HMDs are leading the augmented reality in retail market

(IT-NEWSWIRE.COM, September 10, 2019 ) The augmented reality in retail market is expected to be USD 1,155.8 million in 2018 and is projected to reach USD 7,951.2 million by 2023, at a CAGR of 47.1% during the forecast period. Increasing online shopping encourages retailers to adopt AR, rising smartphone penetration, and growing adoption of connected devices are the major factors driving the growth of the augmented reality in retail market. Conventional strategies of advertising and marketing, as well as transactional sales, have been greatly revolutionized with the addition of innovative technological advancements; together these progressions have uplifted the retail industry. The fierce competition in the retail industry has encouraged retailers to adopt advanced technologies in their space. Consumer engagement through online and offline modes is the most effective strategy adopted to sustain and grow in the retail industry.

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The objectives of augmented reality in retail market study are as follows:

To define, describe, and forecast the augmented reality (AR) in retail market, in terms of value, on the basis of offering, device type, application, retail type, and geography

To define, describe, and forecast the augmented reality (AR) retail market, in terms of volume, on the basis of device type

To provide the qualitative analysis of the augmented reality technologies such as marker-based and marker-less

To forecast the market size for various segments with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)

To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contributions to the total market

To analyze the opportunities in the market for stakeholders by identifying high-growth segments in the AR in retail market

To use the value chain analysis and market roadmaps to study the evolution and timeline of the AR in retail market

To analyze competitive developments such as mergers and acquisitions, product developments, and research and development (R&D) in the AR in retail market

To strategically profile key players, comprehensively analyze their core competencies, and describe the competitive landscape of the market

HMDs are leading the augmented reality in retail market

The major use case for HMDs in the retail sector is its use as the information viewing system. Sales personnel can use HMDs for real-time assistance. Currently, the adoption of HMDs by end users for information viewing is low; however, the surge in its adoption can be witnessed if AR smartglasses are used as interface instead of smartphones. In the retail sector, smart glasses are expected to be used on a large scale for the workforce and sales management purposes.

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North America is expected to lead the AR in retail market in terms of market size in 2018 and APAC is expected to have the highest growth in AR in retail market during the forecast period. North America is also leading in private equity investments. More than 95% of total investments in the AR market have been made in North America. The US homes a few major retail industries across the world, with the apparel industry being the largest; it is 50% larger than the retail industry in China. The 12 major US retailers hold one-third of the market share across the world; this further drives the AR in retail market in North America. Growing consumer and commercial markets with increasing investments in countries such as Japan and China would boost the growth of the AR in retail market in APAC. E-commerce is becoming a major area of focus for retailers in APAC, where China is becoming the largest e-commerce market worldwide.

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This report discusses the drivers, restraints, opportunities, and challenges pertaining to the AR in retail market. In addition, it analyzes the current market scenario and forecasts the market size till 2023. Major players in the augmented reality in retail market are Google (US), PTC (US), Apple (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara (US), Blippar (UK), Marxent Labs (US), Augment (France), and ViewAR (Austria). The other players profiled in the report include Holition (UK), Ikea (Netherlands), Sephora (France), Amazon (US), Imaginate Technologies (India), Kudan (UK), Total Immersion (France), and INDE (UK). The start-up ecosystem includes Ads Reality (UK), XZIMG (China), VisionStar Information Technology (China), Zappar (UK), and Obsess (US).

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HMDs are leading the augmented reality in retail market