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Augmented Reality in Retail Market Size, Share & Trends Analysis Report By System, By Technology Type, By Application, By Region, and Segment Forecasts, 2021 - 2026
Published Date: April 2020
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Report Code: QYRE-Othe-2Z282
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ar in retail market

Augmented Reality in Retail Market Size, Share & Trends Analysis Report By System, By Technology Type, By Application, By Region, and Segment Forecasts, 2021 - 2026

Code: QYRE-Othe-2Z282
Report
April 2020
113 Pages
QYResearch
Region: Global,
Description
Table of Content
Tables & Figures

Augmented Reality in Retail Market Statistics 2026

The global AR in Retail market size is projected to reach US$ 5535.2 million by 2026, from US$ 1544 million in 2019, at a CAGR of 20.0% during 2021-2026. Augmented reality in Retail refers to a technology that enables the integration of digital information with the user's environment in real-time through devices such as smartphones or tablets. The need to provide enhanced customer experience, increase internet penetration, and rise in IoT spending fuel the demand for augmented reality in the retail market

Augmented Reality in Retail Market

Augmented Reality in Retail Market Trends

The growing adoption of smart AR mirrors in the clothing industry is expected to increase the AR In Retail Market Size. Smart mirrors are increasingly being used as an alternative to try-before-you-buy on virtual clothing fitting. The use of try-on solutions has also seen wider adoption in the form of jewelry stores, wherein customers can virtually try on the jewelry before they buy.

It is expected that the growing adoption of AR software solutions and their compatibility with existing hardware devices will support the growth of AR in retail market size during the forecast period. Companies focus on developing various mobile AR applications that retailers can use to attract consumers using smartphones or tablets.

Augmented Reality in Retail Market Size

Planning and designing in the retail industry is yet another application where AR has seen widespread adoption. This is due to its use in applications related to furniture and decoration, and automotive interior design. By digitally putting various items to get a sense of the real world, consumers can plan and design their home decor or vehicle interior.

Another major application of AR in Retail is advertisement and marketing, which increases customer engagement. AR allows ads more engaging, allowing advertisers and marketers to reach out in new and better ways to their consumers.

Augmented Reality in Retail Market Segment Review

Based on the system, there are two mainly systems of AR in Retail, including Virtual Fitting Room and Visualizing Software. And Visualizing Software is the main system for AR in Retail, and the Visualizing Based on the application, there are two mainly application s of AR in Retail, including E-commerce and Physic Stores. And E-commerce is the main application for AR in Retail, and the E-commerce reached a market size of approximately 750 million USD in 2019, with 62.58% of the global market size.

AR in Retail allows companies to significantly increase online conversion rate and reduce the returns rate of products. Most AR options provide extra information and personal customization that does not only preview the product but also help customers ensure that they like it. The ability to visualize a virtual representation of products in 3D, to scale and in their intended environment, enables shoppers to make better judgments, removing the need to measure and verify dimensions. Once they have made their determinations, they may either buy directly online or go to the store to complete their purchase. Not only does this eliminate a point of friction between the consumer viewing and buying the product, but it also maximizes the probability of them being satisfied with their purchase once received, decreasing the number of returned products.

Software reached a market size of approximately 734 million USD in 2019, with 61.19% of the global market size. Augmented reality can help online retailers significantly reduce returns by providing an engaging ‘try-before-you-buy digital experience. Innovative AR solutions allow customers to visualize products in real-time, from the comfort of their own homes. Full 3D visualizations give the opportunity for shoppers to see how products could look in their space before they commit to purchasing, reducing the temptation to order multiple items to try out before choosing one and returning the others, a practice that is increasingly common.

Augmented Reality in Retail Market Share

North America is expected to hold the largest AR in retail market share in 2018. The 12 major US retailers hold one-third of the market share across the world. This is expected to further drive the AR in retail market size in North America.

APAC is expected to have the highest growth in AR in the retail market during the forecast period. Growing customer and commercial markets with rising investment in countries like Japan and China will fuel AR In Retail Market size in the APAC's retail sector. E-commerce is becoming a major focus field for retailers at APAC, with China dominating the space.

Top Major Players in the AR in Retail Industry

Google, PTC, Apple, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Marxent Labs, Augment, ViewAR, Holition, Ikea, Sephora, Amazon and Others

Augmented Reality in Retail Market Segment

AR in Retail Market by System

  • Virtual Fitting Room
  • Visualizing Software

AR in Retail Market by Technology

  • Marker-based Augmented Reality
    • Passive Marker
    • Active Marker.
  • Marker-less Augmented Reality
    • Model Based
    • Image Processing Based.

AR in Retail Market by Application

  • E-commerce
  • Physic Stores

AR in Retail Market by Regional Analysis

  • North America
  • United States
  • Canada
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Russia
  • Nordic
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia-Pacific
  • Latin America
  • Mexico
  • Brazil
  • Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa

Scope of the Augmented Reality in Retail Market Report

Report Metric

Details

Report Name

Augmented Reality in Retail Market

Market size value in 2019

$1544 Million

Revenue forecast in 2026

$5535.2 Million

Growth Rate

CAGR of 20.0% from 2021 to 2026

Base year for estimation

2020

Forecast period

2021-2026

Units

Value (USD)

Segments covered

by System, Technology, Application

Geographic regions covered

North America, APAC, Europe, and RoW

Online Advertising Companies

Google, PTC, Apple, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Marxent Labs, Augment, ViewAR, Holition, Ikea, Sephora, Amazon and Others  

Frequently Asked Questions About This Report

1. What is AR in retail?

Ans. Augmented reality in retail refers to a technology that enables the integration of digital information with the user's environment in real-time through devices such as smartphones or tablets. The need to provide enhanced customer experience, increase internet penetration, and rise in IoT spending fuel the demand for augmented reality in the retail market.

2. How big is the Augmented Reality in Retail Market?

Ans. The global augmented reality in retail market size is projected to reach US$ 5535.2 million by 2026, from US$ 1544 million in 2019.

3. What is the augmented reality in retail market growth?

Ans. The global augmented reality in retail market is expected to witness a compound annual growth rate of 20.0% during the forecast period 2021-2026

4. Who are the leading players in augmented reality in retail market?

Ans. Some key players operating in the augmented reality in retail market are Google, PTC, Apple, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Marxent Labs, Augment, ViewAR, Holition, Ikea, Sephora, Amazon and Others  

5. What factors will drive the growth of the augmented reality in retail market?

Ans. The growing adoption of smart AR mirrors in the clothing industry is expected to increase the AR In Retail Market Size. Smart mirrors are increasingly being used as an alternative to try-before-you-buy on virtual clothing fitting. The use of try-on solutions has also seen wider adoption in the form of jewelry stores, wherein customers can virtually try on the jewelry before they buy.

TABLE OF CONTENT

 

LIST OF TABLES & FIGURES

 

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