Augmented reality (AR) in the retail market could be on the cusp of a massive growth spurt. A new report from Research and Markets said AR investments in retail were valued at roughly $2 billion in 2021, but that number is expected to explode to $61.3 billion by 2031.
The report begins by defining AR and its potential: “Augmented reality enhances the real world using digitally produced perceptual overlays,” the report states. “Furthermore, increases in investments in the AR market and the surge in penetration of smartphones boost the growth of the global AR in the retail market.”
Despite that, “security and privacy concerns associated with AR and high set-up and installation costs of AR solutions hamper the market growth,” the report notes.
The report then segments AR in the retail market by component, device type, application, retail type and region.
“By component, the market is classified into hardware, software, and services. By device, the market is divided into head-mounted displays, smart AR mirrors and handheld devices. By application, it is categorized into advertising and marketing, try-on solutions, planning and designing, and information systems. By retail type, the market is divided into jewelry, beauty and cosmetics, apparel fitting, furniture and lighting, grocery shopping, footwear and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report also identifies and profiles key players in retail-related AR, including: Amazon.com, Inc., Apple Inc., Google, Inter IKEA Systems B.V., Microsoft Corp. and Sephora USA Inc. “These players have adopted various strategies to increase their market penetration and strengthen their position in the industry,” the report noted.
Click here for more from the report. (The report in its entirety is available for purchase.)