Augmented Reality in Retail Market Growing at 41.4% CAGR to Hit $61.3 Billion by 2031

According to a new report published by Allied Market Research, titled, "Augmented Reality in Retail Market," The augmented reality in retail market size was valued at $2 billion in 2021, and is estimated to reach $61.3 billion by 2031, growing at a CAGR of 41.4% from 2022 to 2031.

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Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment.

COVID-19 Scenario:

1. The outbreak of COVID-19 has had a positive impact on the growth of the global augmented reality, owing to the occurrence of lockdowns in various countries across the globe.

2. Lockdowns resulted in the closure of various manufacturing facilities, stores, shops, and others, which enabled companies to increasingly adopt augmented reality in the retail sector to offer an enhanced experience to customers.

3. In addition, people across the globe were required to stay indoors due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic. This subsequently increased the demand for remote operational tools, which in turn exponentially surged the demand for augmented reality in the retail sector.

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Depending on application, the advertising and marketing segment holds the largest share of the AR in Retail Market. This is attributed due to increasing demands for engaging advertisements campaigns that can easily grab user attention. However, information systems segment is expected to grow at the highest rate during the forecast period, owing to its various enterprise training applications, that drive the growth of the segment.

Based on component, the hardware segment held the dominating market share in 2021, holding more than two-fifths of the global market. The software segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 42.7% during the forecast period.

Based on device type, the head-mounted display segment held the dominating market share in 2021, holding around two-fifths of the global market. The smart AR mirror, on the other hand, is expected to maintain its leadership status during the forecast period. Besides, the handheld device segment is expected to cite the fastest CAGR of 44.1% during the forecast period.

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Region-wise, the AR in Retail Market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to a high concentration of augmented reality in retail technology vendors in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its ongoing rapid digital transformation trends that are expected to increase the scope for augmented reality in retail industry in the region.

The key players profiled in the augmented reality in retail market analysis are Amazon.com, Inc., Apple Inc., Augment, Blippar Group Limited, Google Corporation, Holition Ltd., Inter IKEA Systems B.V., Imaginate Technologies, INDE, Kudan, Marxent Labs, Microsoft Corporation, PTC, Sephora USA, Inc., ViewAR GmbH, Wikitude, and Zugara, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The report analyzes these key players in the global augmented reality in retail industry. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

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