Factors such as upward trends in sales and conversion rates, creative marketing and advertising, data and analytics, customer engagement and loyalty, cross-selling and upselling, sustainability and green initiatives, and other variables are expected to drive market expansion in the near future at a CAGR of XX% during the forecast period 2023 to 2032.
Market Research Future (MRFR) has published a cooked research report on the “Global Immersive Technology in Retail Industry Market” that contains information from 2018 to 2032. The immersive technology in retail industry market is estimated to register a CAGR of XX% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global immersive technology in retail industry market— Acer Inc., Atheer, Inc., AVEVA Group PLC, Barco NV, Blippar Ltd., Carl Zeiss AG,CM Labs Simulations Inc., EON Reality, Inc., FAAC Incorporated, Google, LLC,HCL Technologies Limited, Honeywell International, Inc., HTC Corporation, Immersive Media Company, Immersive Technologies Pty Limited, Lockheed Martin Corporation, Magic Leap, Inc., NCTech Limited, Oculus (Facebook Technologies, LLC.), Samsung Group, Sony Corporation, Unity Software Inc., Varjo Technologies Oy, VI-grade GmbH, and Zeality Inc.
The global immersive technology in retail industry market is accounted to register a CAGR of XX% during the forecast period and is estimated to reach USD XX Billion by 2032.
Immersive tech is enhancing the retail sector through virtual try-ons, personalized shopping experiences, and virtual showrooms. It's redefining customer engagement and revolutionizing the way people shop.
The global immersive technology in retail industry market has been segmented into component, technology, and application.
On the basis of component, the market is segmented into Hardware (Head-Mounted Display (HMD), Gesture Tracking Devices (GTD), Projectors & Display Walls (PDW)), Software/Platform, Services (Professional and Managed). The Hardware segment dominated the market in 2022. In the past, the cost of immersive gear has been a major barrier to adoption. A larger spectrum of stores can now afford immersive technology thanks to ongoing hardware cost reductions.
Based on technology, the global immersive technology in retail industry market has been segmented into Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR) and 360 Film. The augmented reality (AR) segment dominated the market in 2022. The fashion and beauty industries are particularly favored by AR-powered virtual try-on solutions. Customers can virtually try on apparel, accessories, or cosmetics to see how they look on them.
Based on application, the global immersive technology in retail industry market has been segmented into training & learning, emergency services, product development and sales & marketing. The Training & Learning segment dominated the market in 2022. Retailers can showcase their items in a more enticing and engaging way thanks to immersive technologies.
The global immersive technology in retail industry market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe immersive technology in retail industry market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The immersive technology in retail industry market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World immersive technology in retail industry market comprises of Middle East, Africa, and Latin America.
The North America immersive technology in retail industry market dominated this market in 2022 (45.80%). The North American market has a robust e-commerce ecosystem, and immersive technology makes online shopping more convenient. Retailers are incorporating AR and VR into their e-commerce platforms to give customers engaging and immersive online shopping experiences.
Moreover, Europe holds the second-largest market share for immersive technology in the retail sector. In Europe, both art and technology are highly valued. Because immersive technology in retail frequently combines creativity and innovation, consumers and businesses in Europe are more open to it as a result of this openness in their culture.
Additionally, the Asia-Pacific immersive technology in retail industry market is expected to grow at the fastest CAGR from 2023 to 2032. Asia-Pacific is well known for its high smartphone penetration rate and mobile-first culture. Immersive technological solutions, such as AR shopping apps, are particularly well suited for this mobile-savvy age.
Furthermore, the rest of the world's immersive technology in retail industry market is divided into the Middle East, Africa, and Latin America. Latin America's retail sector leverages immersive tech for virtual try-ons, personalized shopping, and virtual showrooms, enhancing customer engagement and reshaping the shopping experience.
Key Findings of the Study