Augmented Reality (AR) Shopping Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The Augmented Reality (AR) shopping market is projected to reach USD 11.6 billion by 2028 from USD 3.4 billion in 2023 at a CAGR of 28.0% during the forecast period. Growing adoption of online shopping and e-commerce platforms, rising competition in market driving the need for brand differentiation, growing demand for personalized shopping experience, increasing smartphone penetration & growth of AR apps are the major factors contributing to the market growth.

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AR technology has revolutionized the shopping experience by blending the physical and digital worlds. It offers virtual try-on capabilities, allowing customers to visualize products such as clothing and makeup before purchasing. AR also provides interactive product information, with additional details, reviews, and instructions overlaying the real-world view. The market for AR in shopping is consolidated with the presence of established market players and numerous other players competing across the value chain to strengthen their position in the market and subsequently increase their market share.

The conventional revenue sources for players in the AR shopping market mainly include passive marker-based AR and active marker-based AR. Augmented reality technology is continuously evolving to provide improved visuals, realistic simulations, and seamless integration with the real world. The evolution of AR is driven by advancements in hardware, software, and computer vision algorithms, enabling a range of exciting applications across industries.

Moreover, in recent years, due to technological evolution, new technologies are emerging in the AR shopping market including image-based AR, model-based AR, projection based AR, superimposition based AR, and location based AR. Furthermore, AR is also expanding its capabilities in terms of spatial understanding and object recognition. This means AR applications can better understand the physical space and objects around them, enabling more precise positioning of virtual elements and more realistic interactions with the environment. This advancement is particularly beneficial for AR shopping experiences, where users can accurately place virtual furniture in their homes or try on virtual eyewear with many more shopping applications. The emergence of new technologies is also creating new applications of AR which will eventually create growth opportunities for market players offering AR shopping solutions.

The AR HMD (Head Mounted Display) segment is expected to register the highest CAGR during the forecast period. AR head-mounted displays (HMDs) have a wide range of applications across industries, revolutionizing user interactions by seamlessly overlaying virtual elements onto the real world. From gaming and entertainment to training, shopping, education, healthcare, and navigation, AR HMDs enhance experiences, facilitate simulations, enable remote collaboration, provide educational tools, aid in medical procedures, assist in online and retail shopping, and offer augmented navigation guidance. Its versatility and impact make AR HMDs a transformative technology for multiple sectors, delivering immersive and engaging experiences.

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The retail / in-store segment is expected to register the highest CAGR during the forecast period. The integration of augmented reality (AR) into offline retail environments has revolutionized the shopping experience. Virtual fitting rooms have been introduced by brands like Topshop and Uniqlo, enabling shoppers to try on clothes virtually and explore different styles and sizes. Interactive product displays, such as AR mirrors in cosmetics stores like MAC and Estée Lauder, allow customers to experiment with makeup virtually and visualize how products look on their faces. AR-powered store navigation systems implemented by major retailers like Walmart and Target help customers easily locate products in large stores, providing convenience and efficiency. As AR technology continues to advance and become more accessible, we can expect to see further innovation and integration of AR solutions in offline retail environments, which will further drive the growth of AR market in retail industry.

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This release was published on openPR.