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What's The Current Scenario Of The Augmented Reality AR Shopping Market?
In recent years, the augmented reality AR shopping market has experienced exponential growth, expected to increase from $6.11 billion in 2024 to over $ billion in 2025. This growth in the historic period can be attributed to government investments in augmented reality, consumer demand for immersive shopping experiences, rising e-commerce adoption globally, and the growth of online social commerce. Additionally, the need for personalized shopping solutions has also propelled the market size.
What Is The Projected Growth Of The AR Shopping Market?
In the forecast period, the augmented reality AR shopping market size is expected to see exponential growth. It is projected to grow further to $24.54 billion by 2029, reflecting a compound annual growth rate CAGR of 32.0%. Several factors contribute to these growth projections. These include the increase in millennial and gen z spending power, the uptake of AI for personalized AR shopping experiences, the increasing importance of sustainable shopping, and the surge in direct-to-consumer retail channels. Furthermore, the increase in smartphone penetration is a key driver. Emerging trends create an influence, including tech firms partnering with retail brands, integrating AR into e-commerce platforms, developing AR glasses for hands-free shopping, introducing gamification in AR shopping, and developing 3D product catalogs with AR.
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How Will Increasing Smartphone Availability Impact The Market Growth?
The increasing availability of smartphones is expected to be a significant driver for the augmented reality shopping market’s growth. Smartphones are affordable, multifunctional, and provide seamless connectivity, meeting diverse consumer needs in a compact device. These devices enable AR shopping, allowing users to visualize products in real-time. This enhances the online shopping experience, providing users with interactive and immersive features. For instance, according to Uswitch Limited, a UK-based provider of comparison and switching services, the UK had 71.8 million mobile connections at the start of 2022. This number exceeded the population by 4.2 million and reflected a 3.8% growth from 2021. Furthermore, by 2025, the UK population is projected to reach 68.3 million, with 95% of the population around 65 million people expected to be smartphone users, further driving the AR shopping market growth.
Who Are The Major Players In The AR Shopping Market?
Major companies operating in the AR shopping market include Amazon.com Inc., Apple Inc., Google LLC, Microsoft Corporation, Meta Platforms Inc., Inter Ikea Systems BV, Qualcomm Technologies, Inc., Wayfair Inc., Seiko Epson Corporation, Burberry Group Plc, PTC Inc., Converse Inc., Warby Parker Inc., Houzz Inc., Magic Leap Inc., Rebecca Minkoff LLC, StayinFront Inc., 3D Cloud by Marxent Marxent Labs LLC, Blippar Ltd., Vuzix Corporation, Wikitude GmbH, Holition Ltd., ViewAR GmbH, Zugara Inc., Imaginate Technologies.
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What Are The Emerging Trends In The AR Shopping Market?
A notable trend in the AR shopping market is a focus on technologically advanced solutions such as AR shopping tools. These tools offer an immersive, interactive experience by overlaying digital information or virtual representations of products onto the real world. For example, in June 2022, Burberry launched an AR viewer, an AR shopping tool on Burberry.com. This tool lets customers interact with the brand's signature bag, virtually placing a true-to-scale 3D model in their surroundings.
How Is The Market Segmented?
The AR shopping market’s segmentation covers:
1 By Offering: Hardware, Software, Services
2 By AR Technology: Marker-Based AR, Markerless AR
3 By Application: Automotive, Home Goods And Furniture, Beauty And Cosmetics, Apparel Fittings, Grocery Shopping, Footwear, Other Applications
4 By End Use: Retail And In-Store, E-Commerce And Out of Store.
The subsegments of this market include various offerings in hardware, software, and services specifically tailored for AR shopping.
Which Region Dominates The AR Shopping Market?
In 2024, North America was the dominant region in the AR shopping market. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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