Market Size – USD 919.0 Million in 2019, Market Growth – at a CAGR of 44.8%, Market Trends –Increasing penetration of smart devices
The global augmented reality in retail market is forecast to reach a market size of USD 18.05 Billion by 2027 and register a substantially high CAGR over the forecast period, according to the latest report by Reports and Data. Growing demand for augmented reality in retail can be attributed to increasing demand for smart augmented reality mirrors in apparel stores and others to enhance and provide a more unique shopping experience to customers. Smart augmented reality mirrors enable customers to virtually try on various clothing items without the need for a trial room. Smart mirrors reflect a retailer’s total inventory and offer customers with instant insight without the requirement of sorting through physical products and shelves, thus helping to improve customer experience and further encouraging purchase decision. In addition, smart mirrors can be used to push discounts, offers and upsell on products, giving further opportunity to retailers to build customer loyalty.
Increasing penetration of smartphones is a significant factor driving market growth. The augmented reality technology in retail benefits customers by enabling them to use their smartphones to scan a specific product, such as a furniture item, and then superimpose it on the image of a living room or hall to view its aesthetic appeal. This helps in saving a considerable amount of time and energy.
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The COVID-19 impact:
Deployment of augmented reality in retail witnessed rapid demand owing to the COVID-19 pandemic and subsequent global lockdown. With consumers being confined to homes, the e-Commerce industry has been registering exponential growth in sales, and this has boosted demand for augmented reality in online retail stores to provide a better customer experience. Also, in the prevailing COVID-19 pandemic, retailers are using augmented reality to involve less physical contact by enabling easy in-store navigation and helping customers in staying for a lesser time in the store resulting in lesser interactions.
Further key findings from the report suggest
- By device type, handheld device segment contributed to significant market size in 2019. The primary benefit offered by handheld devices is that these are more cost-effective than other augmented reality devices. Furthermore, numerous augmented reality apps are available for handheld devices.
- Augmented reality in retail helps in adding gamification to physical products, resulting in improved customer engagement and encouraging customers to make quicker purchase decisions.
- Retail brands integrate augmented reality features into an advertisement to guide customers/prospective customers to additional product videos, web content, and coupons to increase footfalls in stores.
- The augmented reality in retail market in North America accounted for largest revenue share in the global market in 2019, owing to robust presence of leading market players in the region. Besides, the well-established and organized retail industry in countries in the region, particularly in the US and Canada, is driving market growth.
- Key market participants include Microsoft Corporation, Blippar, PTC, Wikitude GmbH, ViewAR GmbH, Apple Inc., Augment, Zugara Inc., Google, and Marxent Labs.
Global Augmented Reality In Retail Market Information By Device Type (Head Mounted Display, Handheld Device, Smart Augmented Reality Mirror), By Technology (Marker-Based Augmented Reality, Marker-Less Augmented Reality), By Retail Product Type (Furniture, Clothing, Groceries, Shoes, Jewelry, Toys, Makeup), And Region Forecast To 2027; 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)
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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