Global Augmented Reality in Retail Market Highlights over 2022 – 2030
The global augmented reality in retail market is estimated to grow at a robust CAGR of ~50% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rapid evolution in the technology of augmented reality (AR), after the successful adoption virtual reality (VR) amongst various end-user industries. Augmented reality provides a virtual interactive experience by computer-generated perceptual information, in the real world, by targeting multiple sensory features, including visual, auditory, haptic, somatosensory, and olfactory experiences. Augmented reality in retail is used to provide virtual sale opportunities to the sellers by letting the consumers experience the product digitally, at their home, which is estimated to boost the market growth. Moreover, the COVID-19 pandemic had negatively affected the sales of automobiles, electronics, and other end-use products, as people could not go to retail store or showrooms to check-out the product before buying. According to the data by the International Energy Agency (IEA), the global sale of automotive dropped 16% between 2019 and 2020, due to the COVID-19 crisis. Along with this, the growing investment in the advancement of technology, and the adoption of advanced technologies to encourage sales of products, are anticipated to boost the market growth. According to the Technology and Innovation Report 2021 by The United Nations Conference on Trade and Development (UNCTAD), frontier technologies, including AI, IoT, and AR innovation hold a share of USD 350 billion, as of 2018, which is estimated to reach USD 3.2 trillion by 2025.
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The market is segmented by application into digital shopping, try-on solution, planning & designing, and others, out of which, the digital shopping segment is anticipated to hold the notable share in the global augmented reality in retail market over the forecast period on account of increasing trend of at-home shopping applications, along with the unfavorable circumstances with respect to in-store shopping. Furthermore, the various features of digital shopping with AR, such as, control over digital elements in real space, are estimated to boost the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Augmented Reality in Retail Market Regional Synopsis
On the basis of geographical analysis, the global augmented reality in retail market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of availability of advanced technology in developed countries, such as, Germany, Sweden, United Kingdom, and others.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high adoption of advanced technology, and growing private investment in technological research. Furthermore, the high R&D expenditure in the United States, is also estimated to boost the market growth. According to the data by the Organization for Economic Co-operation and Development (OECD), the gross domestic expenditure on R&D or GERD of United States accounted for around 3.07% of the national GDP in 2019.
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The global augmented reality in retail market is further classified on the basis of region as follows:
Our in-depth analysis of the global augmented reality in retail market includes the following segments:
By Device Type
By End-User Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing adoption of augmented reality in retail, to promote sales, is estimated to boost the market.
The market is anticipated to attain a CAGR of ~50% over the forecast period, i.e., 2022 – 2030.
The major players in the market are Microsoft Corporation, ViewAR GmbH, Apple Inc., Augment Systems Pvt. Ltd., Zugara, Inc., Blippar Ltd., Wikitude GmbH, PTC Inc., Augmented Pixels Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, device type, application, end-user industry, and by region.
The electronics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Requirement of very high initial investment in AR in retail is estimated to hamper the market growth.
The market in the North America region is estimated to gain noteworthy growth owing to the increasing adoption of advanced technology in the region.
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