The global AR VR in retail market was valued at US$ 135.2 Mn in 2018 and is expected to reach US$ XX Mn with a CAGR of 43% during the forecast period.
Fremont, USA – January 10, 2020 /MarketersMedia/ —
The increasing use of AR VR by retail companies such as IKEA, Houzz, Walmart, and others, has been driving the growth of the AR VR in retail market in recent years. IKEA uses AR for home goods and furniture retailing, allowing customers to manipulate and place catalog items at scale in consumer homes.
Changing lifestyle and increasing working class population are increasing the demand for virtual reality shopping. In order to meet this changing demand, companies such as Amazon and Walmart are introducing augmented reality-based applications for enhancing customer experience. Moreover, companies are also focusing on using virtual reality for conveying information about products while shopping. For example, the partnership between Kraft, a prepackaged food retailer, Walmart and Blippar, an application provider, for providing digital receipts to customers through AR.
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The handheld devices segment accounted for US$ XX Mn in 2018 and is expected to grow with a CAGR of XX% during the forecast period. The increasing use of handheld devices by retailers for promoting their products is driving the growth of the segment. AR VR is used for in-store engagement to assist customers in navigating the store and to give them a virtual feel of products. For instance, Genius app of Loreal allows users to apply makeup products such as eyeliner and lipstick on their face, with smartphone cameras acting as a smart mirror. The application is gaining traction across the globe, and it has been downloaded for more than 16 million times, according to the report provided by Loreal in 2017.
AR VR in retail is also in demand among customers due to its ability to provide customization to users. The AR technology is used by Dulux Color app in its color view feature that enables users to visualize the effect of color on their walls by using smartphones. This, in turn, is driving the demand for handheld devices in AR VR retailing.
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AR VR in Retail Market Segmentation:
By Raw Materials: Silicon, GaN, SiC, Glass, Plastic, Metals, Others.
By Components: Camera, Sensors, IMU, Displays, Processor, Memory, Graphics, Audio, Module, Others.
By Products, Parts & Devices: Handheld Devices, AR Screen, Head Mounted Displays, Smart Glass
By Software & Services: Documentation, Visualization, 3D modelling, Navigation, Workflow optimization, Others.
By Applications: 3D Modelling/ Design- Shopping, Training.
Global AR VR in retail Market:
Based on regions, North America dominated the market in 2018 and is expected to witness similar trends in the coming years. The presence of major players such as Loreal, Walmart, Ulta Beauty, and others is driving the growth of the AR VR in retail market in the region. Asia Pacific is expected to grow at the fastest pace with a CAGR of XX% during the forecast period. According to a market study in 2016, 28% Australian retailers are expected to adopt VR in the coming years, which is expected to drive the growth of the VR market in the Asia Pacific region during the forecast period.
The major players in the market are mainly focusing on mergers and acquisitions for strengthening their presence in the market. For instance, in March 2018, Loreal announced the acquisition of Modiface that offers beauty try-on simulations on live video, which include photorealistic hair style, hair color, and make up stimulation. Additionally, in November 2018, Ulta Beauty, a beauty retailer, announced the acquisition of GlamST, a provider of 3D virtual makeup technology and due to this, users will be able to try makeup via mobile.
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This news is published on Reuters.