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Virtual Reality Shopping Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Amazon Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, JD.com Inc., Alibaba Group Holding Limited
Virtual Reality Shopping Market Characteristics
The Business Research Company offers in-depth market insights through Virtual Reality Shopping Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The virtual reality shopping market size has grown exponentially in recent years. It will grow from $57.53 billion in 2023 to $74.56 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to enhanced shopping experience, e-commerce integration, increased consumer adoption of vr, brand engagement, competitive edge.
The virtual reality shopping market size is expected to see exponential growth in the next few years. It will grow to $205.03 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The growth in the forecast period can be attributed to mobile vr experiences, social vr shopping, ai-powered personalization, virtual fitting rooms, integration with augmented reality, environmental and sustainable shopping. Major trends in the forecast period include technology advancements, social vr shopping, personalization and ai-driven recommendations, virtual fitting rooms, integration with e-commerce platforms.
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Market Segmentation:
The main devices in virtual reality shopping are gesture-tracking devices (GTD), head-mounted displays (HMD), projectors, and display walls (PDW). A gesture-tracking device (GTD) is a technology that captures and interprets human gestures for various applications, such as controlling electronic devices or interacting with virtual environments. The various technologies include semi- and fully immersive and non-immersive technologies along with several components used, including hardware and software. It is used for various applications such as aerospace and defense, commercial, healthcare, enterprise, and other applications.
Major Driver - Rising E-Commerce Industry Drives The Market
The rising e-commerce industry is expected to propel the growth of the virtual reality shopping market going forward. The e-commerce industry refers to the buying and selling of goods and services online, encompassing a wide range of online retail and digital transactions. Virtual reality shopping enhances the e-commerce experience by immersing customers in virtual stores, allowing them to explore products and make informed decisions from the comfort of their homes. For instance, in August 2023, according to the U.S. Department of Commerce, a US-based executive department of the federal government, on an unadjusted basis, the estimate of U.S. retail e-commerce sales for the second quarter of 2023 was $269.5 billion. This represented an increase of 6.6% from the first quarter of 2023. Comparatively, e-commerce sales for the second quarter of 2023 rose by 7.7% when compared to the same quarter in 2022. Therefore, the rising e-commerce industry is driving the growth of the virtual reality shopping market.
Competitive Landscape:
Major companies operating in the virtual reality shopping market report are Amazon Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, JD.com Inc., Alibaba Group Holding Limited, Meta Platforms Inc., Target Corporation, Lowe's Companies Inc., Best Buy Co. Inc., IKEA Group, Macy's Inc., Adobe Inc., Wayfair Inc., eBay Inc., Pinterest Inc., PTC Inc., Unity Technologies Inc., Barco NV, HTC Corporation, EON Reality Inc., Ultraleap Ltd., Threekit Inc., Cappasity Inc., Newegg Inc., InContext Solutions Inc., Sixense Enterprises Inc., WorldViz Inc., Obsess VR Inc., Marxent Labs LLC
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Top Trend - Partnership For Development Of Virtual Reality Integration To Drive Revenues
Major companies operating in the virtual reality shopping market are adopting strategic partnerships approach to enhance their capabilities and competitiveness. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in February 2023, Alo LLC, a US-based activewear and lifestyle company, partnered with Obsess Inc., a US-based e-commerce platform company, to launch a virtual reality shopping experience with an experiential e-commerce platform. The virtual store can be accessed via desktop, mobile, or the Meta Quest 2 VR headset. The virtual store also includes beauty and wellness tutorials. The immersive digital shopping experience allows visitors to learn and shop Alo's collections, interact with a variety of content, and build custom outfits.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Virtual Reality Shopping Market Characteristics
3. Virtual Reality Shopping Market Trends And Strategies
4. Virtual Reality Shopping Market - Macro Economic Scenario
5. Virtual Reality Shopping Market Size And Growth
…..
27. Virtual Reality Shopping Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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