CHICAGO, July 14, 2023 /PRNewswire/ -- The augmented reality (AR) shopping market is expected to reach USD 11.6 billion by 2028 from USD 3.4 billion in 2023, at a CAGR of 28.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Increasing adoption of online shopping and e-commerce platforms, growing demand for personalized shopping experience, and increasing smartphone penetration are some of the major factors contributing to the growth of AR shopping market.
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220 – Pages
Augmented Reality (AR) Shopping Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $3.4 billion |
Estimated Value by 2028 | $11.6 billion |
Growth Rate | Poised to grow at a CAGR of 28.0% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Device Type, Application, Market Type, Offering and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Consumer Acceptance |
Key Market Opportunities | Lower costs of storage and efficient inventory management |
Key Market Drivers | Growing demand for personalized shopping experience |
E-commerce to dominate the AR shopping market from 2023 to 2028.
Online shopping and e-commerce platforms offer convenience, realistic product interactions, and enhanced differentiation for retailers. AR technology improves the shopping experience by facilitating customers to virtually interact with products and helping them to make informed purchasing decisions without physical being in the store. AR shopping platforms also increase customer satisfaction, improve marketing campaigns, thereby driving sales. The growing adoption of e-commerce platforms is expected to create growth opportunities for market players offering AR solutions for shopping.
Hardware to register the highest CAGR in the AR shopping market during the forecast period.
AR shopping hardware is expected to register a higher CAGR from 2023 to 2028. The growing demand and increased adoption of head mounted displays (HMDs), and smart mirrors in retail stores is a major factor contributing to the growth of the hardware market. These devices use components such as displays to superimpose virtual elements onto the real world, thereby improving the shopping experience of the consumer.
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North America accounted for the largest share of the market in 2022.
Presence of several AR software and service providers and increasing investments related to the retail sector are the major factors driving the market growth in North America. Furthermore, the growing number of devices such as smartphones, tablets and HMDs in the region are also expected to create opportunities for increased adoption of AR especially for e-commerce.
The report profiles key players such as PTC (US), Alphabet Inc., (US), Microsoft (US), Apple (US), Meta (US), Seiko Epson Corporation (Japan), Wikitude GmbH (Austria), Magic Leap, Inc. (US), 3D Cloud by Marxent (US), Vuzix (US), Blippar (UK). These players have adopted various organic and inorganic growth strategies such as product launches, partnerships, collaborations, acquisitions, and joint ventures.
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