The report titled “Virtual Reality and Augmented Reality in Retail Market – Size, Share, Growth, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global Virtual Reality and Augmented Reality in Retail market along with the market size (Volume in ‘Mn Units” and value in “US$ Mn”) for the historical period 2017 to 2021 and estimates for the forecast period 2022 to 2028. This study covers an in-depth analysis of multiple market segments based on Offering, Technology and Retail Vertical across five different regions covering 20+ countries. 

Key insights associated with forecast factors for the market during the forecast period 2022-2028 have also been covered. The report also provides the impact of COVID-19 on the global and regional Virtual Reality and Augmented Reality in Retail market in the short, medium, and longer-term for conservative, likely, and optimistic scenarios respectively. 

Virtual Reality and Augmented Reality in Retail Market Dynamics

The global Virtual Reality and Augmented Reality in the retail market have experienced numerous innovations and disruptions during the historical period. By creating an absolute dollar opportunity of more than US$ 0.75 Bn between 2017 and 2019, the market has experienced the introduction of numerous artificial intelligence-based services. Furthermore, this historical period is seen as the initial introduction and commercialization of numerous Virtual Reality and Augmented Reality hardware in the retail sector domain.

The important driver of virtual and augmented reality in the retail market is the comfort of shopping that consumers experience from home. Customers can now have personal trail room for the fashion industry without even trying to wear it. Customers now do not have to go from one shop to another to buy different commodities. Every commodity from most retail sectors will be available on one website.

Another Advantage of global virtual reality and augmented reality in the retail market is the closing of the gap between the physical and virtual presence. The enhancement of the experience of physical brick and mortar stores is done by Augmented reality by adding details to what is already present. The customers are now able to get the best return on investments due to the difference between the previous e-commerce shopping experience and today’s virtual reality shopping experience.

Segmental Analysis

How does hardware segment lead the global virtual reality and augmented reality in retail market?

As most people today have access to smartphones, E-commerce websites will now be chipping in on the same fact to use their augmented reality experience. People will try out the furniture in their own houses with the help of smartphones. Head-mounted displays, also gaining popularity in today’s world, will help the retail sector showcase its products. The head-mounted displays with virtual reality will be an immersive and attractive experience, which will be even more thrilling for the customers.

Why fashion as a retail vertical is seen as an attractive segment?

Due to the try-before-you-buy ability, the fashion industry will gain traction in the virtual and augmented reality market. People with different body shapes would always like to try different sizes and see which fits best on them. They will also be able to top compare the color combinations of the clothes they buy. This all would be without the salesperson's presence, which states that labor costs come down. Plus, the added advantage is that no physical trial room is required, and consumers will get the same feel as a physical trial room. The customer will also not have to make an effort to wear the clothes. This will be a win-win situation for both the customers as well as the buyers.

Regional Analysis 

North America is dominating the global Virtual Reality and Augmented Reality Retail market as it holds the lion’s share, backed by the fact that people are more tech-savvy. The people of this region are tech-savvy because of the earlier penetration of the new age technology here. In addition, people here have high disposable incomes and purchasing power to buy things. Therefore, the consumerism culture developed in this region will drive the global virtual and augmented reality in the retail market.

The ready availability of credits in the North American Region and the credit card culture that started in this region also fuels the market. The buying pattern of the region focuses more on replacement rather than recycling. This means that due to high disposable income, people try to escape the efforts to fix the faults in the products due to wear and tear. And without fixing the flaws, they buy new products to replace them.

On the other hand, the Asia-Pacific region will be the fastest-growing region in the forecasted period. This is due to the fact of its huge population density. More people will be the demand. Also, due to economies of scale which will be coming in the market due to the supporting technologies and decreasing semiconductor prices. The ultimate costs of the hardware products used in virtual and augmented reality in the retail market will decline. This, in turn will drive the demand for the products sold on the virtual and augmented reality-based market.

Competitive Landscape

Key players in the global Virtual Reality and Augmented Reality in the Retail market are focusing on continuous product innovation of the services that support the software, enabling the 3D visualization of the products. The players are also trying to make software algorithms work to the highest precision so that they can enhance consumer experiences.

