Augmented Shopping Market Going To Hit $28.68 Billion By 2027 | Industry Participants Growing In North America, Europe, Asia Pacific, Latin America, MEA | Grand View Research, Inc.

Augmented Shopping Market Going To Hit $28.68 Billion By 2027 | Industry Participants Growing In North America, Europe, Asia Pacific, Latin America, MEA | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global augmented shopping market size was valued at USD 1.24 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 47.1% from 2020 to 2027

Augmented Shopping Market Growth & Trends

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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The U.S. augmented shopping market size, by component, 2016 - 2027 (USD Million)

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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Global augmented shopping market share, by application, 2019 (%)

Key Topics Covered

Table of Contents

Chapter 1. Methodology and Scope
                 1.1. Market Segmentation and Scope
                 1.2. Market Definition
                 1.3. Information Procurement
                      1.3.1. Purchased database
                      1.3.2. GVR’s internal database
                      1.3.3. Secondary sources & third-party perspectives
                      1.3.4. Primary research
                 1.4. Information Analysis
                 1.5. Market Formulation & Data Visualization
                 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
                 2.1. Market Snapshot
                 2.2. Segment Outlook
                      2.2.1. Global Augmented Shopping Market, 2016 – 2027
                 Global Augmented Shopping Market, by region, 2016 – 2027
                 Global Augmented Shopping Market, by component, 2016 – 2027
                 Global Augmented Shopping Market, by application, 2016 – 2027
Chapter 3. Augmented Shopping Market Variables, Trends & Scope
                 3.1. Penetration & Growth prospect mapping
                 3.2. Industry Value Chain Analysis
                 3.3. Market Dynamics
                      3.3.1. Market driver analysis
                 Growing demand for virtual try-on solutions and personalized buying experience
                 The increasing investments on AR technology
                      3.3.2. Market challenge/restraint analysis
                 Higher AR hardware prices and need for sophisticated infrastructure to implement
                 3.4. Business Environment Analysis Tools
                      3.4.1. Industry analysis – Porter’s five forces analysis
                      3.4.2. PEST analysis
                 3.5. Augmented Shopping Market: Competitive Insights
                      3.5.1. Major deals and strategic alliances
                      3.5.2. Key company market ranking analysis, 2019


About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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