Asia-Pacific 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)

Code: TIPRE00024738 | Pages: 82 | Industry: Technology, Media and Telecommunications | Date: Sep 2021
Covid

Market Introduction

The APAC virtual reality and augmented reality in retail market consist of Australia, China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. The region's economic outlook is more progressive than that of other parts of the world. With fast-growing countries such as China and India, as well as developed ones like Japan, it has huge growth potential. Rapid development, digitalization of the economy, adequate government support, increased education awareness, and rise in middle-class incomes are some of the factors that have enabled smooth transition of these economies from a developing to a developed stage, resulting in the growth of various industries, including the retail industry, over time. Also, ascent in adoption of AR and VR in marketing is the major factor driving the growth of the APAC virtual reality and augmented reality in retail market.

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.


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Market Overview and Dynamics

The virtual reality and augmented reality in retail market in APAC is expected to grow from US$ 859.03 million in 2021 to US$ 4743.12 million by 2028; it is estimated to grow at a CAGR of 27.6% from 2021 to 2028. 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.

Key Market Segments

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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the virtual reality and augmented reality in retail market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Epson America, Inc.; Google LLC; Infosys Ltd.; Intel Corporation; Microsoft Corporation; PTC Inc.; Qualcomm Technologies, Inc.; and Samsung Electronics Co., Ltd.  among others.

Reasons to buy report

  • To understand the APAC virtual reality and augmented reality in retail market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC virtual reality and augmented reality in retail market
  • Efficiently plan M&A and partnership deals in APAC virtual reality and augmented reality in retail market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC virtual reality and augmented reality in retail market
  • Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC Virtual Reality and Augmented Reality in Retail Market Segmentation
APAC Virtual Reality and Augmented Reality in Retail Market -By Type

  • AR
  • VR

APAC Virtual Reality and Augmented Reality in Retail Market –By Application

  • Online Retail
  • Offline Retail

APAC Virtual Reality and Augmented Reality in Retail Market -By Country

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC

APAC Virtual Reality and Augmented Reality in Retail Market -Company Profiles

  • Epson America, Inc.
  • Google LLC
  • Infosys Ltd.
  • Intel Corporation
  • Microsoft Corporation
  • PTC Inc.
  • Qualcomm Technologies, Inc.
  • Samsung Electronics Co., Ltd.

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.           APAC Virtual Reality and Augmented Reality in Retail Market Landscape

4.1         Market Overview

4.2         APAC PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           APAC Virtual Reality and Augmented Reality in Retail Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Surge in Adoption of Virtual Reality (VR) Technology to Offer Better Customer Experience Across Online Retail Stores

5.1.2        Soaring Adoption of AR and VR in Marketing

5.2         Market Restraints

5.2.1        Security and Confidential Issues Associated with AR

5.3         Market Opportunities

5.3.1        Rising Investments by Retailers on AR and VR Technologies

5.4         Future Trends

5.4.1        High Adoption Across Retail Brands for Implementing Virtual Fitting Technology

5.5         Impact Analysis of Drivers and Restraints

6.           Virtual Reality and Augmented Reality in Retail Market APAC Analysis

6.1         APAC Virtual Reality and Augmented Reality in Retail Market Overview

7.           APAC Reality in Retail Market Analysis – by Type

7.1         Overview

7.2         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.           APAC Virtual Reality and Augmented Reality in Retail Market Analysis – by Application

8.1         Overview

8.2         APAC 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.           APAC Virtual Reality and Augmented Reality in Retail Market – Country Analysis

9.1         Overview

9.1.1        APAC Virtual Reality and Augmented Reality in Retail Market Breakdown, by Country

9.1.1.1          China Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.1.1          China Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.1.2          China Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

9.1.1.2          Japan Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.2.1          Japan Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.2.2          Japan Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

9.1.1.3          India Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.3.1          India Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.3.2          India Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

9.1.1.4          South Korea Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.4.1          South Korea Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.4.2          South Korea Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

9.1.1.5          Australia Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.5.1          Australia Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.5.2          Australia Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

9.1.1.6          Rest of APAC Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

9.1.1.6.1          Rest of APAC Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type

9.1.1.6.2          Rest of APAC Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application

10.        Impact of COVID-19 Pandemic on APAC Virtual Reality and Augmented Reality in Retail Market

10.1      Overview

11.        APAC 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      Google LLC

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      Infosys Ltd.

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      Intel Corporation

12.4.1     1.5.1 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      Microsoft Corporation

12.5.1     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      PTC Inc.

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      Qualcomm Technologies, 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      Samsung Electronics Co., Ltd.

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

13.        Appendix

13.1      About The Insight Partners

13.2      Glossary of Terms

LIST OF TABLES

Table 1.             APAC Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)

Table 2.             APAC Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 – By Country (US$ Mn)

Table 3.             China Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)

Table 4.             China Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 5.             Japan Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)

Table 6.             Japan Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 7.             India Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)

Table 8.             India Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 9.             South Korea Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)

Table 10.          South Korea Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 11.          Australia Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type  (US$ Mn)

Table 12.          Australia Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 13.          Rest of APAC Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)

Table 14.          Rest of APAC Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)

Table 15.          Glossary of Term: APAC Virtual Reality and Augmented Reality in Retail Market

LIST OF FIGURES

Figure 1.           APAC Virtual Reality and Augmented Reality in Retail Market Segmentation

Figure 2.           APAC Virtual Reality and Augmented Reality in Retail Market Segmentation – By Country

Figure 3.           APAC Virtual Reality and Augmented Reality in Retail Market Overview

Figure 4.           AR Segment is Expected to Dominate the APAC Virtual Reality and Augmented Reality in Retail Market by Type

Figure 5.           Online Retail Segment held Largest Market Share in APAC Virtual Reality and Augmented Reality in Retail Market

Figure 6.           China held Largest Market Share in 2020

Figure 7.           APAC: PEST Analysis

Figure 8.           Expert Opinion

Figure 9.           APAC Virtual Reality and Augmented Reality in Retail Market: Impact Analysis of Drivers and Restraints

Figure 10.        APAC Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)

Figure 11.        APAC Virtual Reality and Augmented Reality in Retail Market Revenue Share, by Type (2020 and 2028)

Figure 12.        APAC AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)

Figure 13.        APAC VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)

Figure 14.        APAC Reality and Augmented Reality in Retail Market Revenue Share, by Application (2020 and 2028)

Figure 15.        APAC Online Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16.        APAC Offline Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.        APAC Virtual Reality and Augmented Reality in Retail Market, by Key Country- Revenue 20202(US$ Million)

Figure 18.        APAC Virtual Reality and Augmented Reality in Retail Market Breakdown, by Country, (2020 & 2028 )

Figure 19.        China Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 (US$ Mn)

Figure 20.        Japan Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 (US$ Mn)

Figure 21.        India Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 (US$ Mn)

Figure 22.        South Korea Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 (US$ Mn)

Figure 23.        Australia Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 (US$ Mn)

Figure 24.        Rest of APAC Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 (US$ Mn)

Figure 25.        Impact of COVID-19 Pandemic in Asia Pacific Country Markets

  1. Epson America, Inc.
  2. Google LLC
  3. Infosys Ltd.
  4. Intel Corporation
  5. Microsoft Corporation
  6. PTC Inc.
  7. Qualcomm Technologies, Inc.
  8. Samsung Electronics Co., Ltd.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC Virtual Reality and Augmented Reality in Retail Market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the APAC Virtual Reality and Augmented Reality in Retail market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth APAC market trends and outlook coupled with the factors driving Virtual Reality and Augmented Reality in Retail market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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