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Augmented Reality in Retail Market Brief Analysis and Application, Growth By 2031


augmented reality in retail

Increasing adoption of smart AR mirrors in the clothing and jewelry industry will significantly propel the growth of Augmented Reality in the Retail Market.

PORTLAND, PORTLAND, OR, UNITED STATE, September 26, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global augmented reality in the retail market generated $2 billion in 2021 and is projected to reach $61.3 billion by 2031, growing at a CAGR of 41.4% from 2022 to 2031.

The rise in the popularity of AR among customers for a better experience, an increase in penetration of smartphones, a rise in investment in AR, and persistent technological advancements are expected to drive the growth of the global augmented reality in retail market. An increase in the need for augmented reality solutions among retail enterprises to improve their customer experiences during the COVID-19 pandemic had a positive impact on the growth of the market.

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Based on components, the hardware segment held the dominating market share in 2021, holding more than two-fifths of the global market. The software segment, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 42.7% during the forecast period.

Based on device type, the head-mounted display segment held the dominating market share in 2021, holding around two-fifths of the global market. The smart AR mirror, on the other hand, is expected to maintain its leadership status during the forecast period. Besides, the handheld device segment is expected to cite the fastest CAGR of 44.1% during the forecast period.

Based on application, the advertising and marketing segment held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The information systems segment, on the other hand, is expected to cite the fastest CAGR of 44.0% during the forecast period.

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Based on region, the market across North America held the lion’s market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 44.0% during the forecast period.

The key players analyzed in the global augmented reality in retail market report include Amazon.com, Inc., Apple Inc., Augment, Blippar Group Limited, Google Corporation, Holition Ltd., Inter IKEA Systems B.V., Imaginate Technologies, INDE, Kudan, Marxent Labs, Microsoft Corporation, PTC, Sephora USA, Inc., ViewAR GmbH, Wikitude, and Zugara, Inc.

The report analyzes these key players in the global augmented reality in retail industry. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

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COVID-19 Scenario:

• The outbreak of COVID-19 has had a positive impact on the growth of the global augmented reality, owing to the occurrence of lockdowns in various countries across the globe.

• Lockdowns resulted in the closure of various manufacturing facilities, stores, shops, and others, which enabled companies to increasingly adopt augmented reality in the retail sector to offer an enhanced experience to customers.

• In addition, people across the globe were required to stay indoors due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic. This subsequently increased the demand for remote operational tools, which in turn exponentially surged the demand for augmented reality in the retail sector.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Related Report:

1. Augmented Reality Market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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Allied Analytics LLP
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