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. The lack of compatibility, interoperability, privacy, and security concerns associated with the use of AR restrain the growth of the augmented reality in retail market.
Investments in the AR market have witnessed huge growth over the past few years. Companies such as Facebook, Intel, Qualcomm, Alphabet/Google Ventures, Comcast Ventures, and Samsung Group are investing heavily in the AR market. Also, a number of research institutes are carrying out research in the AR application market for various products and applications. There are schools of applications available with respect to AR. Some research institutes are being funded by companies and some by governments. The companies such as Amazon, Ikea, Sephora, and Victoria Secret have invested heavily in AR technology.
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PTC (US) and Google (US) have been the major players in the augmented reality in retail market. PTC is a leader in the augmented reality software market and focuses on combining augmented reality with IoT to enable application development, connectivity, analysis, and AR software applications for connected and smart products in the retail sector. The company has been investing in R&D, with one-third of the employees of the company involved in it. The company is likely to continue to evolve with more IoT usage in the augmented reality platform and is also keen on coming up with applications that support its AR platform. The company with its abilities in the retail sector is expected to maintain its leading position in the market for AR in retail. In March 2018, Staples Solutions (Netherlands) collaborated with PTC to use its FlexPLM retail solution to enable acceleration of its products through improved efficiency. Also, in March 2018, lululemon athletica (Canada), a technical athletic apparel company, collaborated with PTC to use its latest version of the FlexPLM retail software.
In August 2017, Google launched a new SDK—ARCore. This SDK is available for developers to render AR capabilities on Android phones. This SDK is useful in the development of many AR retail applications on Android phones. Google partnered with Lowe’s in-house innovation lab that used Google’s Tango AR technology to create an app for making physical shopping experience faster and easier. Customers using this app would be able to create a shopping list that would guide them through the store using the quickest route to shop all the items in the list. The partnership and the development of ARCore would certainly be a major boost to the leadership of Google in the augmented reality in retail market.
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
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