HOME Top Market Reports 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 2023

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 2023

By: marketsandmarkets.com
Publishing Date: July 2018
Report Code: SE 6425

 

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The augmented reality in retail market was valued at USD 411.3 million in 2017 and is expected to reach USD 7,951.2 million by 2023, at a CAGR of 47.1% during the forecast period. The base year considered for this study is 2017, and the forecast period considered is between 2018 and 2023.

The objectives of the study are as follows:

  • To define, describe, and forecast the augmented reality (AR) in retail market, in terms of value, on the basis of offering, device type, application, retail type, and geography
  • To define, describe, and forecast the augmented reality (AR) retail market, in terms of volume, on the basis of device type
  • To provide the qualitative analysis of the augmented reality technologies such as marker-based and marker-less
  • To forecast the market size for various segments with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micromarkets with regard to individual growth trends, prospects, and contributions to the total market
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments in the AR in retail market
  • To use the value chain analysis and market roadmaps to study the evolution and timeline of the AR in retail market
  • To analyze competitive developments such as mergers and acquisitions, product developments, and research and development (R&D) in the AR in retail market
  • To strategically profile key players, comprehensively analyze their core competencies, and describe the competitive landscape of the market

The research methodology includes the use of primary and secondary data. Both top-down and bottom-up approaches have been used to estimate and validate the size of the market as well as of the other dependent submarkets in the overall augmented reality in retail market. Key players in the market have been identified through secondary research. The secondary sources include annual reports, press releases, and investor presentations of companies; white papers, certified publications, and articles from recognized authors; directories; and databases. Some of these secondary sources include organizations and associations such as VR/AR Association, AugmentedReality.Org, Retail Industry Leaders Association (RILA), and Augmented Reality for Enterprise Alliance.

The research methodology includes the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All the percentage shares and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. The breakdown of the profiles of primaries has been depicted in the figure below:

Augmented Reality in Retail Market

To know about the assumptions considered for the study, download the pdf brochure

The value chain of the augmented reality in reality market includes original equipment manufacturers for augmented reality devices, software vendors, and application developers. Major companies that are part of the value chain include Google (US), PTC (US), Apple (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara (US), Blippar (UK), Marxent Labs (US), Augment (France), ViewAR (Austria), Holition (UK), Ikea (Netherlands), Sephora (France), Amazon (US), Imaginate Technologies (India), Kudan (UK), Total Immersion (France), INDE (UK), Holition (UK), Ikea (Netherlands), Sephora (France), Amazon (US), Imaginate Technologies (India), Kudan (UK), Total Immersion (France), and INDE (UK).

Target Audience

  • Raw Material and Manufacturing Equipment Suppliers
  • Original Equipment Manufacturers (OEMs) (End-User Applications or Electronic Product Manufacturers)
  • Product Manufacturers
  • Original Design Manufacturers (ODMs) and OEM Technology Solution Providers
  • Research Organizations
  • Technology Standard Organizations, Forums, Alliances, and Associations
  • Technology Investors
  • Governments, Financial Institutions, and Investment Communities
  • Analysts and Strategic Business Planners
  • Retailers
  • End Users

“The study answers several questions for the target audiences, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Report Scope

In this report, the augmented reality in retail market has been segmented as follows:

Augmented Reality in Retail Market, by Technology

  • Marker-based Augmented Reality
    • Passive Marker
    • Active Marker
  • Marker-less Augmented Reality
    • Model Based
    • Image Processing Based

Augmented Reality in Retail Market, by Offering

  • Hardware
    • Sensors
    • Semiconductor Components
    • Displays & Projectors
    • Cameras
    • Others
  • Software & Services
    • Software Development Kits (SDKs) and apps
    • Services

Augmented Reality in Retail Market, by Device Type

  • Head-Mounted Display (HMD)
  • Smart AR Mirror
  • Handheld Device

Augmented Reality in Retail Market, by Application

  • Advertising and Marketing
  • Try-on Solutions
  • Planning and Designing
  • Information Systems

