BANGALORE, India, July 22, 2020 /PRNewswire/ -- Augmented Reality (AR) in retail technology allows digital information to be incorporated into the user experience in real-time through devices such as smartphones or tablets. The need to offer improved customer service, increase internet penetration, and rise in IoT spending is expected to fuel the growth of AR In Retail Market size.
The global AR in Retail market size is projected to reach USD 4612.7 Million by 2026, from USD 1544 Million in 2020, at a CAGR of 20.0% during 2021-2026.
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.
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.
AR in Retail enables the development of immersive catalogs of goods and services with features of a preview. AR in Retail also helps retailers in the e-commerce field to reduce the drawbacks of not having a showroom with the help of catalogs and applications focused on virtual reality. AR in Retail allows businesses to dramatically increase the rate of sale online and reduce the cost of return on goods. AR offers personal customization that offers a glimpse of the product and lets consumers ensure they like it. These advantages are, in turn, expected to increase the AR In Retail Market Size.
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.
The global IoT in Retail Market size is projected to reach USD 28.9 Billion by 2026, from USD 11 Billion in 2019, at a CAGR of 17.5% during 2020-2026.
IoT offers retailers opportunities for the development of an ecosystem that connects the physical and digital world. The retail industry has witnessed a wide utilization of connected products by adopting an integrated platform. IoT has changed the retail market and has provided massive growth. By integrating IoT into Retail, companies can improve their customer base and gain significant market revenues.
The market in North America is expected to hold the largest market share, whereas the APAC region is projected to provide significant opportunities in this market and expected to grow at the highest CAGR during the forecast period.
In 2019, the global Smart Retail market size was USD 12.410 Billion, and it is expected to reach USD 30.730 Billion by the end of 2026, with a CAGR of 13.7% from 2021-2026.
Growth in this market is mainly driven by factors such as increasing adoption of smartphones, growing need for better customer service and shopping experience, decreasing cost of electronic components, and emerging new technologies creating new revenues for retailers.
Artificial Intelligence (AI) in Retail Market Report
The global AI in Retail market size is projected to reach USD 14.7 Billion by 2026, from USD 2.7 Billion in 2020, at a CAGR of 32.7% during 2020-2026.
This report focuses on global Artificial Intelligence(AI) in Retail status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Artificial Intelligence(AI) in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The growth of Digital Transformation in Retail Market size is expected to be driven by increased usage of smart devices, growing need for advanced mobile logistics management, and demand for an increase in yield and efficiency
The key regions covered in the Digital Transformation in the retail market report are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America. The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and application segment in terms of revenue for 2015-2026.
The global AR and VR market size was USD 11.35 Billion in 2017, and the augmented and virtual reality market forecast is projected to reach USD 571.42 Billion by 2025, growing at a CAGR of 63.3% from 2018 to 2025.
The study presents an in-depth analysis of the global augmented and virtual reality market along with the current & future trends to elucidate the imminent investment pockets. The quantitative analysis of the global augmented and virtual reality market from 2017 to 2025 is provided to determine the market potential.
The Global Virtual Reality Market Size is growing with a CAGR of 34.5% during the forecasted period 2019 to 2025
North America is expected to hold the largest virtual reality market share. Asia-Pacific is estimated to grow at the highest rate. Countries like China, India, Japan, and South Korea in the APAC region are witnessing a huge demand for Virtual Reality technology for the gaming application.
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