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.
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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
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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
List of Key Players
of Augmented Shopping Market
- Apple Inc.
- Google LLC.
- PTC
- Microsoft
- Wikitude GmbH
- Augment
- Zugara, Inc.
About Grand View Research
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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