Middle East & Africa Virtual Reality and Augmented Reality in Retail Market

Market Introduction

Geographically, the MEA virtual reality and augmented reality in retail market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The UAE is the most advanced country in this area, and its government is focusing on taking advantage of a range of technologically advanced solutions to boost the overall retail infrastructure of the country. The infrastructure development in the Gulf countries is immense and the growth trend of commercial infrastructures continues to climb exponentially year-on-year. As these countries focus extensively on tourism, the commercial infrastructure plays a major role in respective country’s economy. High investment on commercial constructions such as supermarkets, specialty stores, and malls, is being witnessed in the region. Thus, the growth of commercial infrastructure is propelling the growth of retail outlets of major brands across the region. Also, 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.

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.

Market Overview and Dynamics

The virtual reality and augmented reality in retail market in MEA is expected to grow from US$ 210.78 million in 2021 to US$ 734.25 million by 2028; it is estimated to grow at a CAGR of 19.5% from 2021 to 2028. Brands use virtual and augmented reality technology to promote themselves and their products in virtual reality marketing. The technology generates a fictitious yet realistic setting. Depending on the device, virtual reality marketing might be visual or multi-sensory. A full virtual reality headset provides a fully immersive experience, whereas a virtual reality Instagram filter only overlays objects or photographs onto the camera view. Augmented reality (AR) marketing is what these filters are. AR is a type of virtual reality in which a virtual image is superimposed on the real environment.

Key Market Segments

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.

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 MEA 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; and PTC Inc.  among others.

Reasons to buy report

• To understand the MEA 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 MEA virtual reality and augmented reality in retail market
• Efficiently plan M&A and partnership deals in MEA 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 MEA virtual reality and augmented reality in retail market
• Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.

MEA Virtual Reality and Augmented Reality in Retail Market Segmentation

MEA Virtual Reality and Augmented Reality in Retail Market -By Type

• AR
• VR

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

• Online Retail
• Offline Retail

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

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

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

• Epson America, Inc.
• Google LLC
• Infosys Ltd.
• Intel Corporation
• Microsoft Corporation
• PTC Inc.

Middle East & Africa Virtual Reality and Augmented Reality in Retail Market Strategic Insights

Middle East & Africa Virtual Reality and Augmented Reality in Retail Market Segmentation Analysis

Middle East & Africa Virtual Reality and Augmented Reality in Retail Market Report Highlights

Middle East & Africa Virtual Reality and Augmented Reality in Retail Report Scope

Middle East & Africa Virtual Reality and Augmented Reality in Retail Market Country and Regional Insights