Augmented Shopping Market to Reach USD 134.7 Billion by 2031 Owing to Enhanced Customer Experience and Interaction.

AUSTIN, TEXAS, UNITED STATES, June 4, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report highlights a burgeoning Augmented Shopping Market. This market, valued at USD 5.92 Billion in 2023, is expected to reach a staggering USD 134.7 Billion by 2031, reflecting a robust Compound Annual Growth Rate of 47.8% over the forecast period 2024-2031.

Consumers are increasingly seeking immersive and engaging shopping experiences. Augmented Reality (AR) technology addresses this demand perfectly, allowing customers to virtually interact with products before committing to a purchase. This not only enhances perceived product value and brand recognition but also translates to higher sales for retailers. Additionally, AR empowers businesses to offer virtual product demonstrations, ultimately fostering brand awareness and reaching a wider audience. Ultimately, AR shopping fosters an exceptional customer experience, leading to greater satisfaction and loyalty. Retailers leverage AR's personalization capabilities to curate and filter content, presenting customers with relevant products that resonate with their needs and preferences. This tailored approach streamlines the shopping journey, boosting sales and customer satisfaction. Furthermore, the surge in smartphone adoption and booming m-commerce sector create a fertile ground for AR technology implementation.

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Key Players:

The major key players in the Augmented Shopping Market are Apple Inc., Augment, Blippar Ltd, Google LLC, Holition Ltd., Imaginate Technologies, Marxent Labs LLC, Microsoft, PTC, ViewAR GmbH, Wikitude GmbH, Zugara, Inc. and others.

Segmentation Analysis

The solutions segment reigns supreme within the Augmented Shopping Market, capturing the largest market share in 2023. This dominance can be attributed to the burgeoning demand for virtual mirrors, AR headsets, smart glasses, and AR-enabled applications, all of which empower customers to view and virtually try-on products. Additionally, the growing need for personalized AR content and the development of 3D content for product catalogs and marketing applications further propel segment growth. These advancements enable retailers to showcase products in compelling ways, ultimately driving sales uplifts.

Market Segmentation and Sub-Segmentation Included Are:

By Application

➤ Home Goods
➤ Furniture
➤ Beauty
➤ Cosmetics

By Types

➤ Augmented Reality
➤ Virtual Reality
➤ WebAR
➤ 3D Assets

By End-User

➤ Retail
➤ E-commerce
➤ Automotive Industry
➤ Fashion and Apparel
➤ Consumer Electronics
➤ Art
➤ Design

By Component

➤ Solutions
➤ Services

Impact of Global Events

The ongoing Russia-Ukraine conflict casts a shadow on the global Augmented Reality in the Supply Chain Market. Political and economic uncertainty ripple across Eastern Europe, the European Union, Eastern & Central Asia, and the United States. Disrupted supply chains and consumer priorities shifting towards essential needs may hinder the market's immediate growth. However, these conflicts can also spur innovation. The rise of online shopping, virtual showrooms, and other AR options may gain traction as consumers adapt. This could pave the way for the development of new technologies and solutions to cater to evolving consumer demands.

Regional Development

North America takes the lead, garnering the largest revenue share in 2023. This dominance stems from the region's substantial investments in AR technology compared to other regions. Furthermore, the booming e-commerce sector and the presence of retail giants in the U.S. and Canada significantly contribute to overall market growth. Additionally, the region's embrace of digital transformation within the retail space further propels the market forward.

Asia Pacific, however, emerges as the fastest-growing region, boasting a CAGR exceeding that of other regions during the forecast period. This growth is fueled by the region's burgeoning smartphone and mobile commerce sectors. E-commerce companies are actively integrating AR technology to enhance customer experience and drive sales. Additionally, the presence of a robust retail sector in China, coupled with investments in AR technology in countries like Japan and South Korea, is poised to accelerate market growth within the region.

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Recent Developments

In June 2021: Amazon launched its innovative Just Walk Out technology within its Amazon Fresh grocery store. This technology empowers customers to skip traditional checkout lines, revolutionizing the grocery shopping experience.

Key Takeaways for the Augmented Shopping Market Study

➤ The report offers valuable information into the booming Augmented Shopping Market, highlighting key growth drivers and market dynamics.

➤ By understanding consumer behavior and market trends, businesses can leverage AR technology to enhance customer engagement, personalize the shopping experience, and ultimately drive sales growth.

➤ This comprehensive report equips businesses with the knowledge and strategic foresight needed to capitalize on the vast potential of AR shopping and gain a competitive edge within the evolving retail landscape.

The future of the Augmented Shopping Market appears bright. As AR technology continues to mature and adoption rates climb, we can expect a paradigm shift in the retail experience. Emerging technologies like Metaverse integration will further blur the lines between physical and virtual shopping, offering consumers unparalleled levels of engagement and personalization.

Table of Contents - Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Augmented Shopping Market Segmentation, by Application

9. Augmented Shopping Market Segmentation, by Types

10. Augmented Shopping Market Segmentation, by End-User

11. Augmented Shopping Market Segmentation, by Component

12. Regional Analysis

13. Company Profile

14. Competitive Landscape

15. USE Cases and Best Practices

16. Conclusion

About Us

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