Global Augmented Reality in Retail Market

Global Augmented Reality in Retail Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Information System, Try-on Solutions), By Device Type(Head Mounted Display, Smart AR Mirror) - Industry Forecast 2024-2031

Report ID: SQMIG45E2243 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 91 | Figures: 70

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Global Augmented Reality in Retail Market size was valued at USD 2.83 billion in 2022 and is poised to grow from USD 4 billion in 2023 to USD 45.19 billion by 2031, growing at a CAGR of 41.4% in the forecast period (2024-2031).

It is anticipated that there would be a lot of industry players actively competing in the global augmented reality retail market. Big businesses are working hard to launch AR try-ons through Snapchat lenses, metaverse purchasing, ARKit, mesh for teams, and virtual outfit tools to boost the industry as a whole. To compete with traditional Augmented Reality in Retail sales, a number of manufacturers in the Augmented Reality in Retail industry are also concentrating on improving and growing their core business through the introduction of new, effective goods. To stay competitive in the industry, major businesses are implementing a range of commercial tactics, such as technological alliances and mergers and acquisitions (M&A). 'Augment (France)', 'Ikea (Netherlands)', 'Google (US)', 'Apple (US)', 'Microsoft (US)', 'Wikitude (Austria)', 'Blippar (UK)', 'ViewAR (Austria)', 'Holition (UK)', 'Sephora (France)', 'Amazon (US)', 'Imaginate Technologies (India)', 'Kudan (UK)', 'Holition (UK)'

AR technology gives shops the chance to give customers engaging and dynamic purchasing experiences. Retailers may improve customer engagement and build closer relationships with their brands by enabling shoppers to see products in real-world situations through augmented reality (AR) applications. Increased revenue and client loyalty are frequently the results of this higher engagement.

Growing AR Market Investors: Nearly every aspect of the retail industry has been impacted by augmented reality, which offers a sophisticated digital experience that improves customer-brand relationships and can be utilized anywhere—on a home computer, on a mobile device, or at store kiosks. Additionally, as end consumers adopt AR technology more frequently, the market for AR is expected to develop. This is due to AR technology allows customers to simulate in-store purchasing experiences on smartphones while lounging about the house, complete with "Try on" and "Try out" choices.

In terms of market size, North America is anticipated to lead the AR in retail market in 2018, and throughout the forecast period, APAC is anticipated to have the strongest growth in the AR in retail industry. Leading the way in private equity investments is also North America. North America has accounted for more than 95% of all investments made in the AR sector. There are a few significant retail industries in the US, the greatest of which being the garment sector, which is 50% bigger than the retail sector in China. One-third of the global market is held by the 12 largest US retailers, which further propels AR in the North American retail sector. The expansion of AR in the retail industry in APAC would be aided by expanding consumer and business markets as well as increased investment in nations like China and Japan. Retailers in Asia-Pacific are increasingly focusing on e-commerce, with China emerging as the global leader in this sector.

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