Augmented Reality in Retail Market is valued approximately at USD 10.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 46.6% over the forecast period 2020-2027.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. The Census Bureau reports the recovery of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Market.
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Augmented reality in retail refers to technology that allows digital information to be integrated into the user environment in real time via devices like smartphones or tablets. Augmented reality can help online retailers minimize their returns dramatically by offering an immersive digital experience of ‘try-before-you-buy.’ Innovative AR systems allow consumers to view goods from the comfort of their own homes in real time The need to start providing improved customer experience, enhance Internet penetration and boost IoT spending fuel demand for augmented reality in the retail market.
The expansion of global augmented reality in the retail market is driven by increasing demand for online shopping, easy and convenient shopping, as well as the growth of the e-commerce market. According to Statista, an estimated 1.8 billion people worldwide are buying goods online in 2018. In the same year, global e-retail sales amounted to USD 2.8 trillion as well as projections show an increase of approximately to USD 4.8 trillion by 2021.
Factors such as rising initial investment costs and an increase in privacy concerns restrict the market growth over the forecast. Increasing adoption of smart AR mirrors with in clothing industry is the opportunity factor. According to Statista, by 2023, there would be an estimated 2.4 billion mobile augmented reality (AR) users globally, up 2.2 billion from the 200 million shown in 2015. Also, it is has been estimated that there will be 1.96 billion mobile AR users around the world in 2021. In the same year, the total number of AR users in the United States alone is projected to reach 85 million.
The regional analysis of global Augmented Reality in Retail market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The high number of Internet users in countries like China, India and Japan is the main driver of the APAC retail market for AR. In countries like China and India, the ever-increasing Internet base will also enhance the early deployment of AR throughout the retail sector.
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Furniture as well as lighting and grocery shopping are expected to lead and grow at a higher rate, respectively, due to high spending in countries like China, South Korea, Japan as well as India. The highly populous region would see the AR’s high growth in the retail market in the upcoming years. Increasing consumer and commercial markets with growing investments in countries like japan and China will also boost AR growth throughout the APAC retail market. E-commerce has become a key area of focus for APAC retailers, where China seems to have become the world’s largest e-commerce market.
Major market player included in this report are:
Google LLC
Apple Inc.
Microsoft Corporation
Facebook Inc.
Zugara, Inc.
Wikitude GmbH
Blippar
Zappar
Augment
Viewar
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Technology
Marker Based AR
Markerless AR
By Component
Hardware
Software & Services
By Device
Head-Mounted Displays
Smart AR Mirrors
Handheld Devices
By Application
Try-On Solutions
Planning & Designing
Advertising & Marketing
Information Systems
By Retail Type
Furniture
Clothing and Accessories
Footwear
Cosmetic
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Augmented Reality in Retail Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
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