North America Virtual Reality and Augmented Reality in Retail Market to see 23.7 % CAGR till 2028, Top Key Players- Google LLC, Infosys Ltd., Marxent

The Virtual Reality and Augmented Reality in Retail Market in North America is expected to grow from US$ 1592.95 million in 2021 to US$ 7044.12 million by 2028; it is estimated to grow at a CAGR of 23.7% from 2021 to 2028.

North America is the key regional market, which includes the US, Canada, and Mexico. North America is a hub of technological developments that comply with economically robust countries. With the increasing demand from customers for high-quality products and services and better shopping experience, companies are on a constant hunt for innovations to serve their customers in the best possible way. At present, in North America (the US and Canada), the penetration of virtual reality and augmented reality solutions, especially in the retail sector, is high.

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Mixed reality technologies such as AR and VR, provide a lot of promise for businesses to give customers new ways to interact with their brands, whether it is through taking them to another world or enriching the one they are in right now. Due to developments in mobile technology, augmented reality has grown in popularity in recent years, allowing customers to visualize and test things before purchasing them. Various retail brands are thereby investing in the technologies. Thus, the rise in investment by North America retail businesses in AR and VR technologies in expected to fuel the growth of the AR and VR in retail market over the forecast period.

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Major Key players covered in this report:

• Epson America, Inc.
• Google LLC
• Infosys Ltd.
• Intel Corporation
• Marxent
• Microsoft Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Samsung Electronics Co., Ltd.

MARKET SEGMENTATION

North America Virtual Reality and Augmented Reality in Retail Market, by Type

• AR
• VR

North America Virtual Reality and Augmented Reality in Retail Market, by Application

• Online Retail
• Offline Retail

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With the COVID-19 pandemic spreading across the US, all industries have been severely impacted. As a result, any impact on industry has a direct impact on the region's economic growth. The unusual spike in COVID-19 cases in the US, as well as the accompanying lockdown to battle the virus's spread across the country in the first two quarters of 2020, has prompted many businesses to prepare for the worst. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons.

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