The report "Augmented Reality in Retail Market by Offering (Hardware and Software), Device Type (Head-Mounted, Smart AR Mirror), Application (Try-On Solution, Planning & Designing), Retail Type (Furniture, Beauty & Cosmetics), and Geography - Global Forecast to 2025", is expected to grow from USD 1.2 billion in 2018 to USD 11.4 billion by 2025, at a CAGR of 38.8% between 2018 and 2025. Increasing online shopping encourages retailers to adopt AR, rising smartphone penetration which are driving the growth of AR apps, and growing adoption of connected devices are the major factors driving the growth of the AR in retail market.
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AR software and services will hold the larger share of AR in retail market by 2025
Increasing penetration of AR software solutions and its compatibility with existing hardware devices is expected to help the growth of the market for software, thereby driving the AR in retail market during the forecast period. The apps are the major source of revenue for the AR in retail market. Companies focus on building different mobile-based AR apps to attract customers using smartphones or tablets. This increases user base due to the use of currently available devices. The market for software is set to grow because of the high growth of apps and platforms in the AR space.
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.
Advertising and marketing application to grow at high rate in augmented reality in retail market
The advertising and marketing application is among the major AR applications that increases customer engagement. AR makes advertising more interactive, allowing advertisers and marketers to reach out to customers in new and improved ways. The increase in the adoption of AR relies on major parameters such as the emotional connection with AR, economical advertising with more engagement, sales boost, and improvement in hyperlocal advertising.
Furniture & lighting will hold the largest share in augmented reality in retail market
The adoption of AR has been gaining traction among furniture and lighting retailers. Increasing online furniture shopping has been a major boost to furniture retailers. Retailers are trying to come up with various techniques to woo customers. The use of AR helps users to virtually place the selected furniture at the desired location using apps through devices such as smartphones and tablets. The enhanced experience provided to customers with the ease of buying would be the key driver for the implementation of augmented reality in furniture and lighting. Also, by adopting AR, customers can conveniently choose interiors, thereby driving the growth of the AR in retail market for furniture and lighting.
APAC to be the fastest growing market for augmented reality in retail during forecast period
The high number of internet users in countries such as China, India, and Japan is the major driver of the AR in retail market in APAC. In countries such as China and India, the ever-growing internet base would boost the early deployment of AR in the retail sector. The furniture and lighting, and grocery shopping are set to lead and grow at a higher rate, respectively, owing to the high spending in the countries such as China, South Korea, Japan, and India. The highly populous region would witness a high growth of the AR in retail market during the forecast period.
Major players in the augmented reality in retail market are PTC (US), Google (US), Apple (US), Microsoft (US), Wikitude (Austria), Blippar (UK), Zugara (US), 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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