Virtual Reality and Augmented Reality in the Retail market are seen as a slightly consolidated market. However, the emergence of new players is expected to further result in the distribution of market share at the regional level. Prominent players in the market include Perforce Software, Scand Ltd., Brain Station 23, PTC, Wipro, STEANTYCIP, VNTANA, NOVAC, Augment and Oracle.

COVID-19 Impact Analysis

The global virtual and augmented reality market has faced a positive market scenario in COVID-19. In the COVID-19 period, the jewelry brand Kendra Scott’s introduced augmented reality in which customers could try different earring styles. GLAMlab, a beauty trial tool, has seen a surge 7-fold.

Retailers post COVID-19 have learned that the market they took for the trail has shifted from a question mark to a star product. So now retailers are trying to come up with inbound services with 3D figures. For example, Levi’s has developed a tool where friends can shop together, further complementing its Augmented reality retail strategy.

The coming period will see a huge acceptance of virtual and augmented reality in retail. This is because COVID-19 has itself created the need for technology. More people have also adopted technology in this period. The coming of 5G technology in the period will also fuel the growth of global virtual reality and augmented reality in the retail market.

 Key Questions Answered 

1. What is the current (2022E) estimated market size of the Global Virtual Reality and Augmented Reality in Retail Market?
1. The global Virtual Reality and Augmented Reality in Retail market is expected to be valued at US$ 4.0 Bn by the end of 2022
2. Which are the prominent drivers impacting Virtual Reality and Augmented Reality in Retail market growth?
1. Some of the factors impacting the global Virtual Reality and Augmented Reality in Retail market during the forecast period 2022-2028 are as follows:

                                          i.    Commercialization of Next Generation Network (NGN)

                                         ii.    Rising Sedentary Lifestyle

                                        iii.    Adoption of Technology

3.    The aforementioned factors facilitate numerous growth opportunities for the global Virtual Reality and Augmented Reality in Retail market which is poised to expand at a CAGR of more than 29% between 2022 and 2028.  

4. Which region is expected to dominate the Virtual Reality and Augmented Reality in Retail market by 2028 end?
1. The North America region is expected to continue its dominance during the forecast period 2022-2028

Key Segments of Virtual Reality and Augmented Reality in Retail Market

• Offering
• Hardware
• Sensors
• Semiconductor Components
• Displays and Projectors
• Position Trackers
• Cameras
• Others
• Software
• Services

• Technology
• Augmented Reality
• Marker-based
• Markerless)
• Virtual Reality
• Non Immersive
• Semi-and Fully Immersive)

• Retail Vertical
• Beauty & Makeup
• Furniture & Hardware
• Food & Beverages
• Electric Appliances
• Jewelry
• Fashion
• Others
• Region

·         North America

·         Europe

·         Asia Pacific

·         South America

·         MEA

 

  Report Attribute/Metric

 Details

 

    Market Size

2028: ~ USD 19.5 Billion

 

    CAGR

~ 29% (2021-2028)

 

    Base Year

2021

 

    Forecast Period

2022 – 2028

 

    Historical Data

2017 to 2021

 

    Forecast Unit

Value (US$ Mn) and Volume (Mn Units)

 

    Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors and Trends

 

    Segments Covered

Offering, Technology and Retail Vertical

 

    Geographies Covered

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

 

    Key Players Analyzed

Perforce Software, Inc., Scand Ltd., Brain Station 23, PTC, Wipro, STEANTYCIP, VNTANA, NOVAC, Augment and Oracle

 

    Key Market Opportunities

• Technological Innovation.

