Global AR in Retail Market Insights and Forecast to 2028

The global AR in Retail market size is projected to reach US$ 6736.2 million by 2028, from US$ 1853.7 million in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0% during 2022-2028. Key drivers of Augmented Reality in the Retail Market include the growing need for providing an enhanced customer experience, increasing internet penetration, and a rise in IoT spending.

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Augmented reality (AR) in retail refers to a technology that enables integration of digital information with the users environment in real time through devices such as smartphone or tablet. The need to provide enhanced customer experience, increase in internet penetration, and rise in IoT spending fuel the demand for augmented reality in the retail market.

Further increasing adoption of smart AR mirrors in the clothing and jewelry industry will significantly propel the growth of Augmented Reality in the Retail Market during the forecast period.

Moreover, the widescale application of AR software solutions and their compatibility with existing hardware devices will accelerate the growth of AR in the Retail market. On the other hand, growing usage in the advertisement, marketing sectors, and furniture decoration will create lucrative opportunities for market growth in the coming years. Satisfied purchases and decreasing rate of return costs will lead to wide-scale adoption ultimately fuelling the market growth.
Enhancing customer experience, increasing internet penetration, and a rise in IoT spending
Due to the rapid expansion of easy convenient shopping and eCommerce, the need for accurately addressing the pain points of consumers has risen considerably. Augmented Reality(AR) helps in better customer care leading to an enhanced consumer experience. Thus increasing internet penetration, huge investments in IoT technology, and the need for better customer experience are expected to provide ample opportunities for the growth of Augmented Reality in the Retail Market during the forecast period.

Increasing adoption of smart AR mirrors in the clothing and jewelry industry
The rapid use of virtual try-on solutions in the clothing and jewelry industry is leading to the widescale adoption of Augmented Reality. The try before you buy system in the virtual clothing fitting and virtual try-on solutions in jewelry stores are driving huge demand ultimately creating lucrative opportunities for the growth of Augmented Reality in the Retail Market. Also, lower costs of storage, lower inventory, and engaging user experience will drive the market growth during the forecast period. Moreover, AR will enable brands to interact with consumers in a unique way eliminating unnecessary costs and escalations. Product launches will become easier with direct showcasing of clothing lines without the need for shipping and return costs thereby providing the consumer with an immersive experience.

Growing usage in the advertising, decoration, and marketing space and easy compatibility with hardware devices
AR is being increasingly adopted in the advertising and marketing space for providing more engaging marketing campaigns leading to better conversion rates. AR helps marketers connect emotionally with their consumers and provides them with a fun, interactive experience that is also affordable in comparison to traditional forms of advertisement. Augmented Reality(AR) is compatible with existing hardware devices such as smartphones, tablets, wearables that can be used to drive brand awareness and attract consumers in a fast way. Further AR helps customers in furniture decoration, automotive interior design by digitally putting items so that customers can plan and design accordingly by getting a sense of it in the real world. Thus increasing usage in the advertising, marketing field and easy compatibility with various hardware devices will accelerate the growth of Augmented Reality in the Retail Market during the forecast period.

Decreasing return costs and satisfied purchase
AR helps retailers offer the product in full 3D visualizations in real-time and in their intended environment so that customers can gauge whether the product will look good in their homes or not. This enables shoppers to make better judgments, verify the features of the product, decrease friction between viewing and buying the product and reduce the temptation for ordering multiple items for trying out and then buying one while returning others, etc. This makes shoppers satisfied with their purchase leading to a lower rate of returned products. Thus lower return costs and engaging customer experience will significantly drive the growth of Augmented Reality in Retail Market during the forecast period.

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AR in Retail Market by Type
by System
Virtual Fitting Room
Visualizing Software
by Technology
Marker-based Augmented Reality
Marker-less Augmented Reality
AR in Retail Market by Application
E-commerce
Physic Stores
Leading Players in the AR in Retail Market
Google
PTC
Apple
Microsoft
Wikitude
DAQRI
Zugara
Blippar
Marxent Labs
Augment
ViewAR
Holition
Ikea
Sephora
Amazon
AR in Retail Market by Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Othe-4D232/smart-retail

https://reports.valuates.com/market-reports/QYRE-Auto-9U1979/global-retail-analytics

https://reports.valuates.com/reports/QYRE-Auto-23J102/global-self-checkout-systems

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