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3. Augmented Reality (AR) Shopping Companies - PTC (US) and Alphabet Inc., (US) are the Key Players

The Augmented Reality (AR) shopping market is projected to reach USD 11.6 billion by 2028 from USD 3.4 billion in 2023 at a CAGR of 28.0% during the forecast period.

Growing adoption of online shopping and e-commerce platforms, rising competition in market driving the need for brand differentiation, growing demand for personalized shopping experience, increasing smartphone penetration & growth of AR apps are some of the major factors driving the market growth.

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

Major Augmented Reality (AR) Shopping Companies Include:

• PTC (US),
• Alphabet Inc., (US),
• Microsoft (US),
• Apple (US),
• Meta (US).

These players have adopted various organic and inorganic growth strategies such as product launches and developments, partnerships, collaborations, acquisitions, and joint ventures to expand their presence globally and increase their share in the Augmented Reality (AR) shopping market. The organic and inorganic strategies have helped the market players to expand themselves globally by providing advanced solutions.

PTC is a global software company that offers a comprehensive range of innovative digital solutions. PTC focuses on both organic growth strategies such as product developments and inorganic growth strategies such as acquisition and collaborations to strengthen its market position. The company extensively focuses on developing AR solutions, for instance, in 2021, PTC launched Vuforia Engine Area Targets, the first offering in the market that supports the creation of immersive AR experiences for spaces up to 300,000 square feet. However, the company also focuses on inorganic growth strategies, for instance, in 2020, PTC collaborated with Rockwell Automation, and Microsoft to provide a comprehensive solution for industrial digital transformation. Moreover, the company in 2019, partnered with Magic Leap to introduce AR-integrated enterprise solutions.

Google focusses on both organic and inorganic growth strategies such as product development and inorganic growth strategies such as acquisitions and collaborations to strengthen its market position in AR shopping market. For instance, in 2022, Google launched an AR feature, which enhances AR shopping with features for finding the perfect foundation match and trying on sneakers in AR, providing a realistic and immersive online shopping experience. However, the company also focuses on inorganic growth strategies, for instance, in 2022, Google acquired Raxium, which is a Micro-Led Panel manufacturer. The acquisition was a strategic way to enhance the company’s capabilities to develop AR devices. In addition, Google has also collaborated with ModiFace and Perfect Corp. to expand its AR capabilities and to differentiate itself from competitors by offering unique and innovative features. The company is continuously introducing new features to enhance the virtual shopping experience.

Microsoft focuses on both organic growth strategies such as product launches and inorganic growth strategies such as collaborations and partnerships to strengthen its position in AR shopping market. For instance, in February 2019, the company launched its new Hololens 2 mixed reality headset, which combines AR and VR technologies. However, Microsoft also focuses on inorganic growth strategies such as collaborations and partnerships, for instance, in September 2020, the company collaborated with Avtar Dimensions and selected it as the exclusive licensee for its volumetric capture technology, and in the same month company also collaborated with Dimension as a Microsoft Mixed Reality Partner to drive digital transformation using mixed reality technologies.

Apple uses both organic growth strategies such as product launches and inorganic growth strategies such as collaborations and partnerships to strengthen its position in the AR shopping market. For instance, in June 2020, Apple released Reality Kit 2 which add to the previous version and provide object capture API, which allows developers to create 3D models quickly and easily using just an iPhone or other devices. However, the company also focuses on inorganic growth strategies, for instance, in August 2020, the company acquired Camerai, to develop a focus on creating augmented reality and image processing graphics.

Meta focuses on both organic growth strategies such as product launches and inorganic growth strategies such as collaborations and partnerships. For instance, In October 2020, the company launched Oculus Quest 2, which is a VR headset with add on AR capabilities. However, the company also focuses on inorganic growth strategies, for instance, in November 2019, Meta collaborated with Unity Technology, to launch a free intermediate VR game development course.

Related Reports:

Augmented Reality (AR) Shopping Market by Device Type (HMD, Smart Mirror, Handheld Device), Application (Try-on Solution, Planning & Designing, Information System), Market Type (Apparel, Jewelry, Groceries), Offering and Region - Global Forecast to 2028

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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