BANGALORE, India | 23rd July 2020: Augmented Reality (AR) in retail technology allows digital information to be incorporated into the user experience in real-time through devices such as smartphones or tablets. The need to offer improved customer service, increase internet penetration, and rise in IoT spending is expected to fuel the growth of AR In Retail Market size.
The global AR in Retail market size is projected to reach USD 4612.7 Million by 2026, from USD 1544 Million in 2020, at a CAGR of 20.0% during 2021-2026.
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TRENDS INFLUENCING THE AR IN RETAIL MARKET SIZE
The growing adoption of smart AR mirrors in the clothing industry is expected to increase the AR In Retail Market Size. Smart mirrors are increasingly being used as an alternative to try-before-you-buy on virtual clothing fitting. The use of try-on solutions has also seen wider adoption in the form of jewelry stores, wherein customers can virtually try on the jewelry before they buy.
It is expected that the growing adoption of AR software solutions and their compatibility with existing hardware devices will support the growth of AR in retail market size during the forecast period. Companies focus on developing various mobile AR applications that retailers can use to attract consumers using smartphones or tablets.
Planning and designing in the retail industry is yet another application where AR has seen widespread adoption. This is due to its use in applications related to furniture and decoration, and automotive interior design. By digitally putting various items to get a sense of the real world, consumers can plan and design their home decor or vehicle interior.
Another major application of AR in Retail is advertisement and marketing, which increases customer engagement. AR allows ads more engaging, allowing advertisers and marketers to reach out in new and better ways to their consumers.
AR in Retail enables the development of immersive catalogs of goods and services with features of a preview. AR in Retail also helps retailers in the e-commerce field to reduce the drawbacks of not having a showroom with the help of catalogs and applications focused on virtual reality. AR in Retail allows businesses to dramatically increase the rate of sale online and reduce the cost of return on goods. AR offers personal customization that offers a glimpse of the product and lets consumers ensure they like it. These advantages are, in turn, expected to increase the AR In Retail Market Size.
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AR IN RETAIL MARKET SHARE ANALYSIS
North America is expected to hold the largest AR in retail market share in 2018. The 12 major US retailers hold one-third of the market share across the world. This is expected to further drive the AR in retail market size in North America.
APAC is expected to have the highest growth in AR in the retail market during the forecast period. Growing customer and commercial markets with rising investment in countries like Japan and China will fuel AR In Retail Market size in the APAC’s retail sector. E-commerce is becoming a major focus field for retailers at APAC, with China dominating the space.
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THE AR IN RETAIL KEY PLAYERS IN THIS MARKET INCLUDE:
- Marxent Labs
BY TYPE, THE MARKET IS PRIMARILY SPLIT INTO
- Virtual Fitting Room
- Visualizing Software.
- Marker-based Augmented Reality
- Passive Marker
- Active Marker.
- Marker-less Augmented Reality
- Model Based
- Image Processing Based.
By Application, this report covers the following segments
- Physic Stores.
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