Insights on the Virtual Reality and Augmented Reality in Retail Global Market to 2028 - Rising Investments by Retailers Present Opportunities

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Oct 05, 2021, 12:45 ET

DUBLIN, Oct. 5, 2021 /PRNewswire/ -- The "Virtual Reality and Augmented Reality in Retail Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (AR and VR) and Application (Online Retail and Offline Retail)" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 3147.58 million in 2020, and it is expected to grow at a CAGR of 24.8% during 2021-2028 to reach US$ 17864.86 million by 2028.

The fashion industry across the region is also investing in AR and VR technologies to offer advanced customer experiences. StyleDotMe is a fashion technology company introduced in 2015. It has created MirrAR, an augmented reality software for jewelers. The AR technology allows customers to try on jewelry on client brands' digital platforms without wearing it, as well as obtain rapid fashion advice from experts, bloggers, and influencers across the world. StyleDotMe's revolutionary AR technology works automatically on digitized copies of jewelry in real-time. Leading Indian jewelry brands such as Tanishq, Amrapali, PC Jewellers, and Kalyan Jewellers have integrated the same on their websites and applications to offer better shopping experiences to customers.

Thus, the above-mentioned factors are contributing to the growth of the market in the region. The region has experienced a temporary shutdown of all retail business activities in the initial months of 2020. This has led retail businesses to make large investments on adopting technological advancements in their business model. For instance, with the COVID-19 pandemic causing a shift in consumer behavior and an increase in online adoption, Flipkart has been concentrating on improving customer experiences through several investments. To improve its e-commerce purchasing experience, Flipkart Group has acquired Scapic, an augmented reality (AR) business. Scapic is a cloud-based platform that allows clients in the e-commerce and marketing industries to create and publish Augmented Reality (AR) and 3D content. Thus, the growing investment by retail giants across the region on technological implementation has positively impacted the growth of the market across the region during the pandemic.

Brands use virtual and augmented reality technology to promote themselves and their products in virtual reality marketing. The technology generates a fictitious yet realistic setting. Depending on the device, virtual reality marketing might be visual or multi-sensory. A full virtual reality headset provides a fully immersive experience, whereas a virtual reality Instagram filter only overlays objects or photographs onto the camera view. Augmented reality (AR) marketing is what these filters are. AR is a type of virtual reality in which a virtual image is superimposed on the real environment.

The most prevalent sort of virtual reality marketing is augmented reality marketing. For many businesses, it is more practical and less expensive than developing a headset experience. Consumers will find augmented reality more accessible because it only requires a phone or desktop app. For example, with its Virtual Artist app, Sephora was one of the first to adopt augmented reality marketing. Virtual reality marketing is also a fun approach to get the word out about new products. Gucci's app now has an augmented reality element to advertise its new Ace footwear range. Users can aim the camera at their feet to view how various sneaker styles would look on them. They can see the shoes from a variety of angles, owing to the technology's movement tracking abilities. Similarly, Instagram recently teamed up with Spark AR to launch a new feature that allows users to design their own AR filters. Words or images are superimposed on top of the actual image in the camera view by the filters.

This is being used by brands to make filters that display their logo or other branded image. For example, Coca-Cola Poland designed one that practically places its polar bear mascot in the room with the viewer. Thus, the high adoption of AR and VR technologies by brands for marketing purposes is expected to contribute to the growth of the market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global virtual reality and augmented reality in retail market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global virtual reality and augmented reality in retail market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Virtual Reality and Augmented Reality in Retail Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Virtual Reality and Augmented Reality in Retail Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Virtual Reality (VR) Technology to Offer Better Customer Experience Across Online Retail Stores
5.1.2 Rising Adoption of AR and VR in Marketing
5.2 Market Restraints
5.2.1 Security and Privacy Issues Associated with AR
5.3 Market Opportunities
5.3.1 Rising Investments by Retailers on AR and VR Technologies
5.4 Future Trends
5.4.1 High Adoption Across Retail Brands for Implementing Virtual Fitting Technology
5.5 Impact Analysis of Drivers and Restraints

6. Virtual Reality and Augmented Reality in Retail Market - Global Analysis
6.1 Virtual Reality and Augmented Reality in Retail Market Global Overview
6.2 Market Positioning - Five Key Players

7. Virtual Reality and Augmented Reality in Retail Market Analysis - by Type
7.1 Overview
7.2 Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type, 2020 and 2028
7.3 AR
7.3.1 Overview
7.3.2 AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
7.4 VR
7.4.1 Overview
7.4.2 VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)

8. Virtual Reality and Augmented Reality in Retail Market Analysis - by Application
8.1 Overview
8.2 Virtual Reality and Augmented Reality in Retail Market, by Application (2020 and 2028)
8.3 Online Retail
8.3.1 Overview
8.3.2 Online Retail: Virtual Reality and Augmented Reality in Retail Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Offline Retail
8.4.1 Overview
8.4.2 Offline Retail: Artwork management software Market - Revenue and Forecast to 2028 (US$ Million)

9. Virtual Reality and Augmented Reality in Retail Market - Geographic Analysis

10. Impact of COVID-19 Pandemic on Virtual Reality and Augmented Reality in Retail Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
10.2 Europe: Impact Assessment of COVID-19 Pandemic
10.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.4 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.5 South America: Impact Assessment of COVID-19 Pandemic

11. Virtual Reality and Augmented Reality in Retail Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development

12. Company Profiles
12.1 Epson America, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Marxent
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Google LLC
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Infosys Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Intel Corporation
12.5.1 1.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Microsoft Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 PTC Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Qualcomm Technologies, Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Retail VR
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Samsung Electronics Co., Ltd.
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/i45kwm

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