Online Retail Segment to Dominate APAC Virtual Reality and Augmented Reality in Retail Market during 2021–2028.

According to a new market research study on “APAC 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$ 4743.12 million by 2028 from US$ 859.03 million in 2021. The market is estimated to grow at a CAGR of 27.6% from 2021 to 2028. The report provides trends prevailing in the APAC virtual reality and augmented reality in retail market along with the drivers and restraints pertaining to the market growth. Rising investments by retailers on AR and VR technologies is the major factor driving the growth of the APAC virtual reality and augmented reality in retail market. However, issues associated with the security and confidential issues associated with AR could hamper the growth of APAC virtual reality and augmented reality in retail market.

The APAC 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 China, Japan, South Korea, India, and Australia.

The COVID-19 pandemic has severely impacted APAC. Moreover, countries in this region are among the highly populated countries in the world, which leads to the greater risk of spreading the infection. Many global brands and technological companies are headquartered in the region. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. The rapid outbreak of the COVID-19 pandemic has led to strict lockdowns across the region since the starting of 2020. Some countries in the region such as India are still facing lockdowns, owing to the rising cases across the country. The region has experienced a temporary shutdown of all retail business activities in the initial moths of 2020. This has led retail businesses to make large investments on adopting technological advancements in their business model. For instance, with the COVID-19 pandemic causing a shift in consumer behavior and an increase in online adoption, Flipkart has been concentrating on improving customer experiences through a number of investments. To improve its e-commerce purchasing experience, Flipkart Group has acquired Scapic, an augmented reality (AR) business. Scapic is a cloud-based platform that allows clients in the e-commerce and marketing industries to create and publish Augmented Reality (AR) and 3D content. Thus, the growing investment by retail giants across the region on technological implementation has positively impacted the growth of the market across the region during the pandemic.

Epson America, Inc.; Google LLC; Infosys Ltd.; Intel Corporation; Microsoft Corporation; PTC Inc.; Qualcomm Technologies, Inc.; and Samsung Electronics Co., Ltd. are among the leading companies in the APAC 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, Samsung has expanded its contactless offerings for consumers with a new augmented reality enabled demo for its flagship refrigerator and TV that will let them virtually experience how their favorite company products would look like in their homes.

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