The AR (augmented reality) gaming market is expected to reach $284.93 billion by 2023, growing at a compound annual growth rate (CAGR) of 152.7% from 2017 to 2023, according to Research and Markets (www.researchandmarkets.com).
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, according to the research group. The increasing online gamers and internet penetration are some of the additional factors contributing to the market growth.
The growing affordability and availability of AR games in mobile devices is a prime factor driving the market growth, according to Research and Markets. 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, according to Research and Markets. 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.