Global Augmented Reality in Retail Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Augmented Reality in Retail Market is estimated to be USD 3.32 Bn in 2023 and is expected to reach USD 10.06 Bn by 2028 growing at a CAGR of 24.84%.

Market Dynamics

The major factor driving the growth of global Augmented Reality in Retail market is rising demand for online shopping, quick & convenient shopping, and the e-commerce market's expansion. Other factors contributing to the market growth include lower storage costs, a lower inventory demand, and a more engaging user experience. Furthermore, the growing use of smart AR mirrors in the apparel sector has boosted the AR business in retail. As a try-before-you-buy alternative, smart mirrors are increasingly being used for virtual garment fitting. Customers can also virtually try on jewelry before they buy using try-on systems, which are becoming more popular in jewelry retailers leading to the growth of the global Augmented Reality in Retail market. In addition, the increasing use of augmented reality in retail for advertising and marketing, which improves consumer engagement, is creating more opportunities for market growth.

However, Lack of Skilled and trained personal, high initial cost, as well as growing security and privacy issues are restraining and creating challenges for the expansion of augmented reality in the retail industry.

Market Segmentation

• The Global Augmented Reality in Retail Market is segmented further based on Device Type, Retail Type, Technology, Application, Offering, and Geography.
• By Device Type, the market is classified as handheld devices, head-mounted displays, and smart AR mirrors. Amongst all, the handheld devices segment is estimated to hold the highest market share during the forecast period.
• By Retail Type, the market is classified into apparel fitting, beauty & cosmetics, footwear, furniture & lighting, grocery shopping, jewellery, and others. Amongst all, the apparel fitting segment is estimated to hold the highest market share during the forecast period.
• By Technology, the market is classified as marker-based augmented reality, marker-less augmented reality. Amongst the two, the marker-based augmented reality segment is estimated to hold the highest market share during the forecast period.
• By Application, the market is classified as try-on solutions, planning & designing, advertising & marketing, information systems. Amongst all, the planning & designing segment is estimated to hold the highest market share during the forecast period.
• By Offering, the market is classified as hardware and software & services. Amongst the two, the hardware segment is estimated to hold the highest market share during the forecast period.
• By Geography, North America is projected to lead the market.

Recent Developments

1. Flipkart acquires augmented reality company Scapic for an undisclosed sum. - 17th November 2020
2. AWS Announces General Availability of Amazon Augmented Artificial Intelligence (A2I) - 24th April 2020

Company Profiles

Some of the companies covered in this report are Ads Reality Limited, Amazon.com, Inc, Apple Inc, Augment Corporation, Blippar, Flipkart, Google, LLC etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Augmented Reality in Retail Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market