    Key Market Drivers

• Commercialization of Next Generation Network (NGN)
• Rising Sedentary Lifestyle
• Adoption of Technology

 Customization & Pricing

 Available on Request (Hyperlink directed to market pricing Section)  

 

1.      Executive Summary

1.1.    Global Market Outlook

1.2.    Demand Side Trends

1.3.    Supply Side Trends

1.4.    Recommendation and Analysis

2.      Market Overview

2.1.    Market Taxonomy

2.2.    Market Definition & Scope

3.      Market Background and Foundation Data Points

3.1.             Global IT & Telecommunication Industry Outlook

3.2.             Recent Developments in Virtual Reality and Augmented Reality in Retail Market Segment

3.3.             Regulatory Policies and Landscape

3.4.             Market White Space Assessment and Opportunity Analysis

3.5.             Key Market Trend Analysis

3.5.1.  By Offering

3.5.2.  By Technology

3.5.3.  By Retail Vertical

3.6.             Development Patterns in Virtual Reality and Augmented Reality in Retail Market

3.7.             Competitive Scenario and Trends

3.7.1.  Market Concentration Rate, by Region

3.7.2.  List of Emerging, Prominent and Leading Players 

3.7.3.  Mergers & Acquisitions

3.8.             Scenario Forecast for Demand

3.8.1.  Optimistic Scenario

3.8.2.  Likely Scenario

3.8.3.  Conservative Scenario

3.9.             Macro-Economic Factors

3.10.         Market Dynamics

3.10.1.         Market Driving Factors and Impact Assessment

3.10.2.         Prominent Market Challenges and Impact Assessment

3.10.3.         Market Opportunities

3.10.4.         Challenges in Virtual Reality and Augmented Reality in Retail

3.11.                     COVID-19 Impact on Market Value

3.11.1.         Value Depreciation in 2021

3.11.2.         Quarter-On-Quarter Impact and Recovery Assessment

3.12.                     Expected Demand Volume (Mn Units) and Value (US$ Mn) Recovery Curve

3.12.1.         Likelihood of V-Shape Recovery

3.12.2.         Likelihood of U-Shape Recovery

3.12.3.         Likelihood of L-Shape Recovery

4.      Global Virtual Reality and Augmented Reality in Retail Market - Pricing Analysis

4.1.    Regional Pricing Analysis by Technology

4.2.    Pricing Break-up

4.3.    Global Average Pricing Analysis Benchmark

5.      Global Virtual Reality and Augmented Reality in Retail Market Demand (in Value or Size in US$ Mn) Analysis 2017-2021 and Forecast, 2022-2028

5.1.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis, 2017-2021

5.2.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Projections, 2022-2028

5.2.1.  Y-o-Y Growth Trend Analysis

5.2.2.  Absolute $ Opportunity Analysis 

6.      Global Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028, By Offering

6.1.    Introduction / Key Findings

6.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Offering, 2017-2021

6.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Offering, 2022-2028

6.3.1.  Hardware

6.3.1.1.    Sensors

6.3.1.2.    Semiconductor Components

6.3.1.3.    Displays and Projectors

6.3.1.4.    Position Trackers

6.3.1.5.    Cameras

6.3.1.6.    Others

6.3.2.  Software

6.3.3.  Services

6.4.    Market Attractiveness Analysis by Offering

7.      Global Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028, By Technology

7.1.    Introduction / Key Findings

7.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Technology, 2017-2021

7.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Technology, 2022-2028

7.3.1.  Augmented Reality

7.3.1.1.    Marker-based

7.3.1.2.    Markerless

7.3.2.  Virtual Reality

7.3.2.1.    Non Immersive

7.3.2.2.    Semi-and Fully Immersive

7.4.    Market Attractiveness Analysis by Technology

8.      Global Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028, By Retail Vertical

8.1.    Introduction / Key Findings

8.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Retail Vertical, 2017-2021

8.3.    Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Retail Vertical, 2022-2028

8.3.1.  Beauty & Makeup

8.3.2.  Furniture & Hardware

8.3.3.  Food & Beverages

8.3.4.  Electric Appliances

8.3.5.  Jewellery

8.3.6.  Fashion

8.3.7.  Others

8.4.    Market Attractiveness Analysis by Retail Vertical

9.      Global Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028, By Region

9.1.    Introduction / Key Findings

9.2.    Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

9.3.                         Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

