(MENAFN- GlobeNewsWire - Nasdaq) The integration of AR for virtual try-ons and personalized shopping drives growth in the Augmented Shopping Market, enhancing user engagement.Pune, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Augmented Shopping market Size Analysis:
“ The SNS Insider report highlights that the Augmented Shopping Market size was valued at USD 4.0 billion in 2023 and is projected to reach USD 57.5 billion by 2032, growing at a robust CAGR of 34.30% during the forecast period of 2024-2032. ”
Redefining Retail: The Impact of AR and VR on Modern Shopping Experiences
AR and VR technologies have evolved rapidly, adapting to new trends that have vastly redefined the expectations of consumers in the retail space. Augmented shopping solutions aim to provide immersive, interactive, and unique personalized experiences for retail, bridging the gap between virtual and physical shopping. They allow consumers to see products in real life, try on clothes, test cosmetics, or put furniture virtually into their homes. This helps increase customer satisfaction and keeps return rates low, the bane of any online retailer's existence. Smartphones and super-fast internet also allow more accessibility with augmented shopping experiences, so AR is a growing force. These technologies are being used by retailers to stand out in a competitive market, spark interest among tech-savvy consumers, and build loyalty
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Major Players Analysis Listed in this Report are:
IKEA – IKEA Place L'Oreal – L'Oreal Virtual Try-On Sephora – Sephora Virtual Artist Nike – Nike Fit Amazon – Amazon AR View Walmart – Walmart AR Shopping Warby Parker – Warby Parker Virtual Try-On ModiFace – ModiFace AR Beauty Try-On Zara – Zara AR Experience Alibaba – Alibaba AR Shopping ASOS – ASOS Virtual Catwalk H&M – H&M AR Shopping Experience Hershey's – Hershey's AR Experience
Augmented Shopping Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.0 Billion |
| Market Size by 2032 | USD 57.5 Billion |
| CAGR | CAGR of 34.30% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | . Innovations in AR and VR enhance immersive shopping experiences, driving consumer engagement.
. The rise of online shopping increases demand for interactive, virtual shopping solutions. |
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Augmented Shopping Market by Component: Solutions Lead with 69% Share in 2023, Services to Witness Fastest Growth Ahead
The solutions segment held the largest market share in 2023, contributing to 69% of the revenue. This is due to the demand in the market for plug-and-play AR solutions that can be integrated into existing e-commerce ecosystems and mobile apps or in brick-and-mortar stores. Retailers are increasingly wanting complete solutions that connect the dots between content, software, development, deployment, and evergreen support and maintenance.
Among these, the augmented shopping services segment is anticipated to record the fastest compound annual growth rate (CAGR) throughout the forecast period. The need for niche services is expected to facilitate immense growth and enable retailers to integrate AR technologies with their business at the optimum level.
Augmented Shopping Market by Application: Automotive Leads Revenue Share, Footwear to Witness Highest Growth by 2032
The automotive segment led the market and held the highest revenue share. It consists of high-value, complex products that can be showcased via immersive & interactive customer experience, hence providing ideal ground for AR adoption in the industry. Automobile companies and dealers have and continue to use AR to allow customers to see and virtually get into cars, configure a model with features and options, and even take a virtual test drive.
The footwear segment is projected to grow at the fastest CAGR during 2024-2032. Footwear lends itself perfectly to AR adoption, whether it be allowing customers to try on shoes virtually, see alternate styles/colors, or just deliver the perfect fit.
Augmented Shopping Market Segmentation:
By Component
By Application
Automotive Home Goods & Furniture Beauty & Cosmetics Apparel Fittings Grocery Shopping Footwear Others
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Augmented Shopping Market by Application: North America Leads with 41% Revenue Share, Asia Pacific Set for Rapid Growth by 2032
North America dominated the market with a revenue share of 41% in 2023 This can be accounted for by the growing e-commerce sector in the region, the high smartphone penetration rate, and high consumer demand for innovative technology. North America has a mature retail framework complemented by massive investments in digital transformation and customer experience, creating multiple pathways for AR to flourish.
The fastest growth over the forecast period is anticipated to be witnessed in the Asia Pacific region. With their rapidly rising economies and growing middle-income urban populations, countries like China, India, and Indonesia are generating attractive growth prospects for retailers.
Recent Developments
In 2024, L'Oreal expanded its AR capabilities by introducing an enhanced version of its Virtual Try-On technology, enabling consumers to try on makeup in real-time through their smartphones and integrating AI to offer personalized product recommendations.
Sephora launched a new AR feature in 2024, allowing customers to virtually try on skincare products alongside makeup. This integration of augmented reality with skincare helps users assess how products would perform on their skin tones and types.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Augmented Shopping Market Segmentation, by Component
8. Augmented Shopping Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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