Northbrook, IL 60062 -- (SBWIRE) -- 12/01/2023 -- 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 are some of the major factors driving the market growth globally.
Augmented reality (AR) is revolutionizing the shopping experience by offering personalized interactions. Unlike traditional online shopping, AR allows us to use our phones or devices to preview products in our own homes before making a purchase.
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AR Smart Mirror to account for the largest share of Augmented Reality (AR) shopping market during the forecast period
AR smart mirrors also benefit retailers by streamlining the fitting room process, reducing wait times, and enabling personalized recommendations. Beyond retail, AR smart mirrors have found applications in other industries, such as sports stadiums, where they provide fans with interactive experiences and opportunities to capture memorable moments. The increasing integration of AR technology in smart mirrors demonstrates its potential to revolutionize the way we shop and engage with our surroundings. Renowned brands like Ralph Lauren and H&M have successfully implemented smart mirrors in their stores, providing customers with convenient and customized try-on experiences. These are the major factor driving the growth of AR smart mirrors.
Software to account for the largest share of Augmented Reality (AR) shopping market during the forecast period
The software segment of augmented reality (AR) encompasses key components essential for AR development, visualization, and management. It includes Software Development Kits (SDKs) that provide developers with tools, libraries, and APIs to access AR functionalities like object tracking and spatial mapping. AR Visualization Software utilizes computer vision techniques and graphics rendering to seamlessly overlay virtual content onto the real-world environment, ensuring immersive experiences. AR Content Management Systems enable the organization, storage, and delivery of AR assets, allowing content creators to manage 3D models, animations, and videos. This comprehensive software ecosystem empowers developers and content creators to build and deploy engaging AR applications across different platforms and devices is expected to drive the growth of AR shopping market.
Asia Pacific to register the highest growth during the forecast period
Asia Pacific is expected to register the highest CAGR in the Augmented Reality (AR) shopping market from 2023 to 2028. The AR shopping market in Asia Pacific has witnessed numerous new developments and innovations. Companies like YouCam Makeup have pioneered such AR solutions in the region. Prominent retailers across the Asia Pacific region have embraced AR technology to enhance customer engagement and drive sales. For instance, Alibaba's e-commerce platform Taobao utilizes AR to enable virtual try-ons for cosmetic products, while JD.com has implemented AR features to visualize furniture and home decor items in customers' homes. These retailers provide immersive and interactive experiences, enhancing the shopping journey. The growth of the AR market in Asia Pacific can also be attributed to factors such as increasing usage of internet-based platforms, the continued rollout of high-speed 5G networks, and and advancements in technology.
Key Market Players
The major players in the Augmented Reality (AR) shopping companies with a significant global presence 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 strengthen their position in the Augmented Reality (AR) shopping market.