Augmented Reality in Retail Market, by Retail Type

  • Jewelry
  • Beauty and Cosmetics
  • Apparel Fitting
  • Furniture and Lighting
  • Grocery Shopping
  • Footwear
  • Others

Augmented Reality in Retail Market, by Geography

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Company Profiles: Detailed analysis of the major companies present in the augmented reality in retail market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Detailed information of the use-cases in the various retail type establishments in the augmented reality in retail market

Company Information

Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 16)
    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 (Page No. - 20)
    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 (Page No. - 30)

4 Premium Insights (Page No. - 35)
    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 (Page No. - 39)
    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 (Page No. - 46)
    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 (Page No. - 49)
    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 (Page No. - 58)
    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 (Page No. - 65)
    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 (Page No. - 73)
     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 (Page No. - 97)
     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 (Page No. - 113)
     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 (Page No. - 117)
     13.1 Introduction
(Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View)*
     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
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.
     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

14 Appendix (Page No. - 144)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (74 Tables)

Table 1 AR in Retail Market, By Offering, 2015–2023 (USD Million)
Table 2 AR in Retail Market, Hardware, 2015–2023 (USD Million)
Table 3 AR in Retail Market for Software, By Application, 2015–2023 (USD Million)
Table 4 AR in Retail Market, By Device Type, 2015–2023 (USD Million)
Table 5 AR in Retail Market, By Device Type, 2015–2023 (Thousand Units)
Table 6 AR in Retail Market for Hmds, By Application, 2015–2023 (USD Million)
Table 7 AR in Retail Market for Smart AR Mirror, By Application, 2015–2023 (USD Million)
Table 8 AR in Retail Market for Handheld Devices, By Application, 2015–2023 (USD Thousand)
Table 9 AR in Retail Market, By Application, 2015–2023 (USD Million)
Table 10 AR in Retail Market for Try-On Solutions, By Device Type, 2015–2023 (USD Thousand)
Table 11 AR in Retail Market for Try-On Solutions, By Retail Type, 2015–2023 (USD Million)
Table 12 AR in Retail Market for Planning & Designing, By Device Type, 2015–2023 (USD Thousand)
Table 13 AR in Retail Market for Planning & Designing, By Retail Type, 2015–2023 (USD Million)
Table 14 AR in Retail Market for Advertising & Marketing, By Device Type, 2015–2023 (USD Thousand)
Table 15 AR in Retail Market for Advertising & Marketing, By Retail Type, 2015–2023 (USD Million)
Table 16 AR in Retail Market for Information System, By Device Type, 2015–2023 (USD Thousand)
Table 17 AR in Retail Market for Information System, By Retail Type, 2015–2023 (USD Million)
Table 18 AR in Retail Market, By Retail Type, 2015–2023 (USD Million)
Table 19 AR in Retail Market for Furniture & Lighting, By Application, 2015–2023 (USD Million)
Table 20 AR in Retail Market for Furniture & Lighting, By Region, 2015–2023 (USD Million)
Table 21 AR in Retail Market for Furniture & Lighting in North America, By Country, 2015–2023 (USD Million)
Table 22 AR in Retail Market for Furniture & Lighting in Europe, By Country, 2015–2023 (USD Million)
Table 23 AR in Retail Market for Furniture & Lighting in APAC, By Country, 2015–2023 (USD Million)
Table 24 AR in Retail Market for Furniture & Lighting in RoW, By Country, 2015–2023 (USD Million)
Table 25 AR in Retail Market for Beauty & Cosmetics, By Application, 2015–2023 (USD Million)
Table 26 AR in Retail Market for Beauty & Cosmetics, By Region, 2015–2023 (USD Million)
