Augmented Reality in Retail Market Size Hit USD 18.05 Billion at a CAGR of 44.8% in 2027

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.

The COVID-19 impact:
Augmented reality in retail witnessed rapid demand owing to the COVID-19 pandemic. With consumers being confined to home quarantine and abiding by social distancing norms due to the global lockdown, product demand and online purchases through e-commerce had seen an exponential rise. This in turn served to boost demand for augmented reality among online retail stores to provide a better customer experience. Also, owing to the prevailing COVID-19 pandemic, retailers are using augmented reality by enabling easy in-store navigation and helping customers to stay for a limited amount of time at stores in order to limit interaction with other shoppers and store personnel.

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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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Augmented Reality in Retail Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Augmented Reality in Retail Market.

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.

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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

Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
• U.S
• Canada
• Europe
• Germany
• U.K
• France
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• Rest of APAC
• MEA
• Saudi Arabia
• UAE
• Rest of MEA
• Latin America
• Brazil
• Rest of LATAM

 

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Key Advantages of Augmented Reality in Retail Market Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Augmented Reality in Retail industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, 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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