New York, USA, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Augmented Reality (AR) Shopping Market Research Report Information by Component (Solutions and Services), by Application (Automotive, Home Goods & Furniture, Beauty & Cosmetics, Apparel Fittings, Grocery Shopping, Footwear and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032, the market is predicted to reach USD 36.3 Billion at a CAGR of 28.50% during the forecast period.
Augmented Reality (AR) Shopping Market Synopsis
Examples of the many uses for augmented reality (AR) technology include quality control, augmented surgery, training, brand engagement, and entertainment. Maintaining client relationships has emerged as the most crucial aspect of corporate growth in the modern world. The demand for creative customer interaction solutions increased as the percentage of loyal customers shrank, and consumers switched brands quickly. Due to the personalized and engaging experience that augmented reality (AR) offers, many businesses are experimenting with it to leave a lasting impression on their clients. Small and medium-sized businesses use technology to improve customer experiences and maintain an intense market rivalry.
Retail, gaming, education, manufacturing, healthcare, and automotive sectors are concentrating on adopting augmented reality (AR) technology. Soon, it is anticipated that rising smartphone adoption and app integration will accelerate market growth. Adding ML and AI to mobile devices has served as another driving force. These technologies boost user satisfaction and increase the usefulness of mobile devices in daily life by creating virtual assistants, personalized experiences, and predictive features. Additionally, the growing level of cooperation between the major market players and the 5G providers to address the latency issue is projected to support market expansion. Immersive technologies are becoming more widely used in the healthcare sector to assist healthcare personnel. The innovation offers a genuine and immersive.
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Augmented Reality (AR) Shopping Market Competitive Landscape:
- Marxent Labs LLC
- Microsoft
- PTC
- Apple Inc.
- Augment
- Blippar Ltd
- Google LLC
- Holition Ltd.
- Imaginate Technologies
- ViewAR GmbH
- Wikitude GmbH
- Zugara Inc.
- Among others.
Augmented Reality (AR) Shopping Market Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 36.3 Billion |
| Growth Rate | CAGR of 28.50% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Growing adoption of online shopping and e-commerce platforms. |
| Key Market Drivers | Advancements in AR technology. |
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Augmented Reality (AR) Shopping Market U.S.P. Covered:
Market Drivers:
Technological breakthroughs have mostly fueled the proliferation of mobile devices. Over the past few decades, quick advances in software and technology have given rise to smartphones and tablets that are more powerful, versatile, and useful. Due to these technological improvements, mobile devices are increasingly necessary for communication, work, entertainment, and other uses. The attractiveness of possessing a compact, versatile gadget has led to consumer adoption and regular upgrades of their mobile devices. Another element accelerating the rise of mobile devices is the expanding global infrastructure for connectivity. High-speed mobile networks like 4G and 5G have been implemented to support real-time communication, seamless streaming, and cloud-based apps, giving mobile devices lightning-fast internet access. It is recommended that you utilize your mobile device for both personal and business purposes.
Additionally, clients can see and communicate with representatives online using customer support services, which can be provided by technology. Customers may expect a flawless experience because of this element. To provide better consumer experiences, augmented reality technology is being adopted increasingly. The expansion of worldwide augmented reality in the retail business is boosted by increased expenditures in the AR market and a rise in smartphone adoption. Additionally, the cost-effective advantages of augmented and virtual reality-based technologies benefit the market's expansion. In contrast, it is anticipated that the requirement to increase user engagement in the retail sector would present lucrative prospects for market growth throughout the forecast period.
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Augmented Reality (AR) Shopping Market Restraints
The expensive setup and installation costs of AR systems and security and privacy concerns related to the technology are impeding industry expansion. Wearing gadgets can also limit social interaction, making people feel isolated and depressed. Therefore, the market expansion is projected to be hampered by the growing worries about the effects of extensive AR usage on users.
Augmented Reality (AR) Shopping Market COVID Analysis
The COVID-19 epidemic has badly damaged global industries. Travel restrictions, social isolation, reduced on-site employees, a dearth of training resources, and many other effects result. However, in times of disaster, technology has demonstrated potential use cases. Like this, in industries, experts working from home can supervise on-site laborers to repair broken machines, among other things.
Augmented Reality (AR) Shopping Market Segmentation
The market's components include services and solutions. Automotive, home goods and furniture, beauty and cosmetics, clothes fittings, food shopping, shoes, and other applications are included in the market.
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Regional Insights
Due to rising technology investments throughout the North American region, which are anticipated to bring about significant development in the augmented reality retail market across the region, North America was and is expected to remain the market leader for AR in retail during the forecast period. The need for immersive technologies in the region is rising due to increased investment. Like this, the American government is eager to promote immersive technology and increase the region's market share. Due to the existence of low-cost hardware producers, China is predicted to dominate the industry. Due to rising consumer demand, India is also predicted to present development prospects for the market, while investments in Japan are picking up momentum considering the growth opportunity. However, Asia-Pacific is anticipated to experience considerable growth over the forecast period due to the region's changing customer needs, which are anticipated to fuel the region's augmented reality in the retail market.
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