9.3.1.  North America

9.3.2.  Europe

9.3.3.  Asia Pacific

9.3.4.  South America

9.3.5.  Middle East and Africa (MEA)

9.4.    Market Attractiveness Analysis by Region

10.  North America Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028

10.1.                     Introduction / Key Findings

10.2.                     Pricing Analysis

10.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

10.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

10.4.1.     By Country

10.4.1.1. U.S.

10.4.1.2. Canada

10.4.1.3. Mexico

10.4.2.         By Offering

10.4.3.         By Technology

10.4.4.         By Retail Vertical

10.5.                     Market Attractiveness Analysis

10.5.1.         By Country

10.5.2.         By Offering

10.5.3.         By Technology

10.5.4.         By Retail Vertical

11.  Europe Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028

11.1.                     Introduction / Key Findings

11.2.                     Pricing Analysis

11.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

11.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

11.4.1.     By Country

11.4.1.1. Germany

11.4.1.2. Italy

11.4.1.3. France

11.4.1.4. Spain

11.4.1.5. UK

11.4.1.6. Rest of Europe

11.4.2.         By Offering

11.4.3.         By Technology

11.4.4.         By Retail Vertical

11.5.                     Market Attractiveness Analysis

11.5.1.     By Country

11.5.2.         By Offering

11.5.3.         By Technology

11.5.4.         By Retail Vertical

12.  Asia Pacific Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028

12.1.                     Introduction / Key Findings

12.2.                     Pricing Analysis

12.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

12.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

12.4.1.     By Country

12.4.1.1. China

12.4.1.2. India

12.4.1.3. Japan

12.4.1.4. South Korea

12.4.1.5. Rest of Asia Pacific

12.4.2.         By Offering

12.4.3.         By Technology

12.4.4.         By Retail Vertical

12.5.                     Market Attractiveness Analysis

12.5.1.     By Country

12.5.2.         By Offering

12.5.3.         By Technology

12.5.4.         By Retail Vertical

13.  South America Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028

13.1.                     Introduction / Key Findings

13.2.                     Pricing Analysis

13.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

13.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

13.4.1.     By Country

13.4.1.1. Brazil

13.4.1.2. Argentina

13.4.1.3. Rest of South America

13.4.2.         By Offering

13.4.3.         By Technology

13.4.4.         By Retail Vertical

13.5.                     Market Attractiveness Analysis

13.5.1.     By Country

13.5.2.         By Offering

13.5.3.         By Technology

13.5.4.         By Retail Vertical

14.  Middle East and Africa (MEA) Virtual Reality and Augmented Reality in Retail Market Analysis 2017-2021 and Forecast 2022-2028

14.1.                     Introduction / Key Findings

14.2.                     Pricing Analysis

14.3.                     Historical Market Volume (Mn Units) and Value (US$ Mn) Analysis by Region, 2017-2021

14.4.                     Current and Future Market Volume (Mn Units) and Value (US$ Mn) Analysis and Forecast by Region, 2022-2028

14.4.1.     By Country

14.4.1.1. GCC Countries

14.4.1.2.  South Africa

14.4.1.3.                   Rest of MEA

14.4.2.         By Offering

14.4.3.         By Technology

14.4.4.         By Retail Vertical

14.5.                     Market Attractiveness Analysis

14.5.1.     By Country

14.5.2.         By Offering

14.5.3.         By Technology

14.5.4.         By Retail Vertical

15.  Market Structure Analysis

15.1.   Market Analysis by Tier of Companies (Virtual Reality and Augmented Reality in Retail)

15.2.   Market Concentration

15.3.   Market Dashboard

15.4.   Key Player Heat Map Analysis

16.  Competition Analysis

16.1.   Competition Benchmarking

16.2.   Competition Deep Dive

16.2.1. Perforce Software, Inc.

16.2.1.1. Overview

16.2.1.2. Product Portfolio

16.2.1.3. Regional Revenue

16.2.1.4. Segmental Revenue Breakup

16.2.1.5. Recent Development

16.2.1.6. SWOT analysis

16.2.2.      Scand Ltd.

16.2.3.      Brain Station 23

16.2.4.      PTC

16.2.5.      Wipro

16.2.6.      STEANTYCIP

16.2.7.      VNTANA

16.2.8.      NOVAC

16.2.9.      Augment

16.2.10.   Oracle

16.2.11.   Other Key Players

17.     Appendix