Virtual and Augmented Reality in Retail Market Analysis, Trends and Dynamic Demand by Forecast 2023 to 2032

The global augmented reality in retail market size was valued at $2 billion in 2021, and is projected to reach $61.3 billion by 2031, growing at a CAGR of 41.4% from 2022 to 2031.

Bringing digital objects into the actual environment is referred to as augmented reality. The process of adding digital elements to our physical experience is known as augmented reality, and it is frequently viewed through a phone, tablet, or pair of AR glasses. In the retail industry, augmented reality is utilised to improve or supplement the world with digital technologies. Through a device like a smartphone or glasses, augmented reality in retail provides users with visual elements, sound, and other sensory information. In the device, where digital information is superimposed, the user's view of the real world is changed.

The expansion of the worldwide augmented reality in the retail business is boosted by an increase in investments in the AR market and a rise in smartphone adoption. Additionally, the economical advantages of augmented reality and virtual reality-based solutions have a favourable influence on the market's expansion. However, the high setup and installation costs of AR solutions as well as security and privacy issues related to AR are impeding the market's expansion. In contrast, it is anticipated that the requirement to increase user engagement in the retail sector would present lucrative prospects for the growth of the market throughout the forecast period.

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Segment review

The component, device type, application, retail type, and geography are the market segments used to divide the worldwide augmented reality in retail market. Hardware, software, and services make up the market's three main segments. The market is divided into three categories based on device type: mobile devices, smart AR mirrors, and helmet mounted displays. It is divided into four categories by application: planning and designing, information systems, advertising and marketing, and try-on solutions. The market is segmented by retail type into jewelry, clothing fitting, beauty and cosmetics, furniture and lighting, grocery shopping, footwear, and other categories. It is examined in terms of regions, including North America, Europe, Asia-Pacific, and LAMEA.

The major companies included in the augmented reality in retail market report include Holition Ltd., Augment, Blippar Group Limited, Google Corporation, Amazon.com, Inc., and Apple Inc. Imaginate Technologies, INDE, Kudan, Marxent Labs, Microsoft Corporation, PTC, Sephora USA, Inc., ViewAR GmbH, Wikitude, and Zugara, Inc. are among the companies that participate in the Inter IKEA Systems B.V. These firms have implemented a variety of techniques to broaden their market reach and solidify their dominance within the sector.

Top impacting factors

Growing investments in the AR market

By enhancing the interaction between the consumer and the brand, augmented reality has almost completely saturated the retail industry. It can be utilised anywhere, whether on a PC at home, a mobile device, or kiosks in stores. Additionally, the growth in investments in the AR market is due to a surge in end-user acceptance as it makes purchasing experiences on smartphones while seated at home as similar to real-life shopping experiences as possible with "Try on" and "Try out" choices.

Additionally, businesses who invest in augmented reality employ it in their physical stores, like Nike, which started doing so in June 2022. Customers can view information via scanning objects like shoes or clothing, or they users enter a virtual reality (VR) environment to experience the many processes in Nike's supply chain, helping them to better understand how and where products are manufactured. In addition, IKEA has created The Place App, which enables customers to utilise augmented reality with their smartphone camera to place furniture products into their homes in order to precisely visualise how the item would appear there.

Rise in penetration of smartphones

Smartphone usage is on the rise, and technical improvements have made it possible for users to view virtual images that are immersed in actual situations. For instance, Wikitude, a mobile augmented reality technology vendor, estimates that in May 2021, 32% of shoppers use augmented reality on a regular basis and that 73% of smartphone AR users are very satisfied with their experiences. Such figures on augmented reality in retail demonstrate how the market has embraced the technology and is expanding rapidly thanks to it.

In addition, the growing use of smartphones for augmented reality in retail is due to features like spatial visualisation and virtual tours, which let customers experience a store or a property virtually before visiting it in person. Additionally, colour matching was improved. Reality shopping apps are frequently used to coordinate colours and establish the best colour scheme for a space or clothing. For instance, consumers can choose the new wall colour for their homes using the Dulux Visualizer app. Such elements are driving the expansion of augmented reality in the retail sector.

Segmentation:

By Technology:
• Virtual Reality (VR)
• Augmented Reality (AR)

By Device:
• Smartphones
• Tablets
• Smart Glasses
• Head-Mounted Displays (HMDS)

By Application:
• In-Store Navigation
• Product Visualization
• Marketing and Advertising
• Training and Education

Company Profiles:
• Amazon
• Google
• Samsung Electronics
• Microsoft Corporation
• Qualcomm Technologies, Inc.
• Lenovo
• HP Development Company, L.P.
• Apple Inc.
• PTC Inc.
• Marxent Labs LLC
• Zara
• IKEA
• Sephora
• Lowe's Companies, Inc.
• The Home Depot, Inc.

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Key Benefits For Stakeholders
This report provides a quantitative analysis of the Augmented Reality in Retail Market Forecast, current trends, estimations, and dynamics of the augmented reality in retail market analysis from 2021 to 2031 to identify the prevailing augmented reality in retail market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the augmented reality in retail market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global augmented reality in retail market trends, key players, market segments, application areas, and market growth strategies.

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Q4. Which are the top companies to hold the market share in Augmented Reality in Retail?

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