AR Segment to Dominate Europe Virtual Reality and Augmented Reality in Retail Market during 2021–2028.
According to The Insight Partners market research study on “Europe Virtual Reality and Augmented Reality in Retail Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Type and Application,” the market is expected to reach US$ 5214.75 million by 2028 from US$ 1048.20 million in 2021. The market is estimated to grow at a CAGR of 25.8% from 2021 to 2028. The report provides trends prevailing in the Europe virtual reality and augmented reality in retail market along with the drivers and restraints pertaining to the market growth. Ascent in adoption of AR and VR in marketing to offer better customer experience across online retail stores is the major factor driving the growth of the Europe virtual reality and augmented reality in retail market. However, issues associated with the AR-related security and privacy concerns could hamper the growth of Europe virtual reality and augmented reality in retail market.
The Europe virtual reality and augmented reality in retail market is segmented into type, application, and country. In terms of type, the virtual reality and augmented reality in retail market is bifurcated into augmented reality and virtual reality. The AR segment dominated the market in the year 2020 and is expected to be the fastest growing during forecast period. Based on application, the virtual reality and augmented reality in retail market is categorized into online retail and offline retail. The online retail segment dominated the market in the year 2020 and is expected to be the fastest growing during forecast period. Based on country, the market has been segmented into UK, Germany, France, Italy, and Russia.
The COVID-19 pandemic in Europe has had a diverse impact on different countries. Only a few countries have seen an increase in the number of cases, resulting in stringent, long-term lockdown periods or social isolation standards. Because of their strong healthcare systems, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively slight decline in their growth activities. The sudden outbreak of the COVID-19 virus across the region has not only led to the standstill of retail business operations but has also led to the closure of several small and medium retail enterprises across the region. During the pandemic, European countries such as the UK and Germany, saw an increase in the adoption of AR and VR in the retail business. Since the outbreak, European businesses such as Adidas and ASOS have made significant investments in developing their own augmented reality fitting rooms and experiences. Customers and merchants have been forced into an almost totally digital landscape because of the COVID-19 crisis, prompting firms to turn to new, inventive solutions to both reproduce the in-store experience and boost customer happiness online. The issue of sizing is one of the most common ecommerce concerns, with online clothes having an especially high return rate. Brands across the region are addressing this problem by providing a tailored experience for their online customers using AR and VR technologies. As a result, the high level of investment by retail companies in technical developments has had a favorable impact on market growth.
Epson America, Inc.; Google LLC; Infosys Ltd.; Intel Corporation; Marxent; Microsoft Corporation; PTC Inc.; Qualcomm Technologies, Inc.; Retail VR; and Samsung Electronics Co., Ltd. are among the leading companies in the Europe virtual reality and augmented reality in retail market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Marxent, the 3D Commerce company known for AR, VR, and 3D Room Planner apps that take shoppers from inspiration to transaction, had announced it has been recognized as a Sample Vendor in the Gartner Hype Cycle report: Hype Cycle for Retail Technologies 2020, in the Mixed Reality category.
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