Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Augmented Reality in Retail Market size was over USD 5.32 billion in 2024 and is poised to exceed USD 521.89 billion by 2037, growing at over 42.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of augmented reality in retail is evaluated at USD 7.23 billion.
The growth of the augmented reality in retail market can be attributed to the rapid evolution in the technology of augmented reality (AR), after the successful adoption virtual reality (VR) amongst various end-user industries. Augmented reality provides a virtual interactive experience by computer-generated perceptual information, in the real world, by targeting multiple sensory features, including visual, auditory, haptic, somatosensory, and olfactory experiences. Augmented reality in retail is used to provide virtual sale opportunities to the sellers by letting the consumers experience the product digitally, at their home, which is estimated to boost the market growth. Moreover, the COVID-19 pandemic had negatively affected the sales of automobiles, electronics, and other end-use products, as people could not go to retail store or showrooms to check-out the product before buying. According to the data by the International Energy Agency (IEA), the global sale of automotive dropped 16% between 2019 and 2020, due to the COVID-19 crisis. Along with this, the growing investment in the advancement of technology, and the adoption of advanced technologies to encourage sales of products, are anticipated to boost the augmented reality in retail market growth. According to the Technology and Innovation Report 2021 by The United Nations Conference on Trade and Development (UNCTAD), frontier technologies, including AI, IoT, and AR innovation hold a share of USD 350 billion, as of 2018, which is estimated to reach USD 3.2 trillion by 2025.
Augmented Reality in Retail Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Adoption of Virtual and Augmented Reality Globally
- Disturbed Retail Supply Chain due to the Negative Impact of COVID-19
Challenges
- Lack of Accessibility for Everyone
- Very High Initial Investment
Augmented Reality in Retail Market: Key Insights
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
42.3% |
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Base Year Market Size (2023) |
USD 3.74 billion |
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Forecast Year Market Size (2036) |
USD 366.89 billion |
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Regional Scope |
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Augmented Reality in Retail Segmentation
The augmented reality in retail market is segmented by application into digital shopping, try-on solution, planning & designing, and others, out of which, the digital shopping segment is anticipated to hold the notable share in the market over the forecast period on account of increasing trend of at-home shopping applications, along with the unfavorable circumstances with respect to in-store shopping. Furthermore, the various features of digital shopping with AR, such as, control over digital elements in real space, are estimated to boost the market growth.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Device Type |
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Application |
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End-User Industry |
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Customize this ReportAugmented Reality in Retail Industry - Regional Synopsis
On the basis of geographical analysis, the augmented reality in retail market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe industry is predicted to dominate majority revenue share by 2037, driven by availability of advanced technology in developed countries, such as, Germany, Sweden, United Kingdom, and others.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high adoption of advanced technology, and growing private investment in technological research. Furthermore, the high R&D expenditure in the United States, is also estimated to boost the augmented reality in retail market growth. According to the data by the Organization for Economic Co-operation and Development (OECD), the gross domestic expenditure on R&D or GERD of United States accounted for around 3.07% of the national GDP in 2019.
Companies Dominating the Augmented Reality in Retail Landscape
- Google LLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Microsoft Corporation
- ViewAR GmbH
- Apple Inc.
- Augment Systems Pvt. Ltd.
- Zugara, Inc.
- Blippar Ltd.
- Wikitude GmbH
- PTC Inc.
- Augmented Pixels Inc.
In the News
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September 27, 2021: PTC Inc., the global distributor of CAD, PLM, IoT, and AR technologies, and the Volvo Group to collaborate to deliver digital engineering transformation.
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December 31, 2020: Augmented Pixels Inc. launched CorpMap.AI software to support AR shopping and AR navigation, available under iPhone 7+, Android, Robotics and AR Glasses.
Author Credits: Parul Atri
- Report ID: 3798
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
