Augmented Reality (AR) in the Global Retail Market - $7.95 Billion Opportunity Forecast to 2023
DUBLIN, July 10, 2018 /PRNewswire/ --
The "Augmented Reality in Retail Market by Offering, Device Type, Application, Retail Type and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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.
The lack of compatibility, interoperability, privacy, and security concerns associated with the use of AR restrain the growth of the AR in retail market.
Market Segmentation
This report covers the augmented reality in retail market on the basis of retail type, application, device type, offering (hardware and software), and geography.
The early adoption of AR by the furniture retailers such as Ikea and WayFair is the major factor driving the growth of the augmented reality in retail market for furniture and lighting. Younger customers, fierce competition, and ease of showcasing would further drive the growth of the augmented reality in retail market for furniture and lighting. Increasing online furniture shopping has been a major boost to furniture retailers.
Growing adoption of smart AR mirrors in the clothing industry has helped boost the AR in retail market. Smart mirrors are being increasingly used for virtual apparel fitting as a try-before-you-buy option. The use of try-on solutions has also witnessed a wider adoption for jewelry stores, wherein customers can virtually try on the jewelry before they buy.
Planning and designing is another application in the AR in retail market to have seen a widespread usage. This is due to its use in furniture and lighting, and automotive interior planning applications. Customers can plan and design their home decor or automotive interior by virtually placing different products to get a sense of the real environment.
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
Competitive Analysis
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).
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing the Market Size By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing the Market Size By Top-Down Analysis (Supply Side)
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 AR in Retail Market, 2018-2023 (USD Billion)
4.2 AR in Retail Market in APAC
4.3 AR in Retail Market: Developed vs Developing Markets, 2018 and 2023 (USD Million)
4.4 APAC Expected to Grow at Highest CAGR Between 2018 and 2023 in AR in Retail Market
4.5 AR in Retail Market, By Application (USD Million)
4.6 AR in Retail Market, By Device Type
5 Market Overview
5.1 Introduction
5.2 History and Evolution of AR Technology
5.3 Market Dynamics: AR in Retail Market
5.3.1 Drivers
5.3.1.1 Increasing Online Shopping Interests Retailers in Ar
5.3.1.2 Increasing Smartphone Penetration Drives Growth of AR Apps
5.3.1.3 Growing Adoption of Connected Devices Drives Growth of AR in Retail
5.3.2 Restraints
5.3.2.1 Lack of Compatibility and Interoperability
5.3.2.2 Privacy and Security Concerns
5.3.3 Opportunities
5.3.3.1 Rising Investments in Retail Sector
5.3.3.2 Establishing Direct Connect With End Users
5.3.4 Challenges
5.3.4.1 Reluctance Among Retailers
5.3.4.2 Lack of Skills and Expertise
5.4 Value Chain Analysis
6 Augmented Reality in Retail Market, By Technology
6.1 Introduction
6.2 Augmented Reality Technology
6.2.1 Marker-Based Augmented Reality
6.2.1.1 Passive Marker
6.2.1.2 Active Marker
6.2.1.3 Marker-Based AR Use Cases
6.2.2 Markerless Augmented Reality
6.2.2.1 Model-Based Tracking
6.2.2.2 Image-Based Processing
6.2.2.3 Markerless AR Use Cases