Table 27 AR in Retail Market for Beauty & Cosmetics in North America, By Country, 2015–2023 (USD Million)
Table 28 AR in Retail Market for Beauty & Cosmetics in Europe, By Country, 2015–2023 (USD Million)
Table 29 AR in Retail Market for Beauty & Cosmetics in APAC, By Country, 2015–2023 (USD Million)
Table 30 AR in Retail Market for Beauty & Cosmetics in RoW, By Country, 2015–2023 (USD Million)
Table 31 AR in Retail Market for Apparel Fitting, By Application, 2015–2023 (USD Million)
Table 32 AR in Retail Market for Apparel Fitting, By Region, 2015–2023 (USD Million)
Table 33 AR in Retail Market for Apparel Fitting in North America, By Country, 2015–2023 (USD Million)
Table 34 AR in Retail Market for Apparel Fitting in Europe, By Country, 2015–2023 (USD Million)
Table 35 AR in Retail Market for Apparel Fitting in APAC, By Country, 2015–2023 (USD Million)
Table 36 AR in Retail Market for Apparel Fitting in RoW, By Country, 2015–2023 (USD Million)
Table 37 AR in Retail Market for Jewelry, By Application, 2015–2023 (USD Million)
Table 38 AR in Retail Market for Jewelry, By Region, 2015–2023 (USD Million)
Table 39 AR in Retail Market for Jewelry in North America, By Country, 2015–2023 (USD Million)
Table 40 AR in Retail Market for Jewelry in Europe, By Country, 2015–2023 (USD Million)
Table 41 AR in Retail Market for Jewelry in APAC, By Country, 2015–2023 (USD Million)
Table 42 AR in Retail Market for Jewelry in RoW, By Country, 2015–2023 (USD Million)
Table 43 AR in Retail Market for Grocery Shopping, By Application, 2015–2023 (USD Million)
Table 44 AR in Retail Market for Grocery Shopping, By Region, 2015–2023 (USD Million)
Table 45 AR in Retail Market for Grocery Shopping in North America, By Country, 2015–2023 (USD Million)
Table 46 AR in Retail Market for Grocery Shopping in Europe, By Country, 2015–2023 (USD Million)
Table 47 AR in Retail Market for Grocery Shopping in APAC, By Country, 2015–2023 (USD Million)
Table 48 AR in Retail Market for Grocery Shopping in RoW, By Country, 2015–2023 (USD Million)
Table 49 AR in Retail Market for Footwear, By Application, 2015–2023 (USD Million)
Table 50 AR in Retail Market for Footwear, By Region, 2015–2023 (USD Million)
Table 51 AR in Retail Market for Footwear in North America, By Country, 2015–2023 (USD Million)
Table 52 AR in Retail Market for Footwear in Europe, By Country, 2015–2023 (USD Million)
Table 53 AR in Retail Market for Footwear in APAC, By Country, 2015–2023 (USD Million)
Table 54 AR in Retail Market for Footwear in RoW, By Country, 2015–2023 (USD Million)
Table 55 AR in Retail Market for Other Retail Types, By Application, 2015–2023 (USD Million)
Table 56 AR in Retail Market for Other Retail Types, By Region, 2015–2023 (USD Million)
Table 57 AR in Retail Market for Other Retail Types in North America, By Country, 2015–2023 (USD Million)
Table 58 AR in Retail Market for Other Retail Types in Europe, By Country, 2015–2023 (USD Million)
Table 59 AR in Retail Market for Other Retail Types in APAC, By Country, 2015–2023 (USD Million)
Table 60 AR in Retail Market for Other Retail Types in RoW, By Country, 2015–2023 (USD Million)
Table 61 AR in Retail Market, By Region, 2015–2023 (USD Million)
Table 62 AR in Retail Market in North America, By Retail Type, 2015–2023 (USD Million)
Table 63 AR in Retail Market in North America, By Country, 2015–2023 (USD Million)
Table 64 AR in Retail Market in Europe, By Retail Type, 2015–2023 (USD Million)
Table 65 AR in Retail Market in Europe, By Country, 2015–2023 (USD Million)
Table 66 AR in Retail Market in APAC, By Retail Type, 2015–2023 (USD Million)
Table 67 AR in Retail Market in APAC, By Country, 2015–2023 (USD Million)
Table 68 AR in Retail Market in RoW, By Retail Type, 2015–2023 (USD Million)
Table 69 AR in Retail Market in RoW, By Country, 2015–2023 (USD Million)
Table 70 Ranking of Top 5 Players in AR in Retail Market
Table 71 Product Launches & Developments: AR in Retail Market, 2017
Table 72 Partnerships: AR in Retail Market, 2017–2018
Table 73 Agreements. Collaborations, & Capital Funding: AR in Retail, 2016–2018
Table 74 Acquisitions & Expansions: AR in Retail Market, 2015–2017


