Mobile augmented reality market in China is forecast to grow at a CAGR of 110% from 2015-2019, driven by the large mobile user base in the country, according to research firm Technavio. With the shipments of smartphones and tablets in China forecast to reach 730 million units in the next five years, vendors are gearing to tap into the lucrative augmented reality market in China. These newer smart devices with faster processing capabilities, as well as sensors and soon to debut 3D cameras, will provide an ideal medium for people to experience augmented reality.
The new Technavio report also emphasizes crowdfunding, which is expected to be a common venue for augmented reality vendors to raise funds for their projects over the next four years. Crowdfunding not only increases awareness among potential customers, but also encourages new vendors to enter the market, thus increasing the competition and reducing device prices, said the firm.
Know more about Augmented Reality - "Finding Your Favourite Cereal Box: How Augmented Reality(AR) Will Open New Horizons for Mobile Operators"
Faisal Ghaus, Vice President of Technavio
The growing interest of Chinese consumers in new technology has prompted augmented reality vendors to develop mobile apps for this booming market. Crowdfunding allows vendors to anticipate the demand for their products, directly communicate with potential buyers and involve them in product development.
