Growth of e-commerce is a significant factor influencing growth of the market.
Market Size – USD 919.0 Million in 2019, Market Growth –
at a CAGR of 44.8%, Market Trends –Rising deployment or connected devices in
retail stores
The global Augmented
Reality in Retail Market is forecast to reach a market size of USD
18.05 Billion by 2027, and register a significantly high CAGR over the next
seven years, according to a new report by Reports and Data. Growing demand for
augmented reality in retail can be attributed to increasing growth of the
e-Commerce industry. The e-Commerce industry is witnessing rapid growth owing
to high Internet speed, increasing smartphone penetration, easy accessibility
to such platforms, convenience for customers to shop from any place and at any
time, and others. Augmented reality enables e-Commerce customers to virtually
experience the products while shopping, which helps to build brand engagement.
For instance, “See It In Your Space” and “Try Before You Buy” augmented reality
are quite popular with e-Commerce customers. The fashion and beauty industry
provides customers “Try Before You Buy” augmented reality features, thereby
enabling them to experience the look of the product on themselves before making
a purchase.
Growing demand for personalized retail products is garnering
significant traction in the retail industry, and augmented reality plays an
essential role in bridging any gaps related to changing preferences. Providing
a custom-made product takes a considerable amount of time and the final output
depends on a customer’s specific requirement or perception. Augmented reality
in retail assists in eliminating such issues by enabling generation of virtual
versions of the product to be personalized. For instance, Nike’s Makers’
Experience merges object tracking, augmented reality, and projection technology
(deploying Internet of Things and Artificial Intelligence), along with digital
signage to allow a custom-made design to overlay on sneakers.
Key market participants include Microsoft Corporation,
Blippar, PTC, Wikitude GmbH, ViewAR GmbH, Apple Inc., Augment, Zugara Inc.,
Google, and Marxent Labs.
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Further key findings
from the report suggest
- By
devices type, head mounted display segment accounted for the largest
market size in 2019. Head mounted displays provide built-in head tracking
to assess the position and enable exploring and navigating a retail
store-setting. Head-mounted augmented reality devices guide shoppers to
locate products, visualize products, get assistance through superimposed
instructions on customers’ vision field.
- Marker-based
augmented reality enables shoppers to scan physical markers in a retail
store and generate a 2D/3D model, animations, audios, video, and web links
associated with retail products as a real-time experience.
- By
retail product type, the groceries segment held a substantially large
market size in 2019. In a grocery store, augmented reality deploys
computer vision technology to recognize a shoppers’ location and then uses
integrated store layouts and up-to-date stock information to exhibit
product particulars and other pertinent data to provide a better shopping
experience.
- The
augmented reality in retail market revenue in Asia Pacific is expected to
grow at the fastest rate during the forecast period, owing to increasing
investment in retail sector in countries, including China and Japan in the
region. Also, growth of the e-commerce sector, especially in emerging
economies, such as India and China, is driving market growth.
To identify the key
trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/augmented-reality-in-retail-market
For the purpose of this report, Reports and Data has
segmented the global augmented reality in retail market on the basis of device
type, technology, retail product type, and region:
Device Type Outlook (Revenue, USD Billion; 2017-2027)
- Head
Mounted Display
- Handheld
Device
- Smart
Augmented Reality Mirror
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Marker-based
Augmented Reality
- Marker-less
Augmented Reality
Retail Product Type Outlook (Revenue, USD Billion;
2017-2027)
- Furniture
- Clothing
- Groceries
- Shoes
- Jewelry
- Toys
- Makeup
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North
America
- Europe
- Asia
Pacific
- MEA
- Latin
America
Finally, all
aspects of the Augmented Reality in Retail market are quantitatively as well
qualitatively assessed to study the global as well as regional market
comparatively. This market study presents critical information and factual data
about the market providing an overall statistical study of this market on the
basis of market drivers, limitations and its future prospects.
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the market.
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