Augmented Reality in Retail Market Size – USD 919.0 Million in 2019, Market Growth – at a CAGR of 44.8%.
NEW YORK, NY, USA, August 9, 2022 /EINPresswire.com/ — The growth of e-commerce is an important factor influencing the growth of the market.
Market Trends – Growing deployment of connected devices in retail stores.
The Global augmented reality in the retail market is planned to reach a market size of $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. The growing demand for augmented reality in retail can be attributed to the increasing growth of the e-commerce industry. The e-commerce industry is growing rapidly owing to the high speed of the internet, increasing penetration of smartphones, easy accessibility to these platforms, convenience for customers to shop from n anywhere and anytime, etc. Augmented reality allows e-commerce customers to virtually experience products while shopping, helping to build brand engagement. For example, augmented reality “See It In Your Space” and “Try Before You Buy” are very popular with e-commerce customers. The fashion and beauty industry offers “Try before you buy” augmented reality features to customers, allowing them to experience the appearance of the product for themselves before making a purchase.
The growing demand for personalized retail products is gaining momentum in the retail industry, and augmented reality is playing a vital role in bridging the gaps associated with changing preferences. Delivering a bespoke product takes considerable time and the end result depends on the customer’s specific requirements or perception. Augmented reality in retail helps to eliminate these issues by allowing the personalization of the generation of virtual versions of the product. For example, Nike’s Makers’ Experience merges object tracking, augmented reality and projection technology (deploying the Internet of Things and artificial intelligence), as well as digital signage to enable bespoke design to layer on sneakers.
The impact of COVID-19:
Augmented reality in retail has seen rapid demand due to the COVID-19 pandemic. With consumers confined to home quarantine and adhering to social distancing norms due to the global lockdown, demand for products and online shopping via e-commerce has seen an exponential increase. This in turn has served to drive the demand for augmented reality among online retail stores to provide better customer experience. Additionally, due to the current COVID-19 pandemic, retailers are using augmented reality by enabling easy in-store navigation and helping customers stay for a limited time in stores to limit interaction with others. buyers and store staff.
Download example @ https://www.reportsanddata.com/sample-enquiry-form/3743
Other key findings from the report suggest
• By device type, the head-mounted displays segment accounted for the largest market size in 2019. Head-mounted displays provide integrated head tracking to assess position and enable exploration and navigation within a store Retail. Head-mounted augmented reality devices guide shoppers to locate products, view products, get help with instructions superimposed on customers’ field of vision.
• Marker-based augmented reality allows shoppers to scan physical markers in a retail store and generate a 2D/3D model, animations, audios, videos, and web links associated with retail products by as a real-time experience.
• By retail product type, the grocery segment held a substantially large market size in 2019. In a grocery store, augmented reality deploys computer vision technology to recognize a shopper’s location and then uses Integrated store layouts and up-to-date stock information to display product details and other relevant data to provide a better shopping experience.
• Augmented Reality in Asia-Pacific retail market revenue is expected to grow at the fastest rate during the forecast period, owing to the increasing investment in the retail sector in the countries, including China and Japan in the region. Additionally, the growth of the e-commerce sector, especially in emerging economies such as India and China, is driving the growth of the market.
• Major market players are Microsoft Corporation, Blippar, PTC, Wikitude GmbH, ViewAR GmbH, Apple Inc., Augment, Zugara Inc., Google, and Marxent Labs.
Request Report Customization @ https://www.reportsanddata.com/request-customization-form/3743
For the purposes of this report, Reports and Data has segmented the global augmented reality 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)
• Augmented reality based on markers
• Augmented reality without marker
Retail Product Type Outlook (Revenue, USD Billion; 2017-2027)
• To put on makeup
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
Thank you for reading our report. For customization or any questions regarding the report, please contact us. Our team will provide you with the report best suited to your needs.