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Virtual Reality Shopping Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024: A Comprehensive Report
Virtual Reality Shopping Market Size
As per the report, 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 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%.
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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.
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 virtual reality shopping market covered in this report is segmented -
1) By Device: Gesture-Tracking Device (GTD), Head-Mounted Display (HMD), Projectors And Display Wall (PDW)
2) By Technology, Semi And Fully Immersive, Non-Immersive
3) By Component, Hardware, Software
4) By Application: Aerospace And Defense, Commercial, Healthcare, Enterprise, Other Applications
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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
Contents of the report:
1. Executive Summary
2. Virtual Reality Shopping Market Report Structure
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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