Kenneth Research, in its repository of market research reports, have recently added a report on Augmented Reality in Retail Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Augmented Reality in Retail Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Augmented Reality in Retail Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

The Augmented Reality in Retail Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Augmented Reality in Retail Market was valued at USD 0.90 Billion in the year 2017. Global Augmented Reality in Retail Market is further estimated to grow at a CAGR of 45.7% from 2019 to reach USD 17.42 Billion by the year 2025. North America region holds the highest Market share in 2017 and Asia-Pacific Market is considered as the fastest growing Market in the forecasted period. At country level, developed industries like the U.S holds the notable Market share in 2017 and it is projected to grow at a gradual rate in the coming years.

Major market players in Augmented Reality in Retail Market are Alphabet Inc., Apple Inc., PTC Inc., Microsoft Corp., Blippar, Augment, Wikitude GmbH, ViewAR – Augmented Reality, Marxent-Patents Pending, Zugara Inc., and brief overview of 9 companies is also provided in the report.

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SWOT analysis of Augmented Reality in Retail Market:
Strength:
Rising smartphone penetration tends to growth of AR Apps
Weakness:
Security and privacy concerns
Opportunities:
Increasing investment in retail sector
Threats:
Lack of expertise

The global Augmented Reality in Retail Market has been segmented into Offering, Technology, Device Type, Retail Type and region. Based on Retail Type, the Furniture and Lighting segment is projected to lead the Market from 2019 to 2025.

Augmented Reality in Retail Market Segmentation:
By Technology
? Marker-less Augmented Reality
o Image Processing Based
o Model Based
? Marker-based Augmented Reality
o Active Marker
o Passive Marker

By Retail Type
? Apparel Fitting
? Furniture and Lighting
? Grocery Shopping Jewelry
? Beauty and Cosmetics
? Footwear
? Others

By Offering
? Software and Services
o Services
o Software Development Kits
? Hardware
o Cameras
o Sensors
o Displays & Projectors
o Semiconductor Components

By Device Type
? Handheld Device
? Head-Mounted Display (HMD)
? Smart AR Mirror

By Region
? North America
o USA
o Canada
? Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
? APAC
o China
o India
o Japan
o Rest of Asia-Pacific
? RoW
o Latin America
o Middle East & Africa

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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