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Augmented Reality in Retail Market – Untapped Market Presents Ripe Opportunity (2026): Google (US), PTC (US), Apple (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara (US), Blippar (UK)

07-10-2019 11:34 PM CET | IT, New Media & Software

Press release from: Worldwide Market Reports

Augmented Reality in Retail

Augmented Reality in Retail

The research methodology includes the use of primary and secondary data. Both top-down and bottom-up approaches have been used to estimate and validate the size of the market as well as of the other dependent submarkets in the overall augmented reality in retail market. Key players in the market have been identified through secondary research. The secondary sources include annual reports, press releases, and investor presentations of companies; white papers, certified publications, and articles from recognized authors; directories; and databases. Some of these secondary sources include organizations and associations such as VR/AR Association, AugmentedReality.Org, Retail Industry Leaders Association (RILA), and Augmented Reality for Enterprise Alliance.

The research methodology includes the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All the percentage shares and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

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The value chain of the augmented reality in reality market includes original equipment manufacturers for augmented reality devices, software vendors, and application developers. Major companies that are part of the value chain include Google (US), PTC (US), Apple (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara (US), Blippar (UK), Marxent Labs (US), Augment (France), ViewAR (Austria), Holition (UK), Ikea (Netherlands), Sephora (France), Amazon (US), Imaginate Technologies (India), Kudan (UK), Total Immersion (France), INDE (UK), Holition (UK), Ikea (Netherlands), Sephora (France), Amazon (US), Imaginate Technologies (India), Kudan (UK), Total Immersion (France), and INDE (UK).

“The study answers several questions for the target audiences, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Increasing online shopping encourages retailers to adopt AR, rising smartphone penetration, and growing adoption of connected devices are the major factors driving the growth of the augmented reality in retail market. Conventional strategies of advertising and marketing, as well as transactional sales, have been greatly revolutionized with the addition of innovative technological advancements; together these progressions have uplifted the retail industry. The fierce competition in the retail industry has encouraged retailers to adopt advanced technologies in their space. Consumer engagement through online and offline modes is the most effective strategy adopted to sustain and grow in the retail industry.

This report covers the augmented reality in retail market on the basis of retail type, application, device type, offering (hardware and software), and geography. The early adoption of AR by the furniture retailers such as Ikea and WayFair is the major factor driving the growth of the augmented reality in retail market for furniture and lighting. Younger customers, fierce competition, and ease of showcasing would further drive the growth of the augmented reality in retail market for furniture and lighting. Increasing online furniture shopping has been a major boost to furniture retailers.

Growing adoption of smart AR mirrors in the clothing industry has helped boost the AR in retail market. Smart mirrors are being increasingly used for virtual apparel fitting as a try-before-you-buy option. The use of try-on solutions has also witnessed a wider adoption for jewelry stores, wherein customers can virtually try on the jewelry before they buy.

Planning and designing is another application in the AR in retail market to have seen a widespread usage. This is due to its use in furniture and lighting, and automotive interior planning applications. Customers can plan and design their home decor or automotive interior by virtually placing different products to get a sense of the real environment.

North America is expected to lead the AR in retail market in terms of market size in 2018 and APAC is expected to have the highest growth in AR in retail market during the forecast period. North America is also leading in private equity investments. More than 95% of total investments in the AR market have been made in North America. Growing consumer and commercial markets with increasing investments in countries such as Japan and China would boost the growth of the AR in retail market in APAC. E-commerce is becoming a major area of focus for retailers in APAC, where China is becoming the largest e-commerce market worldwide.

The lack of compatibility, interoperability, privacy, and security concerns associated with the use of AR restrain the growth of the AR in retail market.

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About WMR

Worldwide Market Reports is your one-stop repository of detailed and in-depth market research reports compiled by an extensive list of publishers from across the globe. We offer reports across virtually all domains and an exhaustive list of sub-domains under the sun. The in-depth market analysis by some of the most vastly experienced analysts provide our diverse range of clients from across all industries with vital decision making insights to plan and align their market strategies in line with current market trends.

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