About Augmented Reality in Retail
Augmented Reality (AR) in retail refers to the technology that permits integration of digital information with the users’ environment in real time over devices like smartphone or tablet. Increasing requirement to offer enhanced customer experience, growing internet penetration, as well as increasing IoT spending are the factors that fuel the demand of augmented reality in the retail market. Various retail types includes Apparel Fitting, Jewelry, Beauty and Cosmetics, Furniture and Lighting, Footwear, Grocery Shopping, and Others. Moreover, growing demand for online purchasing, easy & convenient shopping, as well as development of the e-commerce market are driving the growth of the global augmented reality in retail market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Billion) |
Analyst at AMA Research estimates that French, United Kingdom, and United States Vendors will contribute the maximum growth to Global Augmented Reality in Retail market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Apple Inc. (United States), PTC Inc. (United States), Microsoft Corporation (United States), Google LLC (United States), Wikitude GmbH (Austria), DAQRI (United States), Zugara (United States), Blippar (UK), Marxent Labs (United States), Augment (France) and ViewAR (Austria) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Holition (United Kingdom), Ikea (Netherlands), Sephora (France), Amazon (United States), Imaginate Technologies (India), Kudan (United Kingdom) and Total Immersion (France).
Segmentation Overview
AMA Research has segmented the market of Global Augmented Reality in Retail market by Type (Apparel Fitting, Jewelry, Beauty and Cosmetics, Furniture and Lighting, Footwear, Grocery Shopping and Others), Application (Try-On Solutions, Planning & Designing, Advertising & Marketing and Information Systems) and Region.
On the basis of geography, the market of Augmented Reality in Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. If we see Market by Technology, the sub-segment i.e. Marker-based Augmented Reality (Passive Marker, and Active Marker) will boost the Augmented Reality in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Type, the sub-segment i.e. Head-Mounted Display (HMD) will boost the Augmented Reality in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Hardware (Sensors, Semiconductor Components, Displays & Projectors, Cameras, and Others) will boost the Augmented Reality in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Growing smartphone penetration, Growing online shopping interests of retailers in AR and Rising adoption of connected devices
Challenges:
Absence of skills and expertise
Restraints:
Privacy and security concerns and Absence of compatibility & interoperability
Opportunities:
Increasing investments in retail sector
Market Leaders and their expansionary development strategies
In February 2020, Hilco Streambank, a market-leading advisory firm specializing in the sale of intellectual property assets and brokerage of domain names, and Rock Creek Advisors, LLC, an advisory firm with extensive expertise in turnaround, financial advisory, and liquidation, announced a marketing partnership. We are in progress. We sell the patent portfolio and certain related assets of leaders in professional-grade augmented reality ("AR") hardware and software technology. Seller acquires or licenses all or part of its patent portfolio.
In January 2020, PTC announced a partnership with Magic Leap. Major CAD vendor PTC has partnered with augmented reality hardware maker Magic Leap. The partnership will allow users to combine PTC's flagship industrial AR platform, the Vuforia Engine, with Magic Leap's wearable headset.
Augmented Reality involve the processing of personal data about their users, whether their IP addresses, location, images of them or others around them as well as other information about their activities in the app or on their connected social media accounts. Developers must be mindful to comply with the applicable data protection laws where the information they process or collect relate to an identifiable person. The General Data Protection Regulation 2016/679 is a regulation in The European Union law on data protection and privacy for all persons within the European Union & the European Economic Area. The strict regulations are likely to impact the global Augmented Reality (AR) in retail market growth.
Key Target Audience
Raw Material and Manufacturing Equipment Suppliers, Original Equipment Manufacturers (OEMs) (End-User Applications or Electronic Product Manufacturers), Product Manufacturers, Original Design Manufacturers (ODMs) and OEM Technology Solution Providers, Technology Standard Organizations, Forums, Alliances, and Associations, Governments, Financial Institutions, and Investment Communities, Retailers and End Users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.