Augmented Shopping Market to grow by USD 11.005 billion from 2022 to 2027 | The use of AR technology to make advertising more effective drives the market - Technavio

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- The augmented shopping market size is expected to increase by USD 11,005.1 million from 2022 to 2027, registering a CAGR of  39.87%, according to the latest research report from Technavio. North America is estimated to account for 32% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the North American augmented shopping market held the largest share globally and exhibited the highest growth rate compared to other regions. This trend is driven by factors such as advanced technological infrastructure, particularly in the US and Canada, increasing urbanization, and higher disposable income levels in the region. The demand for an immersive and high-quality consumer experience, coupled with retail vendors embracing this trend, has led to the widespread adoption of AR technology in the shopping process. Notably, collaborations between fashion brands and application developers, as exemplified by Nike's partnership with AR platform providers 8th Wall and BDRG Studios in January 2022, where they organized a prize giveaway through web-based AR games in their stores, demonstrate innovative strategies that are poised to further propel the growth of the augmented shopping market in North America during the forecast period. Discover Specialized Consumer Services industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. Request a Sample Report!

The augmented shopping market covers the following areas:

Augmented Shopping Market Sizing
Augmented Shopping Market Forecast
Augmented Shopping Market Analysis

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters
Companies Mentioned

• 3DLOOK Inc.
• Adidas AG
• Alphabet Inc.
• Amazon.com Inc.
• Apple Inc.
• Autumn Rock Ltd.
• Blippar Ltd.
• Carl Zeiss Stiftung
• Else Corp. SRL
• Holition Ltd.
• Houzz Inc.
• Marxent Labs LLC
• Microsoft Corp.
• PTC Inc.
• Qualcomm Inc.
• Samsung Electronics Co. Ltd.
• Shopify Inc.
• VIEWAR GmbH
• Walmart Inc.
• Zugara Inc.

Company Offerings 

• Blippar Ltd. - The company offers augmented shopping such as virtual try on and online makeup experiences.
• Adidas AG - The company offers augmented shopping such as Adidas virtual sneakers Try On.
• Alphabet Inc. - The company offers augmented shopping such as virtual try on for shoes and beauty products under its subsidiary called Google LLC.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Market Dynamics

Drivers

The use of AR technology to make advertising more effective is notably driving market growth. Utilizing AR enables companies to bridge the gap between the physical and digital realms, facilitating real-time interaction between consumers and the brand. This avenue also enables users to connect with other consumers in real time. Additionally, AR facilitates more engaging and responsive advertisements that cater to customer preferences and demands. With the simple action of pointing their smartphones in the product's direction, consumers can access comprehensive information about the product, enhancing their overall shopping experience. These dynamics are projected to significantly enhance the expansion of the global augmented shopping market during the forecast period.

Trends - The growing number of smartphones and tablets fueling the growth of augmented shopping is a primary trend in the market.

Challenge - The privacy and security concerns over AR are the significant challenge hindering the market growth. 

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Related Reports:

The mobile augmented reality (AR) market size is estimated to grow at a CAGR of 30.78% between 2022 and 2027. The market size is forecast to increase by USD 83,489.08 million. This report extensively covers market segmentation by application (marketing and advertisement, gaming and entertainment, education and learning, travel and tourism, and others), end-user (enterprise and consumer), and geography (North America, APAC, Europe, South America, and Middle East and Africa). Increasing dependence on apps and the proliferation of AR apps for numerous activities is the key factor driving the growth of the market.

The augmented reality in retail market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 39.0 and a CAGR of 41.7% with the market share increasing by USD 9.24 billion during the forecast period 2021 to 2026. This report extensively covers augmented reality in retail market segmentation by type (apparel, furniture, lighting, and decor, footwear, grocery, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The use of AR technology to make advertising more effective is notably driving augmented reality in retail market growth.

Key Topics Covered:

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio