Global Virtual Reality and Augmented Reality in Retail
Dublin, October 05, 2021 (GLOBE NEWSWIRE) – 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 was added to ResearchAndMarkets.com offer.
According to this report, the market was valued at US $ 3,147.58 million in 2020, and it is expected to grow at a CAGR of 24.8% during 2021-2028 to reach US $ 17,864.86 million by 2028 .
The region’s fashion industry is also investing in AR and VR technologies to deliver advanced customer experiences. StyleDotMe is a fashion technology company introduced in 2015. It created MirrAR, augmented reality software for jewelers. AR technology allows customers to try on jewelry on client brand’s digital platforms without wearing it, as well as get quick fashion advice from experts, bloggers and influencers around the world. StyleDotMe’s revolutionary AR technology automatically works on scanned copies of jewelry in real time. Leading Indian jewelry brands such as Tanishq, Amrapali, PC Jewelers and Kalyan Jewelers have integrated the same on their websites and apps to provide better shopping experiences for customers.
Thus, the factors mentioned above are contributing to the growth of the market in the region. The region experienced a temporary shutdown of all retail business activities in the early months of 2020. This has led retail companies to make significant investments to embrace technological advancements in their business model. For example, with the COVID-19 pandemic causing a change in consumer behavior and an increase in online adoption, Flipkart has focused on improving the customer experience through several investments. To enhance its e-commerce shopping experience, Flipkart Group acquired Scapic, an augmented reality (AR) company. Scapic is a cloud-based platform that enables customers in the ecommerce and marketing industries to create and publish content in augmented reality (AR) and 3D. Thus, the growing investment of the region’s retail giants in technology implementation has positively impacted the growth of the market in the region during the pandemic.
Main conclusions of the study:
Brands use virtual and augmented reality technology to promote themselves and their products in virtual reality marketing. The technology generates a fictitious but realistic framework. Depending on the device, VR marketing can be visual or multisensory. A full VR headset provides a fully immersive experience, while a VR Instagram filter just overlay objects or photographs on 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.
The most common type of virtual reality marketing is augmented reality marketing. For many companies, this is more convenient and less expensive than developing a headset experience. Consumers will find augmented reality more accessible because it only requires a phone or a desktop app. For example, with its Virtual Artist app, Sephora was one of the first to embrace augmented reality marketing. Virtual reality marketing is also a fun approach to spreading awareness of new products. Gucci’s app now has an augmented reality element to announce its new line of Ace shoes. Users can point the camera at their feet to see what different styles of sneakers would look like. They can see the shoes from different angles, thanks to the technology’s motion tracking capabilities. Likewise, Instagram recently partnered with Spark AR to launch a new feature that allows users to design their own AR filters. Words or images are superimposed on the actual image in the camera view by the filters.
This is used by brands to create filters that display their logo or other branding image. For example, Coca-Cola Poland designed one that practically places its polar bear mascot in the room with the viewer. Thus, the strong adoption of AR and VR technologies by brands for marketing purposes is expected to help the market growth.
Reasons to buy
- Gain and reduce the time it takes to conduct entry-level research by identifying the growth, size, leading players and segments in the global Virtual Reality and Augmented Reality market in the retail market.
- Highlights key business priorities to help companies realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Global Retail Virtual Reality and Augmented Reality Market, thereby enabling value chain players to develop successful long-term effective strategies.
- Develop / modify business expansion plans using a substantial growth offering in developed and emerging markets.
- Take an in-depth look at the global market trends and outlook associated with the factors driving the market, as well as those hindering it.
- Improve the decision-making process by understanding the strategies that underpin the business interest with respect to customer products, segmentation, pricing and distribution.
Main topics covered:
2. Key points to remember
3. Research methodology
4. Virtual reality and augmented reality in the retail market landscape
4.1 Market overview
4.2 PEST analysis
4.2.1 North America
4.3 Ecosystem analysis
4.4 Expert opinion
5. Virtual Reality and Augmented Reality in the Retail Market – Key Market Dynamics
5.1 Market drivers
5.1.1 Growing Adoption of Virtual Reality (VR) Technology to Provide Better Customer Experience in Online Retail Stores
5.1.2 Growing Adoption of Augmented Reality and Virtual Reality in Marketing
5.2 Market restrictions
5.2.1 Security and Privacy Issues Associated with AR
5.3 Market opportunities
5.3.1 Growing Retailer Investments in AR and VR Technologies
5.4 Future trends
5.4.1 High Adoption by Retail Brands for Virtual Fit Technology Implementation
5.5 Impact analysis of conductors and stresses
6. Virtual Reality and Augmented Reality in the Retail Market – Global Analysis
6.1 Virtual Reality and Augmented Reality in Retail Market Global Overview
6.2 Market positioning – Five key players
7. Virtual reality and augmented reality in retail market analysis – by type
7.2 Virtual reality and augmented reality in retail market split, by type, 2020 and 2028
7.3.2 AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (USD Million)
7.4.2 VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (Million USD)
8. Virtual Reality and Augmented Reality in Retail Market Analysis – By Application
8.2 Virtual Reality & Augmented Reality Retail Market, By Application (2020 & 2028)
8.3 Online retail
8.3.2 Online Selling: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (Million USD)
8.4 Offline retail
8.4.2 Offline Retail: Art Management Software Market – Revenue and Forecast to 2028 (USD Million) 8.4.2
9. Virtual reality and augmented reality in the retail market – Geographic analysis
10. Impact of the COVID-19 pandemic on virtual reality and augmented reality in the retail market
10.1 North America: Assessing the Impact of the COVID-19 Pandemic
10.2 Europe: Assessment of the impact of the COVID-19 pandemic
10.3 Asia-Pacific: Assessment of the impact of the COVID-19 pandemic
10.4 Middle East and Africa: Assessment of the impact of the COVID-19 pandemic
10.5 South America: Assessment of the impact of the COVID-19 pandemic
11. Virtual reality and augmented reality in the retail and industrial market landscape
11.2 Market initiative
11.3 Development of new products
12. Company profiles
12.1 Epson America, Inc.
12.1.1 Key facts
12.1.2 Company description
12.1.3 Products and services
12.1.4 Financial overview
12.1.5 SWOT Analysis
12.1.6 Key developments
12.2.1 Key facts
12.2.2 Company description
12.2.3 Products and services
12.2.4 Financial overview
12.2.5 SWOT Analysis
12.2.6 Key developments
12.3 Google LLC
12.3.1 Key facts
12.3.2 Company description
12.3.3 Products and services
12.3.4 Financial overview
12.3.5 SWOT Analysis
12.3.6 Key developments
12.4 Infosys Ltd.
12.4.1 Key facts
12.4.2 Company description
12.4.3 Products and services
12.4.4 Financial overview
12.4.5 SWOT Analysis
12.4.6 Key developments
12.5 Company Intel
12.5.1 1.5.1 Highlights
12.5.2 Company description
12.5.3 Products and services
12.5.4 Financial overview
12.5.5 SWOT Analysis
12.5.6 Key developments
12.6 Microsoft Corporation
12.6.1 Key facts
12.6.2 Company description
12.6.3 Products and services
12.6.4 Financial overview
12.6.5 SWOT Analysis
12.6.6 Key developments
12.7 PTC Inc.
12.7.1 Key facts
12.7.2 Company description
12.7.3 Products and services
12.7.4 Financial overview
12.7.5 SWOT Analysis
12.7.6 Key developments
12.8 Qualcomm Technologies, Inc.
12.8.1 Key facts
12.8.2 Company description
12.8.3 Products and services
12.8.4 Financial overview
12.8.5 SWOT Analysis
12.8.6 Key developments
12.9 Retail RVs
12.9.1 Key facts
12.9.2 Company description
12.9.3 Products and services
12.9.4 Financial overview
12.9.5 SWOT Analysis
12.9.6 Key developments
12.10 Samsung Electronics Co., Ltd.
12.10.1 Key facts
12.10.2 Company description
12.10.3 Products and services
12.10.4 Financial overview
12.10.5 SWOT Analysis
12.10.6 Key developments
For more information on this report, visit https://www.researchandmarkets.com/r/15jrcy