Report : Middle East & Africa Virtual Reality and Augmented Reality in Retail Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (AR and VR) and Application (Online Retail and Offline Retail)

AR Segment to Dominate MEA Virtual Reality and Augmented Reality in Retail Market during 2021–2028.

According to a new market research study on “MEA 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$ 734.25 million by 2028 from US$ 210.78 million in 2021. The market is estimated to grow at a CAGR of 19.5% from 2021 to 2028. The report provides trends prevailing in the MEA virtual reality and augmented reality in retail market along with the drivers and restraints pertaining to the market growth. High adoption across retail brands for implementing virtual fitting technology is the major factor driving the growth of the MEA virtual reality and augmented reality in retail market. However, issues associated with the security and privacy issues associated with AR could hamper the growth of MEA virtual reality and augmented reality in retail market.

The MEA 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 UAE, Saudi Arabia, and South Africa.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main countries facing the impact of COVID-19 in the Middle East & Africa. The retail industry across the Middle East & Africa region was severely impacted due to the outbreak of the pandemic in the starting of the year 2020. However, in order to combat the huge economic impact, countries like the UAE have taken necessary steps to continue economic activities across the region. The UAE government is thus promoting the adoption of advanced technology across the industries to increase efficiency among them. Global brands also made investments in technology to promote the retail business across the region. For instance, Ikea created virtual reality pop-up stores in Kuwait, Jordan, and Morocco to provide an immersive shopping experience for clients who are unable to visit physical Ikea stores. Since the launch of the same, the brand has experienced a rise in footfall by 19%. Thus, the high investment on technology across the region during the pandemic has positively impacted the growth of the market.

Epson America, Inc.; Google LLC; Infosys Ltd.; Intel Corporation; Microsoft Corporation; and PTC Inc.; are among the leading companies in the MEA 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, Epson, a global leader in imaging and projection technology, had announced the Moverio BT-40 and BT-40S, a new generation of award-winning Moverio augmented reality (AR) smart glasses designed to deliver a high-quality AR viewing experience with maximum comfort.

Contact Us
Contact Person: Sameer Joshi 
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com 

Download Free PDF Brochure