The global Augmented Shopping Market size is expected to reach USD 28.68 billion by 2027, registering a
Compound Annual Growth Rate (CAGR) of 47.1% from 2020 to 2027, according to the
new study conducted by Grand View Research, Inc. The introduction of augmented
reality and the application of 3D technologies is
revolutionizing the way consumer shops across online and in-store retail
environments. The use of interactive technology is gradually replacing the
product catalogs, where earlier consumers select their products from the
catalogs. Currently, with the help of AR and 3D technology, consumers could
choose, interact, and achieve dimensions of the product types ranging from the
pairing of apparel to furniture and automotive while buying. Thus, the
adaptation of augmented reality technology is revolutionizing the way of
personalized consumer shopping experience.
The augmented shopping experience is gaining
popularity with the rise in adoption of smartphones and endpoint devices.
Currently, more than billions of smartphones can deliver augmented experiences
virtually and in-store. According to a survey of retail executives, it was
observed that more than 46% of the retail executives are planning to implement
immersive technologies to improve customer experiences and provide higher
customer satisfaction. Furthermore, recent advancement in AR technologies is
expanding the capabilities of the shopping experience. For instance, in April
2019, NexTech AR Solutions Inc., an augmented reality technology solution
provider, introduced sentiment analysis capabilities within its “Try-it-On”
solution developed for the e-commerce industry. The updated solution uses computer
vision technology to analyze shopper’s reactions by reading their facial
expressions as they try on different products and further helps them provide
recommendations based on sentiments.
Much like the retail and e-commerce vendors,
automotive dealers, and auto OEMs have begun experimenting with AR technologies
to boost sales. With the implementation of technology, automotive dealers could
bridge the gap of displaying their full range of products and configurations in
one platform. Using technology, consumers can interact with models by clicking
on the banner ad and understanding vehicle parts and features better. For
instance, in February 2019, Toyota (GB) PLC introduced an augmented reality app
developed in partnership with Brandwidth, a U.K. based digital technology
service provider. The application allows its customers to explore the insides
of its model. Thus, the integration of technology helps in augmenting sales and
improves the consumer shopping experience.
List of Key Players of Augmented Shopping Market
- Apple Inc.
- Google LLC.
- PTC
- Microsoft
- Wikitude GmbH
- Augment
- Zugara, Inc.
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Augmented Shopping Market Report Highlights
- The solution component segment held the largest market in 2019 with
a revenue share of 59.7%, owing to the need to implement featured AR
contents and applications across the online and offline store
- The service component segment is projected to register a higher CAGR
over the forecast period, owing to the need for effective implementation,
training, and support services
- The home goods and furniture application segment accounted for 22.9%
market share in 2019, owing to the rise in the digitization of offline
stores and the need to showcase their products while providing similar
consumer experience digitally
- The North American region dominated the market, accounting for 37.8%
revenue share in 2019 and is anticipated to continue its dominance over
the forecast period
Augmented Shopping Market Report
Scope
|
Report Attribute |
Details |
|
Market size value
in 2024 |
USD 4.82
billion |
|
Revenue
Forecast in 2030 |
USD 28.47
billion |
|
Growth
Rate |
CAGR of
34.5% from 2024 to 2030 |
|
Base year
for estimation |
2023 |
|
Historical data |
2018 - 2022 |
|
Forecast period |
2024 - 2030 |
Related Press Release@ Augmented
Shopping Market Analysis
Augmented Shopping Market Segmentation
Grand View Research has segmented the augmented
shopping market on the basis of component, application, and region.
Augmented Shopping Component Outlook (Revenue, USD
Million, 2016 - 2027)
- Solutions
- Services
Augmented Shopping Application Outlook (Revenue, USD
Million, 2016 - 2027)
- Automotive
- Home Goods & Furniture
- Beauty & Cosmetics
- Apparel Fittings
- Grocery Shopping
- Footwear
- Others
Augmented Shopping Regional Outlook (Revenue, USD
Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- China
- Japan
- Latin America
- MEA
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About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