List of Figures (40 Figures)

Figure 1 Market Segmentation
Figure 2 AR in Retail Market: Research Design
Figure 3 Bottom-Up Approach to Arrive at the Market Size
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of the Research Study
Figure 7 Augmented Reality in Retail Market, 2015–2023 (USD Billion)
Figure 8 AR in Retail Market, By Offering, 2018 vs 2023
Figure 9 Try-On Solution Application Expected to Witness Highest Growth in AR in Retail Market Between 2018 and 2023
Figure 10 North America Held Largest Share of AR in Retail Market in 2017
Figure 11 North America Expected to Lead Furniture & Lighting Retail Type in AR in Retail Market During Forecast Period
Figure 12 Attractive Market Opportunities for AR in Retail Market
Figure 13 China Expected to Hold Largest Share of AR in Retail Market in APAC By 2023
Figure 14 US Expected to Hold Largest Size of AR in Retail Market By 2023
Figure 15 AR in Retail Market in China Expected to Grow at Highest CAGR Between 2018 and 2023
Figure 16 Try-On Solution Application Expected to Dominate AR in Retail Market During Forecast Period
Figure 17 Head-Mounted Displays Expected to Dominate AR in Retail Market By 2023
Figure 18 Evolution of Augmented Reality Technology
Figure 19 Growing Interest of Large Retailers in AR Technology and Increasing Interest in Omni-Channel Retailing Would Drive AR in Retail Market
Figure 20 Shipments of Smartphones, 2012–2017
Figure 21 Value Chain Analysis (2017): Major Value Added During Research & Product Development and Manufacturing Stages
Figure 22 Elements of AR Ecosystem
Figure 23 AR in Retail Market for Hardware Expected to Grow at Higher CAGR During Forecast Period
Figure 24 Displays and Projectors Dominate AR in Retail Market During Forecast Period
Figure 25 Advertising & Marketing Application Expected to Grow at Highest CAGR in AR in Retail Market for Software During Forecast Period
Figure 26 AR in Retail Market for Head-Mounted Displays Expected to Grow at Highest CAGR During Forecast Period
Figure 27 Head-Mounted Displays Expected to Lead AR in Retail Market in Unit Shipments During Forecast Period (Thousand Units)
Figure 28 AR in Retail Market for Advertising & Marketing Expected to Grow at Highest CAGR During Forecast Period
Figure 29 AR in Retail Market for Grocery Shopping Expected to Grow at the Highest CAGR During the Forecast Period
Figure 30 Geographic Snapshot: AR in Retail Market in APAC to Witness Highest Growth Rate During Forecast Period
Figure 31 US Expected to Hold Largest Size of AR in Retail Market Between 2017 and 2023
Figure 32 North America: Snapshot of AR in Retail Market
Figure 33 Europe: Snapshot of AR in Retail Market
Figure 34 APAC: Snapshot of AR in Retail Market
Figure 35 Companies Adopted Product Launches & Developments as Key Growth Strategies Between 2014 and 2018
Figure 36 Geographic Revenue Mix of Major Players
Figure 37 PTC: Company Snapshot
Figure 38 Google: Company Snapshot
Figure 39 Microsoft: Company Snapshot
Figure 40 Apple: Company Snapshot

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.

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.

Augmented Reality in Retail Market

The lack of compatibility, interoperability, privacy, and security concerns associated with the use of AR restrain the growth of the AR in retail market.

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).

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