach is the major concern for the market. The market is segmented into types of gamers’ gaming devices’ and regions which includes Americas’ Europe’ APAC’ and MEA. The major companies such as Microsoft’ Google’ Apple’ Sony’ and Nintendo are investing in the incorporation of AR technology into their products and offering enhanced gaming features to the customers.
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Market Analysis:
According to Report Ocean Research’ the “AR Gaming Market” is expected to reach $284.93 billion by 2023′ growing at a CAGR of 152.7% during the forecast period 2017-2023. Increasing integration of AR into mobile devices’ growing online population’ innovations in gaming technology’ and demand for IoT-based applications are forcing the organizations to integrating AR into their traditional gaming. The increasing online gamers and internet penetration are some of the additional factors contributing to the market growth.
Product Analysis:
The devices are the major end-products playing a prominent role in fulfilling the demands of customers. The devices segment holds a prominent market share and is expected to reach $222.33 billion by 2023. A number of start-ups are entering the market to offer attractive designs and innovative features in gaming devices to the customers. The innovations in IoT and increasing R&D investments from big organizations for the enhancement of the devices are also contributing to the market growth.
Technology Analysis:
Technology is the major boosting factor for the AR gaming market. The major technology providers have collaborated with device manufacturers to offer innovative gaming solutions’ which enable gamers to enjoy the immersive gaming features. While new players are entering the market’ the key players are trying to acquire them to gain their technical knowledge for the betterment of their product portfolio. The technology segment market is further segmented into RFID’ GPS’ motion tracking’ and others. At present’ in 2017′ RFID technology is having a major market share and is expected to grow at a CAGR of 154.2% during the forecast period 2017-2023.
Regional Analysis:
At present’ the Americas is having the majority of the market share mainly due to the advancements in technology and its adoption. The market is witnessing a prominent growth in the countries such as the US and Canada. Europe is spending hugely in the manufacturing of innovative gaming devices. The developing regions such as Asia Pacific will be boosting the market growth during the forecast period. The regional government initiatives for developing smart city projects and increasing FDI for the development of digital infrastructure in the region are the main factors contributing to the market growth. The MEA region is expected to have a positive growth in the market’ as the regional governments are spending hugely on the development of infrastructure which will offer huge opportunities for the key players to provide innovative solutions in the region.
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Key Players:
The key players covered in the report are Microsoft’ Google’ Apple’ Sony’ Nintendo’ Niantic’ Cast AR’ and Gamar.
Competitive Analysis:
The study covers and analyzes the “AR Gaming” market. Bringing out the complete key insights of the industry’ the report aims to provide an opportunity for players to understand the latest trends’ current market scenario’ government initiatives’ and technologies related to the market. In addition’ it helps the venture capitalist in understanding the companies better and take informed decisions.
Benefits:
The report provides an in-depth analysis of the AR gaming market aiming to offer gamers with immersive gaming experience by embedding digital information such as audio’ video’ and data into the real-world environment in real time. The report talks about types’ devices’ technology’ technology adopters’ and regions. With the information offered’ key stakeholders can know about the major trends’ drivers’ investments’ vertical player’s initiatives’ and PPPs interest towards the adoption of AR technology into the gaming industry. Further’ the report provides details about the major challenges going to impact the market growth. The report also covers the profiles of the major companies.
Key Stakeholders:
Device manufacturers’ network providers’ software providers’ data security solution vendors’ policy makers’ standard development organizations’ investor community’ university researchers’ blog writers’ and technology magazines.
Region/Country Cover in the Report
Americas – US’ Canada’ Mexico’ Brazil
Europe- UK’ Germany’ France’ Spain.
Asia-Pacific – China’ India’ South Korea’ South East Asian Countries
MEA- GCC countries
Key Players Covered in the Report
Microsoft’ Google’ Apple’ Sony Corporation’ Nintendo Co. Ltd.
Some of the metrics this research service discusses are:
Market Size:
- This metric quantifies the total value or volume of a market, providing an understanding of the market’s scale and potential.
Market Growth Rate:
- This metric measures the rate at which the market is growing over a specific period.
- It helps assess the market’s attractiveness and potential for investment.
Market Share:
- Market share metrics indicate the portion or percentage of the market captured by a specific company or product.
- It provides insights into the competitive position of market players.
Customer Satisfaction:
- Customer satisfaction metrics assess the level of satisfaction or dissatisfaction among customers with a product, service, or brand.
- It helps gauge customer loyalty and identify areas for improvement.
Pricing Analysis:
- Pricing metrics analyze the pricing strategies used in the market.
- This includes metrics such as average prices, price differentials between products or competitors, and price elasticity.
Market Segmentation:
- Segmentation metrics involve dividing the market into distinct segments based on factors such as demographics, geography, behavior, or psychographics.
- This helps understand the varying needs and preferences of different customer groups.
Customer Acquisition Cost (CAC):
- CAC is a metric that calculates the cost of acquiring a new customer. It helps evaluate the efficiency of marketing and sales efforts.
Customer Lifetime Value (CLV):
- CLV measures the total value a customer generates over their entire relationship with a company. It helps assess the long-term profitability of customer relationships.
Return on Investment (ROI):
- ROI metrics evaluate the profitability and effectiveness of an investment or marketing campaign.
- It measures the return or gain generated relative to the cost of investment.
Competitive Analysis:
- Competitive analysis metrics assess the performance and strategies of competitors in the market.
- This includes metrics such as market share, revenue growth, product portfolio, and customer satisfaction.
Key Performance Indicators (KPIs):
- KPIs are specific metrics that measure the performance of a business or organization.
- They can include metrics such as sales growth, market penetration, customer retention rate, and profitability.
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