Augmented Reality in Retail Market to Reach $61.3 billion by 2031: Allied Market Research
Allied Market Research
5 min read
Allied Market Research
Rise in popularity of AR among customers for better experience, increase in penetration of smart phone, rise in investment in AR, and persistent technological advancements are expected to drive the growth of the global augmented reality market. Increase in need for augmented reality solutions among retail enterprises to improve their customer experiences during the COVID-19 pandemic had a positive impact on the growth of the market.
Portland, OR , Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global augmented reality in retail marketgenerated $2 billion in 2021, and is projected to reach $61.3 billion by 2031, growing at a CAGR of 41.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report coverage & details:
Report Coverage
Details
Forecast Period
2022–2031
Base Year
2021
Market Size in 2021
$2 billion
Market Size in 2031
$61.3 billion
CAGR
41.4%
No. of Pages in Report
280
Segments covered
Component, Device Type, Application, Retail Type, and Region
Drivers
Increase in the standard of living
Growth of the online retail platform
Opportunities
Rise in popularity of AR among customers for better experience
Increase in penetration of smartphone
Restrains
Extortionate cost of installation and set-up
Security and privacy concerns
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The outbreak of COVID-19 has had a positive impact on the growth of the global augmented reality, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, stores, shops, and others, which enabled companies to increasingly adopt augmented reality in the retail sector to offer an enhanced experience to customers.
In addition, people across the globe were required to stay indoors due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic. This subsequently increased the demand for remote operational tools, which in turn exponentially surged the demand for augmented reality in the retail sector.
The report offers a detailed segmentation of the global augmented reality in retail market based on component, device type, application, retail type, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Get detailed COVID-19 impact analysis on the augmented reality in retail market:
Based on component, the hardware segment held the dominating market share in 2021, holding more than two-fifths of the global market. The software segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 42.7% during the forecast period.
Based on device type, the head-mounted display segment held the dominating market share in 2021, holding around two-fifths of the global market. The smart AR mirror, on the other hand, is expected to maintain its leadership status during the forecast period. Besides, the handheld device segment is expected to cite the fastest CAGR of 44.1% during the forecast period.
Based on application, the advertising and marketing segment held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The information systems segment, on the other hand, is expected to cite the fastest CAGR of 44.0% during the forecast period.
Based on region, the market across North America held the lion’s market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 44.0% during the forecast period.
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The key players analyzed in the global augmented reality in retail market report include Amazon.com, Inc., Apple Inc., Augment, Blippar Group Limited, Google Corporation, Holition Ltd., Inter IKEA Systems B.V., Imaginate Technologies, INDE, Kudan, Marxent Labs, Microsoft Corporation, PTC, Sephora USA, Inc., ViewAR GmbH, Wikitude, and Zugara, Inc.
The report analyzes these key players in the global augmented reality in retail industry. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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