North 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)
Market Introduction
North America is the key regional market, which includes the US, Canada, and Mexico. North America is a hub of technological developments that comply with economically robust countries. With the increasing demand from customers for high-quality products and services and better shopping experience, companies are on a constant hunt for innovations to serve their customers in the best possible way.At present, in North America (the US and Canada), the penetration of virtual reality and augmented reality solutions, especially in the retail sector, is high. The rising investments in technologies by both small & medium enterprises and large enterprises to enhance the overall operational efficiency and increase customer satisfaction and shopping experiences by converting traditional online or offline stores into modern smart shopping stores or platforms units, are fueling the growth of the market in the region. Also, increasing adoption of virtual reality (VR) technology to offer better customer experience across online retail stores is the major factor driving the growth of the North America virtual reality and augmented reality in retail market.
With the COVID-19 pandemic spreading across the US, all industries have been severely impacted. As a result, any impact on industry has a direct impact on the region's economic growth. The unusual spike in COVID-19 cases in the US, as well as the accompanying lockdown to battle the virus's spread across the country in the first two quarters of 2020, has prompted many businesses to prepare for the worst. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons. However, the retail industry has been adopting technologies such as virtual reality and augmented reality much before the pandemic. According to IBM's 2020 US Retail Index report, the pandemic has expedited the shift to digital purchasing by about five years. Virtual "try-before-you-buy" experiences ranging from previewing furniture and products in your house with daily brands like IKEA and Home Depot to digitally trying on luxury fashion brands like Louis Vuitton and Gucci have been on the increase. Similarly, GLAMlab's Ulta's virtual try-on beauty tool, which was established four years ago, has seen an increase in utilization during the pandemic. In addition, when jewelry manufacturer Kendra Scott's stores were temporarily closed, the company implemented an augmented reality application that let buyers to visually try on numerous earring styles from the comfort of their own homes. Thus, rise in adoption of AR by customers and increase in investment in the technology by retailers during the pandemic have positively impacted the growth of the market across the region.
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Market Overview and Dynamics
The virtual reality and augmented reality in retail market in North America is expected to grow from US$ 1592.95 million in 2021 to US$ 7044.12 million by 2028; it is estimated to grow at a CAGR of 23.7% from 2021 to 2028. Mixed reality technologies such as AR and VR, provide a lot of promise for businesses to give customers new ways to interact with their brands, whether it is through taking them to another world or enriching the one they are in right now. Due to developments in mobile technology, augmented reality has grown in popularity in recent years, allowing customers to visualize and test things before purchasing them. Various retail brands are thereby investing in the technologies. Thus, the rise in investment by North America retail businesses in AR and VR technologies in expected to fuel the growth of the AR and VR in retail market over the forecast period.
Key Market Segments
The North America 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 North America 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; Marxent; Microsoft Corporation; PTC Inc.; Qualcomm Technologies, Inc.; and Samsung Electronics Co., Ltd. among others.
Reasons to buy report
- To understand the North America 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 North America virtual reality and augmented reality in retail market
- Efficiently plan M&A and partnership deals in North America 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 North America virtual reality and augmented reality in retail market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
North America Virtual Reality and Augmented Reality in Retail Market Segmentation
North America Virtual Reality and Augmented Reality in Retail Market -By Type
- AR
- VR
North America Virtual Reality and Augmented Reality in Retail Market –By Application
- Online Retail
- Offline Retail
North America Virtual Reality and Augmented Reality in Retail Market -By Country
- US
- Canada
- Mexico
North America Virtual Reality and Augmented Reality in Retail Market -Company Profiles
- Epson America, Inc.
- Google LLC
- Infosys Ltd.
