Report : South America 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)

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

 According to a new market research study on “SAM 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$ 128.63 million by 2028 from US$ 79.99 million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the SAM virtual reality and augmented reality in retail market along with the drivers and restraints pertaining to the market growth. Rise in adoption of virtual reality (VR) technology to offer better customer experience across online retail stores is the major factor driving the growth of the SAM 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 SAM virtual reality and augmented reality in retail market.

The SAM 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 Brazil and Argentina.

Brazil has reported the largest number of cases of COVID-19 in South America, followed by Ecuador, Chile, Peru, and Argentina, among others. The pandemic has compelled several country governments to impose lockdowns and suspend economic activities to contain the spread of the virus. Owing to the strict lockdown measures imposed by the governing bodies, the countries experienced a decline in the retail business. However, global brands have made huge investments in the AR and VR technology during the pandemic to offer better customer shopping experience even at their home. This have influenced the growth of local AR VR market players across the region, thereby leaving positive impact in the market growth.

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 SAM 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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