AR in Retail Market Scope
Augmented Reality in marketing and retail is the new technology that can see significant growth over the forecast period. Augmented Reality applications in retail such as virtual “try-before-you-buy” experiences ranging from previewing furniture to virtually trying on luxury fashion. The Covid-19 pandemic has accelerated the shift to digital shopping and AR has quickly become an essential technology for retailers. It has emerged as an innovative tool that allows brands to interact with consumers on their mobile devices. AR creates a new digital experience that enriches the relationship between consumer and brand and can be used in any location, be it PC at home, mobile devices, or kiosks in stores.
The global AR in the retail market is highly fragmented in nature as more players are providing technology solutions to retail players to assist them to generate more revenue and boost sales. Moreover, major players are innovating different ways to support the online e-commerce giants to make a reliable user interface. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global AR in Retail market throughout the predicted period.
Google Inc. (United States), Amazon Inc. (United States), Apple Inc. (United States), Microsoft Corporation (United States), IKEA (Netherlands), PTC (United States), ZealAR (Australia), VALIS XR (Australia), Wikitude (Austria) and DAQRI (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Zugara (United States), Blippar (United Kingdom), Marxent Labs (United States), Holition (United Kingdom), Kudan (United Kingdom), Total Immersion (France), INDE (United Kingdom), Aircards (United Kingdom) and AUGMENTes (United States).
Segmentation Overview
The study have segmented the market of Global AR in Retail market by Type (Marker-based AR and Markerless AR), by Application (Furniture and Decoration, Apparel, Accessories, and Shoes, Jewelry & Luxury, Makeup & Cosmetics, Grocery and Home Goods and Others (Automotive and Electronics)) and Region with country level break-up.
On the basis of geography, the market of AR 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).
Influencing Trend:
Integration of Augmented Reality in Marketing to Build Consumer Relationship, Boost Sales and Add Value to the Shopper Experience
Market Growth Drivers:
Reduce Overhead & Shipping Costs with Augmented Reality, Ongoing Shift from Offline to Online Shopping and Increasing Number of Smartphone Users With Rapid Adoption of Technology
Challenges:
Difficulty in Generating Efficient 3D Models and Creating Content for Widespread Use, Choosing Developers and Creating a Realistic Experience
Restraints:
Costly Quality AR Content and Lack of Compatibility and Interoperability
Opportunities:
Technological Advancements Such As Rollout of 5G Connectivity, As Well As the Launch of AR Apps or Functionalities and Personalize E-Commerce with Augmented Reality
Market Leaders and their Expansionary Development Strategies
In February 2020, Kudan Inc. partnered with Artisense Corporation to launch consultations toward partnership for technology and business development. Localization and mapping technologies is rapidly growing, driven by various future products such as autonomous cars, robots, drones and AR/VR devices. This partnership helped both companies to expand their presence in AR in retail market
In 2017, IKEA has launched a new augmented reality application that allows users to test IKEA's products in real-time through Apple iOS 11’s ARKit technology. Dubbed IKEA Place, the iPhone- and iPad-compatible free application features realistically rendered, true-to-scale 3D products.
Key Target Audience
AR in Retail Technology Developers, Software Engineers and Integrators, Retailers, End-Use Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.