AUGMENTED REALITY IN RETAIL MARKET TO REACH USD 8 BILLION BY 2024 | CAGR 46.4% – FORENCIS RESEARCH

Augmented Reality In Retail Market Size, Share, Trends, Growth, Analysis, Research

Global Augmented Reality in Retail Market: Key Highlights

  • According to the new market research report Augmented Reality In Retail Market by Component (Hardware, Software and Services), by Technology (Marker Based, Markerless, Projection Based AR and Superimposition Based AR), by Device (Mobile Devices, Special AR Devices, AR Glasses, AR Contact Lenses and Virtual Retinal Displays) by Application(Virtual Try- On, In- Store Navigation, Product Catalog and Others )by Retail Type (Furniture, Clothing and Accessories, Footwear, Cosmetic and Others), by Region (Asia-Pacific, North America, Europe, Middle East & Africa) – Global Forecast 2019 to 2024)”, the global Augmented Reality In Retail Market is estimated to reach USD 8 Billion by 2024 at a CAGR of around 46.4% during the review period.
  • The multinational company such as Nike, Inc. is one of the member for augmented reality in the field of retail where the Nike application provides a features that will permit the user to scan the size as per requirement by using the smartphone camera which is key factor that will increase the demand for the market.
  • However, higher cost of the system remain a major restraining factor for the growth of the augmented reality in retail market

Augmented Reality In Retail Market

Global Augmented Reality in Retail Market: Key Market Dynamics

  • Increasing emphasis on technological advancements helps to get real time data with the real environments is witness to increase the market demand.  
  • Major investments in augmented reality the company are get an impactful and productive experience. However, the Ikea is accounted to launch Ikea Place which is an augmented reality application for the user to get more clarity.
  • Lack of workforce with relevant skills may hamper the growth of the market and productivity in the forecast period.
  • Encourage the users by providing then complete platform and productive experience which may increase the market demand in the projected period.

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Global Augmented Reality in Retail Market: Regional Overview

  • Asia-Pacific

The augmented reality in retail market in the Asia-Pacific is projected to witness high demand due to the high adoption of digital platform. China is focused through the artificial intelligence, high speed rail, vehicle with new energy and augmented reality. Also Made in China 2025 plan is targeting the emerging technologies which to lead to boost the future growth of economic. Moreover, Japan is a global leader in the technology and in gaming industries will boost the market in the region.

  • Europe

Owing to the rapid growth of the technologies in Europe, the demand for augmented reality and virtual reality is expected to increase. The region is one of the major player in the field of virtual and augmented reality by adoption new emerging technologies to increase productivity. Moreover, the region is projected to be the fifth largest market for virtual and augmented reality.

In 2018, the Europe General Data Protection Regulation (GDPR) came into effect to secure the data and privacy of the individuals in the region.

Global Augmented Reality in Retail Market: Key Players Overview

  • Apple Inc.:

Apple Inc. is a leading multinational company which manufacture and sells computer software, consumer electronic and online services. The company has world largest augmented platform with thousands of AR application and millions of AR enabled devices. With the augmented reality is transform the world with its features and technologies. Moreover in 2019, the company said its plans to release the first AR headset.

  • Facebook Inc.:

Facebook Inc. is an American social media conglomerate corporation which build a technologies that will help the people to connect with each other. The company has create an application with the augmented reality experience that will reach the billions of user. Also its helps the user around globe come together and connect by the world class hardware and augmented reality software. In 2018, the company announced for the Messenger platform is planning to ability for brands to incorporate through argumenta reality.

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Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. Our robust research methodology is designed to constantly map the high growth markets in various industries. This facilitates enhanced decision-making capabilities to our clients. We strive to help our clients to foray into uncharted space to attain increased revenue growth for the present as well as the future.

 

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Published : 2020-01-06