7 Augmented Reality in Retail Market, By Offering
7.1 Introduction
7.1.1 Hardware
7.1.1.1 Displays and Projectors
7.1.1.2 Sensors
7.1.1.2.1 Accelerometers
7.1.1.2.2 Gyroscopes
7.1.1.2.3 Magnetometers
7.1.1.2.4 Proximity Sensors
7.1.1.3 Semiconductor Components
7.1.1.3.1 Controllers and Processors
7.1.1.3.2 Integrated Circuits
7.1.1.4 Cameras
7.1.1.5 Others
7.2 Software & Services
7.2.1 Introduction
7.2.2 Software Development Kits and Apps
7.2.3 Services
7.2.4 AR Software Functions
7.2.4.1 AR Remote Collaboration
7.2.4.2 Workflow Optimization
7.2.4.3 Documentation
7.2.4.4 Visualization
7.2.4.5 3d Modeling
7.2.4.6 Navigation
8 Augmented Reality in Retail Market, By Device Type
8.1 Introduction
8.2 Augmented Reality Devices
8.2.1 Head-Mounted Displays
8.2.1.1 AR Smart Glasses
8.2.2 Smart AR Mirrors
8.2.3 Handheld Devices
9 Augmented Reality in Retail Market, By Application
9.1 Introduction
9.2 Try-On Solutions
9.3 Planning & Designing
9.4 Advertising & Marketing
9.5 Information Systems
10 Augmented Reality in Retail Market, By Retail Type
10.1 Introduction
10.2 Furniture & Lighting
10.2.1 Use Cases in Furniture & Lighting
10.2.1.1 IKEA Develops AR App to Make Furnishing Easier
10.2.1.2 Wayfair Uses AR to Gain Business Benefits
10.3 Beauty & Cosmetics
10.3.1 Use Cases in Beauty & Cosmetics
10.3.1.1 L'oreal Buys Modiface to Strengthen Their Digital Strategy
10.3.1.2 Sephora Uses AR in Its Virtual Try-On Makeup Solution
10.4 Apparel Fitting
10.4.1 Use Cases in Apparel Fitting
10.4.1.1 Zara Enhances Shopping Experience Using Ar
10.4.1.2 Uniqlo Uses Smart AR Mirror
10.5 Jewelry
10.5.1 Use Cases in Jewelry
10.5.1.1 Swarovski Partnered With Perfect Corp. to Introduce AR Filters
10.5.1.2 De Beers Used AR to Market Its Forevermark Diamond Brand
10.6 Grocery Shopping
10.6.1 Use Cases in Grocery Shopping
10.6.1.1 Coop Italia Unveiled Supermarket of the Future
10.6.1.2 China's Largest Online Grocery Store Yihaodian Uses Ar
10.7 Footwear
10.7.1 Use Cases in Footwear
10.7.1.1 Converse Made Shopping Simple With Its App
10.7.1.2 Nike Used AR to Sell Its Products
10.8 Others
10.8.1 Use Cases in Other Retail Types
10.8.1.1 Ray-Ban Used Smart AR Mirror to Virtually Try Glasses
10.8.1.2 Dulux Helps Previsualize Walls With Ar
10.8.1.3 Bmw Creates Visualizer App to Showcase Cars
11 Augmented Reality in Retail Market, Geographical Analysis
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada & Mexico
11.3 Europe
11.3.1 Germany
11.3.2 France
11.3.3 UK
11.3.4 Rest of Europe
11.4 APAC
11.4.1 China
11.4.2 Japan
11.4.3 South Korea
11.4.4 Rest of APAC
11.5 RoW
11.5.1 Middle East & Africa
11.5.2 South America
12 Competitive Landscape
12.1 Introduction
12.2 Ranking for AR in Retail Market Players
12.2.1 Product Launches & Developments
12.2.2 Partnerships
12.2.3 Agreements, Collaborations, & Capital Funding
12.2.4 Acquisitions & Expansions
13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 PTC
13.2.2 Google
13.2.3 Microsoft
13.2.4 Apple
13.2.5 Wikitude
13.2.6 Blippar
13.2.7 Zugara
13.2.8 Marxent Labs
13.2.9 Augment
13.2.10 Viewar
13.3 Other Important Players
13.3.1 Holition
13.3.2 Gravity Jack
13.3.3 IKEA
13.3.4 Sephora
13.3.5 Amazon
13.3.6 Imaginate Technologies
13.3.7 Kudan
13.3.8 Total Immersion
13.3.9 Inde
13.4 Start-Up Ecosystem
13.4.1 ADS Reality
13.4.2 Xzimg
13.4.3 Visionstar Information Technology (Shanghai) (Easyar)
13.4.4 Zappar
13.4.5 Obsess
For more information about this report visit https://www.researchandmarkets.com/research/gsckzg/augmented_reality?w=5
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