Augmented Reality in Retail Market growth by Type and Geography - Forecast & Analysis - 2022-2026

The augmented reality in retail market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 39.0 and a CAGR of 41.7% with the market share increasing by USD 9.24 billion during the forecast period 2021 to 2026.

This augmented reality in retail market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers augmented reality in retail market segmentation by type (apparel, furniture, lighting, and decor, footwear, grocery, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The augmented reality in the retail market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., Atracsys LLC, Augmented Pixels Inc., Blippar Ltd., Holition Ltd., Independiente Communication Ltd., Inglobe Technologies Srl, Lenovo Group Ltd., Magic Leap Inc., Marxent Labs LLC, mCloud Technologies Corp., Microsoft Corp., NavVis GmbH, Niantic Inc., PTC Inc., Quy Technology Pvt. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., and Zugara Inc. among others.

What will the Augmented Reality In Retail Market Size be During the Forecast Period?

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Augmented Reality In Retail Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for augmented reality in retail market.

Key Augmented Reality In Retail Market Driver

The use of AR technology to make advertising more effective is notably driving augmented reality in retail market growth. Using AR, marketers can combine the physical world with the digital world. This creates the opportunity for end-users, as well as the brand, to connect with products on an almost real-time basis, thereby driving purchases. AR advertisements are highly immersive and give customers the opportunity to find their products by responding to their requirements and matching their interests. Hence, customers are able to generate all the necessary information about any product they want to purchase by simply pointing the smartphone in the direction of the product. Such factors are driving the growth of the global AR in the retail market during the forecast period.

Key Augmented Reality In Retail Market Trend

The growing smartphone and tablets will fuel the growth of AR in the retail industry is the primary trend driving augmented reality in retail market growth. Manufacturers of mobile devices are integrating their devices with AR technologies to enhance user experience and value proposition. The growing integration of AR technologies in mobile computing devices is expected to boost the growth of the market during the forecast period, especially due to the rising popularity and penetration of smartphones and tablets. For instance, smartphones, especially Android phones, have a Google lens while an iOS phone has an AI lens, which are integrated with AR technology to render an object with a 3D view in the smartphone. For example, sitting at home, a consumer can scan the environment and place objects (chair, table, bed, and others) in a particular room before buying them. This feature provides users with augmented information and additional details about the product. Intel demonstrated a smartphone with an inbuilt 3D camera that can be used for AR and gesture recognition. In addition, the rise in the use of e-commerce portals, the disposable income of consumers, Internet penetration, urbanization, and the number of mobile broadband subscriptions are some of the factors expected to fuel the growth of the global AR in retail market during the forecast period.

Key Augmented Reality In Retail Market Challenge

The privacy and security concerns over AR are the major challenge impeding augmented reality in retail market growth. Even though companies and organizations are revolutionizing their IT security systems, data privacy and security have been long-running concerns for users of AR. AR technology collects and processes vast amounts of information about users and their environment. Therefore, privacy concerns are a major challenge to AR in the retail industry globally. AR technology can access the personal data of users and may pose a threat to their privacy. It can collect a lot of information from the user's social networking accounts. User privacy can also be threatened if hackers gain access to the user's device. Moreover, there are many privacy-related concerns associated with smart gear, such as VR and AR. AR devices include Sony PlayStation VR, HTC Vive Series, HP Reverb G2, Microsoft HoloLens, Epson Moverio, and MagicLeap. These glasses automatically screen and process the user environment, which violates the privacy of the user and those around them. Such developments may hamper the growth of the global AR in retail market during the forecast period.

This augmented reality in retail market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global augmented reality (AR) in retail market as a part of the global application software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of augmented reality in the retail market during the forecast period.

Who are the Major Augmented Reality In Retail Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Alphabet Inc.
• Amazon.com Inc.
• Apple Inc.
• Atracsys LLC
• Augmented Pixels Inc.
• Blippar Ltd.
• Holition Ltd.
• Independiente Communication Ltd.
• Inglobe Technologies Srl
• Lenovo Group Ltd.
• Magic Leap Inc.
• Marxent Labs LLC
• mCloud Technologies Corp.
• Microsoft Corp.
• NavVis GmbH
• Niantic Inc.
• PTC Inc.
• Quy Technology Pvt. Ltd.
• Samsung Electronics Co. Ltd.
• Seiko Epson Corp.
• Zugara Inc.

 

This statistical study of augmented reality in the retail market encompasses successful business strategies deployed by key vendors. The augmented reality in the retail market is fragmented, and the vendors are deploying growth strategies such as expanding their product portfolios, entering emerging markets, and increasing their market share to compete in the market.

Product Insights and News

abc.xyz - The company offers augmented reality solutions under the subsidiary Google LLC.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The report AR in retail market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.

Augmented Reality In Retail Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for augmented reality in the retail market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Augmented Reality In Retail Market?

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32% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for augmented reality in the retail market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The advanced and mature technological landscape across the retail industry will facilitate augmented reality in retail market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 adversely impacted the economies of various countries in North America. The lockdowns in the region compelled people to work from home to mitigate the threat of contracting COVID-19. In 2021, the time spent on digital media in the US increased by 42.87% when compared to 2020. This further increased the demand for VR/AR platforms after H2 2020, which accelerated the growth of regional AR in retail market. In 2021, the initiation of COVID-19 vaccination programs resulted in the lifting of lockdowns and the resumption of industrial operations, which helped the regional economy to recover. Thus, the rapid adoption of AR by various end-users, including apparel, footwear, and grocery vendors, is expected to foster the growth of regional AR in retail market during the forecast period.

What are the Revenue-generating Type Segments in Augmented Reality In the Retail Market?

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The augmented reality in retail market share growth by the apparel segment will be significant during the forecast period. The apparel segment accounted for the largest market share in the global AR in retail market in 2021. The rising adoption of technologically advanced applications among consumers, such as AR, and the increasing adoption of fashion clothes with multi-colors and varied designs in various countries are driving the growth of the apparel segment of the global AR in retail market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of augmented reality in retail market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Augmented Reality In Retail Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 41.7%
Market growth 2022-2026	$9.24 billion
Market structure	Fragmented
YoY growth (%)	39.0
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 32%
Key consumer countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Alphabet Inc., Amazon.com Inc., Apple Inc., Atracsys LLC, Augmented Pixels Inc., Blippar Ltd., Holition Ltd., Independiente Communication Ltd., Inglobe Technologies Srl, Lenovo Group Ltd., Magic Leap Inc., Marxent Labs LLC, mCloud Technologies Corp., Microsoft Corp., NavVis GmbH, Niantic Inc., PTC Inc., Quy Technology Pvt. Ltd., Samsung Electronics Co. Ltd., Seiko Epson Corp., and Zugara Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Augmented Reality In Retail Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive augmented reality in retail market growth during the next five years
• Precise estimation of the augmented reality in retail market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of augmented reality in the retail industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of augmented reality in retail market vendors

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