- Intel Corporation
- Marxent
- 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. North America Virtual Reality and Augmented Reality in Retail Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Virtual Reality and Augmented Reality in Retail Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Virtual Reality (VR) Technology to Offer Better Customer Experience Across Online Retail Stores
5.1.2 Rise in Adoption of AR and VR in Marketing
5.2 Market Restraints
5.2.1 Security and Privacy Issues Associated with AR
5.3 Market Opportunities
5.3.1 Increasing Investments by Retailers on AR and VR Technologies
5.4 Future Trends
5.4.1 Virtual Fitting Technology is widely used across retail brands, with a high rate of adoption.
5.5 Impact Analysis of Drivers and Restraints
6. Virtual Reality and Augmented Reality in Retail Market North America Analysis
6.1 North Virtual Reality and Augmented Reality in Retail Market Overview
7. North America Reality in Retail Market Analysis – by Type
7.1 Overview
7.2 North America 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. North America Virtual Reality and Augmented Reality in Retail Market Analysis – by Application
8.1 Overview
8.2 North America 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. North America Virtual Reality and Augmented Reality in Retail Market – Country Analysis
9.1 Overview
9.1.1 North America Virtual Reality and Augmented Reality in Retail Market Breakdown, by Key Country
9.1.1.1 US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.1.1 US Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.1.2 US Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
9.1.1.2 Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.2.1 Canada Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.2.2 Canada Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
9.1.1.3 Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028
9.1.1.3.1 Mexico Virtual Reality and Augmented Reality in Retail Market Breakdown, by Type
9.1.1.3.2 Mexico Virtual Reality and Augmented Reality in Retail Market Breakdown, by Application
10. Impact of COVID-19 Pandemic on North America Virtual Reality and Augmented Reality in Retail Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. 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 Marxent
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 Google LLC
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 Infosys Ltd.
12.4.1 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 Intel Corporation
12.5.1 1.5.1 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 Microsoft Corporation
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 PTC 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 Qualcomm Technologies, Inc.
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
12.9 Samsung Electronics Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast To 2028 – By Country (US$ Mn)
Table 3. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 4. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 5. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 6. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 7. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 8. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast to 2028 – By Application (US$ Mn)
Table 9. Glossary of Term: Virtual Reality and Augmented Reality in Retail Market
LIST OF FIGURES
Figure 1. North America Virtual Reality and Augmented Reality in Retail Market Segmentation
Figure 2. North America Virtual Reality and Augmented Reality in Retail Market Segmentation – By Country
Figure 3. North America Virtual Reality and Augmented Reality in Retail Market Overview
Figure 4. AR Segment is Expected to Dominate the North America Virtual Reality and Augmented Reality in Retail Market by Type
Figure 5. Online Retail Segment held Largest North America Virtual Reality and Augmented Reality in Retail Market Share in 2020
Figure 6. US held Largest Market Share in 2020
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Virtual Reality and Augmented Reality in Retail Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Virtual Reality and Augmented Reality in Retail Market Revenue Share, by Type (2020 and 2028)
Figure 12. North America AR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America VR: Virtual Reality and Augmented Reality in Retail Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Virtual Reality and Augmented Reality in Retail Market Revenue Share, by Application (2020 and 2028)
Figure 15. North America Online Retail: Artwork Management Software – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Offline Retail: Virtual Reality and Augmented Reality in Retail Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Virtual Reality and Augmented Reality in Retail Market, by Key Country-Revenue 2020(US$ Million)
Figure 18. North America Virtual Reality and Augmented Reality in Retail Market Breakdown, by Key Country, (2020 & 2028)
Figure 19. US Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 20. Canada Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 21. Mexico Virtual Reality and Augmented Reality in Retail Market, Revenue and Forecast, 2018–2028 (US$ Mn)
Figure 22. Impact of COVID-19 Pandemic on Market in North American Countries
- Epson America, Inc.
- Google LLC
- Infosys Ltd.
- Intel Corporation
- Marxent
- Microsoft Corporation
- PTC Inc.
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
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- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the Augmented Reality and Virtual Reality Market, as well as those hindering it
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