North America Virtual Reality and Augmented Reality in Retail Market to Grow at a CAGR of 23.7% to reach US$ 7044.12 million from 2021 to 2028
The virtual reality and augmented reality in retail market in North America is expected to grow from US$ 1592.95 million in 2021 to US$ 7044.12 million by 2028; it is estimated to grow at a CAGR of 23.7% from 2021 to 2028.
The US, Canada, and Mexico are economies in North America. Customer support departments have improved considerably in recent years because of the potential of AI-powered chatbots and virtual assistants. On the other hand, virtual reality (VR) in customer service is proving to be a game-changer for retailers in terms of consumer engagement and happiness. Chatbots struggle with remote troubleshooting, which is a difficult component of customer care to get correctly. However, when both sides can perceive what the other is seeing and feeling, even basic and difficult issues can be resolved in less time. There is no better way for businesses to demonstrate how much they respect their customers than by implementing great customer service initiatives, and virtual reality is the most advanced type of technology that is assisting the retail industry in doing so. Virtual reality creates a totally immersive experience with a powerful sensory effect and a strong emotional connection with users. Businesses are making use of this connection to engage with customers in new and relevant ways. Customers are more likely to make repeat purchases and become lifelong brand loyalists when they are emotionally connected with a brand. Customers can have an immersive purchasing experience that makes them feel as if they are physically and emotionally engaged with a brand. Furthermore, virtual reality provides consumers with a highly realistic level of experience. To display items in new ways, marketers can create a variety of exciting, exhilarating, scary, and even emotional VR ads.
With the COVID-19 pandemic spreading across the US, all industries have been severely impacted. As a result, any impact on industry has a direct impact on the region's economic growth. The unusual spike in COVID-19 cases in the US, as well as the accompanying lockdown to battle the virus's spread across the country in the first two quarters of 2020, has prompted many businesses to prepare for the worst. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons. However, the retail industry has been adopting technologies such as virtual reality and augmented reality much before the pandemic. According to IBM's 2020 US Retail Index report, the pandemic has expedited the shift to digital purchasing by about five years. Virtual "try-before-you-buy" experiences ranging from previewing furniture and products in your house with daily brands like IKEA and Home Depot to digitally trying on luxury fashion brands like Louis Vuitton and Gucci have been on the increase. Similarly, GLAMlab's Ulta's virtual try-on beauty tool, which was established four years ago, has seen an increase in utilization during the pandemic. In addition, when jewelry manufacturer Kendra Scott's stores were temporarily closed, the company implemented an augmented reality application that let buyers to visually try on numerous earring styles from the comfort of their own homes. Thus, rise in adoption of AR by customers and increase in investment in the technology by retailers during the pandemic have positively impacted the growth of the North America Virtual Reality and Augmented Reality in Retail market across the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America virtual reality and augmented reality in retail market. The North America virtual reality and augmented reality in retail market is expected to grow at a good CAGR during the forecast period.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
North America Virtual Reality and Augmented Reality in Retail Market Segmentation
North America Virtual Reality and Augmented Reality in Retail Market – By Type
- AR
- VR
North America Virtual Reality and Augmented Reality in Retail Market- By Application
- Online Retail
- Offline Retail
North America Virtual Reality and Augmented Reality in Retail Market - By Country
- US
- Canada
- Mexico
North America Virtual Reality and Augmented Reality in Retail Market -Companies Mentioned
- Epson America, Inc.
- Google LLC
- Infosys Ltd.
- Intel Corporation
- Marxent
- Microsoft Corporation
- PTC Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Virtual Reality and Augmented Reality in Retail Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Virtual Reality and Augmented Reality in Retail Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Virtual Reality (VR) Technology to Offer Better Customer Experience Across Online Retail Stores
5.1.2 Rise in Adoption of AR and VR in Marketing
5.2 Market Restraints
5.2.1 Security and Privacy Issues Associated with AR
5.3 Market Opportunities
5.3.1 Increasing Investments by Retailers on AR and VR Technologies
5.4 Future Trends
5.4.1 Virtual Fitting Technology is widely used across retail brands, with a high rate of adoption.
5.5 Impact Analysis of Drivers and Restraints
6. Virtual Reality and Augmented Reality in Retail Market North America Analysis
6.1 North Virtual Reality and Augmented Reality in Retail Market Overview
7. North America Reality in Retail Market Analysis – by Type
7.1 Overview
7.2 North America Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type, 2020 and 2028
7.3 AR
7.3.1 Overview
7.3.2 AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
7.4 VR
7.4.1 Overview
7.4.2 VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
8. North America Virtual Reality and Augmented Reality in Retail Market Analysis – by Application
8.1 Overview
8.2 North America Virtual Reality and Augmented Reality in Retail Market, by Application (2020 and 2028)
8.3 Online Retail
8.3.1 Overview
8.3.2 Online Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Offline Retail
8.4.1 Overview
8.4.2 Offline Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Virtual Reality and Augmented Reality in Retail Market – Country Analysis
9.1 Overview
9.1.1 North America Virtual Reality and Augmented Reality in Retail Market Breakdown, by Key Country
9.1.1.1 US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.1.1 US Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.1.2 US Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
9.1.1.2 Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.2.1 Canada Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.2.2 Canada Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
9.1.1.3 Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.3.1 Mexico Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.3.2 Mexico Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
10. Impact of COVID-19 Pandemic on North America Virtual Reality and Augmented Reality in Retail Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. Virtual Reality and Augmented Reality in Retail Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 Epson America, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Marxent
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Google LLC
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Infosys Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Intel Corporation
12.5.1 1.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Microsoft Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 PTC Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Qualcomm Technologies, Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Samsung Electronics Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 – By Country (US$ Mn)
Table 3. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 4. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 5. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 6. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 7. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 8. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 9. Glossary of Term: Virtual Reality and Augmented Reality in Retail Market
LIST OF FIGURES
Figure 1. North America Virtual Reality and Augmented Reality in Retail Market Segmentation
Figure 2. North America Virtual Reality and Augmented Reality in Retail Market Segmentation – By Country
Figure 3. North America Virtual Reality and Augmented Reality in Retail Market Overview
Figure 4. AR Segment is Expected to Dominate the North America Virtual Reality and Augmented Reality in Retail Market by Type
Figure 5. Online Retail Segment held Largest North America Virtual Reality and Augmented Reality in Retail Market Share in 2020
Figure 6. US held Largest Market Share in 2020
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Virtual Reality and Augmented Reality in Retail Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Virtual Reality and Augmented Reality in Retail Market Revenue Share, by Type (2020 and 2028)
Figure 12. North America AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Virtual Reality and Augmented Reality in Retail Market Revenue Share, by Application (2020 and 2028)
Figure 15. North America Online Retail: Artwork Management Software – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Offline Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Virtual Reality and Augmented Reality in Retail Market, by Key Country-Revenue 2020(US$ Million)
Figure 18. North America Virtual Reality and Augmented Reality in Retail Market Breakdown, by Key Country, (2020 & 2028)
Figure 19. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 20. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 21. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 22. Impact of COVID-19 Pandemic on Market in North American Countries
- Epson America, Inc.
- Google LLC
- Infosys Ltd.
- Intel Corporation
- Marxent
- Microsoft Corporation
- PTC Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For