Ar in Retail Market USD 6736.2 Million By 2028 With A CAGR of 20.0% - Valuates Reports
BANGALORE, India, July 18, 2022 /PRNewswire/ -- The global AR in Retail market is Segment by Type - (by System - Virtual Fitting Room, Visualizing Software, by Technology - Marker-based Augmented Reality, Markerless Augmented Reality), Segment by Application - E-commerce, Physic Stores. Global Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Retail Equipment & Technology Category.
The global AR in Retail market size is estimated to be worth USD 1853.7 million in 2021 and is forecast to a readjusted size of USD 6736.2 million by 2028 with a CAGR of 20.0% during the forecast period 2022-2028.
Major Factors Driving The Growth of Ar In The Retail Market are
The main factors propelling the growth of AR in the retail market include increased smartphone penetration, expanding usage of linked devices, and increasing online purchasing encourages merchants to implement AR.
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TRENDS INFLUENCING THE GROWTH OF AR IN RETAIL MARKET
AR in retail enables businesses to drastically boost online conversion rates and lower product returns. The majority of AR choices offer further details and individualized customization to let buyers test things and make sure they like them. Customers can make better decisions since they can see a virtual 3D representation of things at scale and in their intended location, doing away with the need to measure and double-check dimensions. This factor is expected to drive the growth of AR in the retail market.
Furthermore, by offering a try-before-you-buy digital experience, augmented reality can drastically minimize returns for online merchants. Customers may view products in real-time from the comfort of their homes thanks to innovative AR technologies. Full 3D representations provide customers the chance to view how products might look in their area before they make a commitment to buy.
The rise of AR in the retail market is anticipated to be driven by the growing desire to boost customer happiness and consequently enhance sales volume. Regular fashion retail can also benefit from the use of virtual fitting rooms. The majority of businesses that employ this technology install a sizable mirror that doubles as a display screen. Users of contemporary technology can even view a 360-degree virtual version of themselves wearing various outfits. That is a practically effortless approach to boost sales volume. Finally, rather than restricting themselves to the products that are physically on display, shops are able to offer clients an infinite variety of goods.
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AR IN RETAIL MARKET SHARE ANALYSIS
Based on the system, Virtual Fitting Room and Visualizing Software are the two main AR technologies used in retail. The primary system for augmented reality in retail is visualizing software, which had a market value of about 734 million USD in 2019 and 61.19 percent of the global market.
Based on the application, the two primary segments are e-commerce and physical stores. The primary use of AR in retail is e-commerce, which accounted for 62.58 percent of the global market in 2019 and had a market value of about 750 million USD.
Based on region, North America is anticipated to offer lucrative opportunities for growth, but the Asia-Pacific will experience the fastest growth during the forecast period due to expanding commercial markets, rising customer expectations, and increasing investments made by nations in this region.
Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- PTC
- Apple
- Microsoft
- Wikitude
- DAQRI
- Zugara
- Blippar
- Marxent Labs
- Augment
- ViewAR
- Holition
- Ikea
- Sephora
- Amazon
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SIMILAR REPORTS
- The global Smart Retail market size is projected to reach USD 785 Billion by 2027, from USD 142 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 28% from 2021 to 2027.
- The global Eye Tracking market size is projected to reach USD 1383.9 million by 2028, from USD 350.8 million in 2021, at a CAGR of 21.1% during 2022-2028.
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- The global Self-Checkout Systems market size is projected to reach USD 3950.3 million by 2027, from USD 2005.2 million in 2020, at a CAGR of 10.0% during 2021-2027.
- The global big data analytics in retail market size was valued at USD 4854 million in 2020 and is projected to reach USD 25560 million by 2028 registering a CAGR of 23.1% from 2021 to 2028.
- The global Smart Shelves market size is projected to reach USD 6.5 billion by 2027, from USD 3.2 billion in 2020, at a CAGR of 10.47% during 2021-2027.
- The global Enterprise Mobility in Retail market size is projected to reach USD 23777590 million by 2027, from USD 5980250 million in 2020, at a CAGR of 21.3% during 2021-2027.
- The global Image Recognition in Retail market size is projected to reach USD 5966 million by 2028, from USD 1704.5 million in 2021, at a CAGR of 19.3% during 2022-2028.
- The global Internet of Things in Retail market size is projected to reach USD 40340 million by 2027, from USD 20280 million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2021-2027.
- In 2020, the global Smart Labels market size was USD 8085.8 Million and it is expected to reach USD 22850 Million by the end of 2027, with a CAGR of 16.0% during 2021-2027.
- The global Retail Automation market size is projected to reach USD 16000 million by 2028, from USD 10190 million in 2021, at a CAGR of 6.2% during 2022-2028.
- The electronic shelf label (ESL) market size was valued at USD 624.7 million in 2018 and is projected to reach USD 2.40 billion by 2027, growing at a CAGR of 15.9% from 2020 to 2027
- The global virtual fitting room market size was estimated at USD 2973.1 million in 2021 and is expected to reach USD 8501.1 million in 2028, the market is expected to grow at a compound annual growth rate of 16% from 2022 to 2028.
- In 2021, the global Blockchain in Retail market size will be USD 180.6 million and it is expected to reach USD 1644.4 million by the end of 2027, with a CAGR of 44.5% during 2021-2027.
- The global Connected Retail market size is projected to reach USD 44410 Million by 2027, from USD 20910 Million in 2020, at a CAGR of 11.2% during the forecast period 2021-2027.
- The global Visualization & 3D Rendering Software market size is projected to reach USD 3083.9 million by 2027, from USD 1295.3 million in 2020, at a CAGR of 12.7% during 2021-2027.
- The global AR and VR Lens market size is estimated to be worth USD 441.8 million in 2022 and is forecast to a readjusted size of USD 1006 million by 2028 with a CAGR of 14.7% during the review period.
- The global Virtual Reality in Retail market size is projected to reach USD 5455 Million by 2028, from USD 2007 Million in 2021, at a CAGR of 13.82% during 2022-2028.
- The global Virtual Reality (VR) market size is projected to reach USD 26860 million by 2027, from USD 7719.6 million in 2020, at a CAGR of 19.0% during 2021-2027.
- The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
- In 2021, the global Virtual Reality and Augmented Reality in Retail market size will be USD million and it is expected to reach USD million by the end of 2027, with a CAGR of % during 2021-2027.
- The global Retail E-commerce Software market size is projected to reach USD 11770 Million by 2027, from USD 5812.7 Million in 2020, at a CAGR of 10.6% during 2021-2027.
- The global Virtual Reality Headsets market size is projected to reach USD 42100 million by 2027, from USD 9457.7 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period 2021-2027.
- The global Extended Reality market size is projected to reach USD 67870 million by 2028, from USD 25310 million in 2021, at a CAGR of 15.0% during 2022-2028.
- The augmented and virtual reality market size was valued at USD 14.84 billion in 2020 and is projected to reach USD 454.73 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 40.7%.
- The global Mixed Reality market size is projected to reach USD 2482.9 million by 2028, from USD 331.4 million in 2021, at a CAGR of 28.7% during 2022-2028.
- Global Retail Execution Software Market Insights, Forecast to 2028
- Global Retail Execution Software Market Insights, Forecast to 2028
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