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Augmented Reality in Retail Market: By Device Type (Head-Mounted Display [HMD], Smart AR Mirror, Handheld Device), By Offering (Hardware, Software & Services), By Technology (Marker-Based Augmented Reality, Marker-Less Augmented Reality), By Application (Advertising and Marketing, Try-On Solutions, Planning and Designing, Information Systems), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
With the help of digital features superimposed over the physical world, augmented reality (AR) improves it. Customers no longer need to try items on to see how they fit thanks to augmented reality in shopping. To select the outfit that fits them the best, they can use a virtual changing room. For instance, Timberland has set up displays where guests can examine a reflection of themselves and try on several outfits. One of the most striking examples of AR usage in retail is virtual try-ons. Customers can try things on using AR apps without going to the store.
Global Augmented Reality in Retail Market to surpass USD 35.8 billion by 2031 from USD 2 billion in 2021 at a CAGR of 33.3% in the coming years, i.e., 2021-2031. The demand for better customer experiences, rising internet usage, and rising IoT investment are all predicted to have a positive impact on augmented reality in the retail market over the forecast period. Throughout the forecast period, the continued widespread use of smart AR mirrors in the apparel and jewelry sectors will have a substantial positive impact on the expansion of augmented reality in the retail sector.
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Based on Device Type, the global Augmented Reality in Retail Market is fragmented into Head-Mounted Display (HMD), Smart AR Mirror, and Handheld Device. Due to the increasing usage of smart AR mirrors in the apparel industry, which has boosted the AR in retail market, the Smart AR Mirror segment is anticipated to dominate the market throughout the course of the projection period. Smart mirrors are increasingly being used as a try-before-you-buy alternative for virtual wardrobe fitting.
Global Augmented Reality in Retail Market is classified on the basis of application into Advertising and Marketing, Try-on Solutions, Planning and Designing, and Information Systems. Customers can virtually try on jewelry before they buy in jewelry stores thanks to the widespread usage of try-on systems. With virtual "try-before-you-buy" experiences ranging from previewing furniture and products in your house with common brands, augmented reality (AR) applications have been on the increase.
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The expansion of the e-commerce industry and rising demand for online shopping are the main factors driving the growth of the worldwide augmented reality in retail market. Reduced storage costs, a reduced inventory demand, and an engaging user experience are other elements that support market growth. The need for improved consumer experiences, rising internet penetration, and rising IoT investment all contribute to the retail market's demand for augmented reality.
The widespread use of AR software solutions and their interoperability with currently available hardware will hasten the development of AR in the retail sector. In the upcoming years, expanding utilization in the advertising, marketing, and furniture design industries will also generate the abundant potential for market expansion. Purchases that are satisfied and a drop in return costs will result in widespread adoption, which will ultimately spur market expansion.
High initial investment costs and growing privacy concerns are some of the key restraints of the Augmented Reality in Retail Market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Augmented Reality in Retail Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In terms of market size, North America is anticipated to dominate the augmented reality (AR) in retail market in 2018, while APAC is anticipated to have the market's fastest expansion over the course of the forecast year. Investments in private equity are also at the top in North America. The majority of investments in the AR market—more than 95 percent—have come from North America. The US is home to a few significant global retail industries, the greatest of which is the garment sector, which is 50% larger than China's retail sector. Growing consumer and commercial markets along with rising investment in nations like China and Japan would accelerate the expansion of AR in the APAC retail industry.
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Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the forecast period. To assure the presence of underlying COVID-19 concerns and potential future directions, our constant study develops upon our research approach. The paper provides information on COVID-19 taking into account changes in consumer demand and behavior, buying habits, supply chain rerouting, dynamics of contemporary market forces, and significant government initiatives.
Augmented Reality in Retail Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 2 billion |
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Revenue forecast in 2031 |
USD 35.8 billion |
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Growth Rate |
CAGR of 33.3% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Device Type, Offering, Technology, Application, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Google, PTC, Apple, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Marxent Labs, Augment, ViewAR, Holition, Ikea, Sephora, Amazon, and Other Prominent Players. |
Augmented Reality in Retail Market size was estimated at USD 2 billion in 2021 and is expected to reach USD 35.8 billion in 2031.
Augmented reality in retail is the technology that uses devices like a smartphone or tablet. They enable the real-time integration of digital information with the user's environment.
The Smart AR Mirror segment accounted for the largest Augmented Reality in Retail Market share.
Key players in the Augmented Reality in Retail Market include Google, PTC, Apple, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Marxent Labs, Augment, ViewAR, Holition, Ikea, Sephora, Amazon, and Other Prominent Players.
The expansion of the e-commerce industry and rising demand for online shopping are the main factors driving the growth of the worldwide augmented reality in retail market.
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