The global augmented shopping market size was valued at USD 1.87 billion in 2020 and is estimated to expand at a considerable CAGR over the forecast period, 2021-2028. The growth of the market is attributed to the requirement for improvement in customer engagement along with providing a higher and better experience to them.
Augmented shopping empowers an individual to engage with various products and brands using digital inputs that give them the authorization to interact, try on/out, or personalize any of their products available. This method provides more intuitive and detailed information about a product compared to basic standard web experiences. Augmented shopping bestows the customers with higher satisfaction and outstanding experiences that eventually help the retailers to grow their brand sales. Usually, the retailers filter out and customize their products to provide the customers with relatable and desired products by minimum efforts. Huge attention has been gained by augmented shopping as it provides personalized products. One of the major reasons for the increasing demand for augmented shopping is due to the rising adoption of smart phones implemented with augmented technology. This factor increases customer engagement by providing them personalized augmented navigation. The integration of advanced technologies in applications aids an individual to easily find products that suit their needs.
The characteristic of various products increases due to the implementation of augmented reality technology that provides the customers with virtual try-on facilities. This technology is implemented in virtual mirrors or smart mirrors that reduce the queue timing in front of the trial rooms. These smart mirrors are types of digital screens that provide various characteristics of a product including the color of the dress, its size, and others. Using these features an individual can easily check the fitting of their apparel.
The COVID-19 pandemic had an adverse impact on various industries; however, it had a positive impact on the augmented shopping market and gained huge attention. The rising cases of SARS-CoV-2 patients blew the demand for contactless purchase of products that eventually forced the retailers to carry out zero-touch experience for increasing the sales. This resulted in the adoption of augmented reality technology by the retailers to facilitate the customers with a no-touch shopping experience.
Market Trends, Drivers, Restraints, and Opportunities
- The growing importance and adoption of augmented reality in the retail industry resulting in an improved sale of products which is expected to propel the market growth during the forecast period.
- The rising demand for a virtual demonstration of products to increase brand awareness of various enterprises is anticipated to fuel the market growth.
- Augmented reality technology enables an individual to access virtual try-on solutions which reduce the queuing time which is estimated to drive the market expansion.
- Regulatory and technical issues occurring in the augmented shopping is a key challenge restraining the market growth over the forecast period.
- Surging demand for mobile-based augmented reality is projected to present lucrative opportunities for the market growth in the coming years.
Scope of the Report
The report on the global augmented shopping market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Augmented Shopping Market– Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Components (Services and Solutions) and Applications (Footwear, Apparel Fittings, Beauty & Cosmetics, Grocery Shopping, Home Goods & Furniture, Automotive, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Zugara, Inc.; Augment; Google LLC; ; Blippar Ltd; Holition Ltd.; Marxent Labs LLC; Imaginate Technologies; Microsoft; PTC; Wikitude GmbH; ViewAR GmbH; and Apple Inc.
Market Segment Insights
Services segment is expected to expand at a lucrative CAGR
On the basis of components, the global augmented shopping market is bifurcated into services and solutions. The solutions segment dominated the market in 2019 owing to the rising demand for the application of augmented reality technology that includes smart glasses, AR headsets, and virtual mirrors. On the other hand, the services segment is expected to expand at a lucrative CAGR attributed to the need for required training and consulting services for the implementation of solutions. Support services are also offered by the vendors to the retailers to make sure the effective utilization of the technology.
Beauty & cosmetics segment is anticipated to expand at a high CAGR
Based on applications, the market is segmented into footwear, apparel fittings, beauty & cosmetics, grocery shopping, home goods & furniture, automotive, and others. The home goods & furniture segment held a key share of the market in 2019 and is estimated to expand at a significant rate owing to the increasing adoption of augmented reality in the particular segment. However, the beauty & cosmetics segment is anticipated to expand at a high CAGR due to the rising implementation of augmented reality technology in order to provide live try-in and real-time solutions.
Asia Pacific market is estimated to exhibit a fast CAGR
In terms of regions, the augmented shopping market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America held a major revenue share of the market in 2019 attributed to comparatively huge investments in augmented reality technology in the region. Moreover, various large retailers are present in the region along with the rising e-commerce sectors contributed to the growth of the market. On the other hand, the market in Asia Pacific is estimated to exhibit a fast CAGR owing to the increasing adoption of smart phones. The further growth of the regional market is attributed to the increasing implementation of this technology among the portals of e-commerce.
Segments Covered in the Report
The global augmented shopping market has been segmented on the basis of
- Apparel Fittings
- Beauty & Cosmetics
- Grocery Shopping
- Home Goods & Furniture
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Zugara, Inc.
- Google LLC
- Blippar Ltd
- Holition Ltd.
- Marxent Labs LLC
- Imaginate Technologies
- Wikitude GmbH
- ViewAR GmbH
- Apple Inc.
Key players competing in the global augmented shopping market are Zugara, Inc.; Augment; Google LLC; Blippar Ltd; Holition Ltd.; Marxent Labs LLC; Imaginate Technologies; Microsoft; PTC; Wikitude GmbH; ViewAR GmbH; and Apple Inc. Many of these players have adopted business strategies such as promotions, marketing, retail branding, research & development activities, collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally.