Worldwide Virtual Reality and Augmented Reality in Retail Industry to 2028 - Players Include Epson America, Google and Infosys Among Others - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Virtual Reality and Augmented Reality in Retail Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (AR and VR) and Application (Online Retail and Offline Retail)" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 3147.58 million in 2020, and it is expected to grow at a CAGR of 24.8% during 2021-2028 to reach US$ 17864.86 million by 2028.

The fashion industry across the region is also investing in AR and VR technologies to offer advanced customer experiences. StyleDotMe is a fashion technology company introduced in 2015. It has created MirrAR, an augmented reality software for jewelers. The AR technology allows customers to try on jewelry on client brands' digital platforms without wearing it, as well as obtain rapid fashion advice from experts, bloggers, and influencers across the world. StyleDotMe's revolutionary AR technology works automatically on digitized copies of jewelry in real-time. Leading Indian jewelry brands such as Tanishq, Amrapali, PC Jewellers, and Kalyan Jewellers have integrated the same on their websites and applications to offer better shopping experiences to customers.

Thus, the above-mentioned factors are contributing to the growth of the market in the region. The region has experienced a temporary shutdown of all retail business activities in the initial months of 2020. This has led retail businesses to make large investments on adopting technological advancements in their business model. For instance, with the COVID-19 pandemic causing a shift in consumer behavior and an increase in online adoption, Flipkart has been concentrating on improving customer experiences through several investments. To improve its e-commerce purchasing experience, Flipkart Group has acquired Scapic, an augmented reality (AR) business. Scapic is a cloud-based platform that allows clients in the e-commerce and marketing industries to create and publish Augmented Reality (AR) and 3D content. Thus, the growing investment by retail giants across the region on technological implementation has positively impacted the growth of the market across the region during the pandemic.

Brands use virtual and augmented reality technology to promote themselves and their products in virtual reality marketing. The technology generates a fictitious yet realistic setting. Depending on the device, virtual reality marketing might be visual or multi-sensory. A full virtual reality headset provides a fully immersive experience, whereas a virtual reality Instagram filter only overlays objects or photographs onto the camera view. Augmented reality (AR) marketing is what these filters are. AR is a type of virtual reality in which a virtual image is superimposed on the real environment.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global virtual reality and augmented reality in retail market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global virtual reality and augmented reality in retail market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.

Market Dynamics

Drivers

• Increasing Adoption of Virtual Reality (VR) Technology to Offer Better Customer Experience Across Online Retail Stores
• Rising Adoption of AR and VR in Marketing

Restraints

• Security and Privacy Issues Associated with AR

Opportunities

• Rising Investments by Retailers on AR and VR Technologies

Future Trends

• High Adoption Across Retail Brands for Implementing Virtual Fitting Technology

Companies Mentioned

• Epson America, Inc.
• Marxent
• Google LLC
• Infosys Ltd
• Intel Corporation
• Microsoft Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Retail VR
• Samsung Electronics Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/git70f