Latest News- Augmented Reality In Retail Market: Apparel is expected to lead the Type segment during 2024-2028

The Augmented Reality In Retail Market is being driven by Use of AR technology to make advertising more effective

The Augmented Reality In Retail Market is expected to grow at a CAGR of 57.74% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19512.9 million. In the retail sector, the integration of Augmented Reality (AR) technologies into mobile devices is revolutionizing the customer experience. Manufacturers are incorporating AR capabilities into smartphones and tablets to offer enhanced value propositions and user experiences. Notably, Google Lens and Apple's AI lens on Android and iOS devices, respectively, enable users to scan their environments and visualize objects in a 3D format before making purchases. This burgeoning trend is expected to significantly contribute to the growth of the AR market during the forecast period, given the increasing popularity and widespread adoption of mobile computing devices. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Apparel
  • Furniture lighting and decor
  • Footwear
  • Grocery
  • Others
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Use of AR technology to make advertising more effective
• Increased efficiency of operations
• Ease in handling customer-front operations

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns over AR
• Legal and regulatory challenges associated with AR
• Lack of expertise

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Market Scope in Augmented Reality In Retail Market Research Report

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Research Analysis Overview

Augmented Reality (AR) is revolutionizing the retail industry, particularly in sectors like furniture, where customers often struggle with visualizing how products will look in their homes before making a purchase. AR technology allows for a more immersive shopping experience by overlaying digital information and objects onto the real world. Furniture retailers are embracing AR to reduce returns rate and increase online conversion rate. With AR visualizing software, customers can use their smartphones, tablets, or even AR glasses to see how furniture pieces would look in their homes before buying. This technology is especially appealing to younger customers, who are more likely to shop online and are more tech-savvy. The retail sector is expected to spend heavily on IoT and AR technology in the coming years, driven by increasing internet penetration and smartphone penetration. AR advertising is also gaining popularity, with brands using AR experiences to engage customers and differentiate themselves from competitors. AR technology in retail goes beyond just visual elements. Sound can also be added to create a more immersive experience. For instance, a customer could hear how a piece of furniture looks in their home before making a purchase. The future of retail is here, and AR is leading the way in enhancing the customer experience in real time with digital technology.

Market Research Overview

The global IT software market encompasses businesses involved in the creation and distribution of application and system software. This sector comprises enterprises specializing in application software for both business and consumer use, encompassing enterprise, technical, and cloud-based solutions. Notably, it excludes companies dealing with interactive home entertainment software and those producing database or systems software. According to Technavio's analysis, the IT software market size is determined by the consolidated revenue of organizations providing various software offerings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/