South America Virtual Reality and Augmented Reality in Retail Market

Market Introduction

The SAM virtual reality and augmented reality in retail market is sub segmented into Brazil, Argentina, and Rest of SAM. Several countries in SAM are substantially adopting various technologies to ease and overcome different challenges faced by the population in the respective countries. Infrastructure development is the key to the economic growth, leading to the rise in per capita incomes of Latin American countries. Infrastructure development facilitates productivity enhancement and competitiveness among the countries at the global level, in turn result in the economic development of the country. Commercial complexes, shopping malls, hypermarkets, non-food retail stores, supermarkets, and other types of businesses have sprung up as a result of large infrastructure projects in Latin America. These changes are expected to boost the retail industry's expansion across the area, which will have a beneficial impact on the growth of VR and AR in the retail market. Also, 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 APAC virtual reality and augmented reality in retail market.

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.

Market Overview and Dynamics

The virtual reality and augmented reality in retail market in SAM is expected to grow from US$ 79.99 million in 2021 to US$ 128.63 million by 2028; it is estimated to grow at a CAGR of 7.0% 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 SAM 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 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

• Brazil
• Argentina
• Rest of SAM

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.

South America Virtual Reality and Augmented Reality in Retail Market Strategic Insights

South America Virtual Reality and Augmented Reality in Retail Market Segmentation Analysis

South America Virtual Reality and Augmented Reality in Retail Market Report Highlights

South America Virtual Reality and Augmented Reality in Retail Report Scope

South America Virtual Reality and Augmented Reality in Retail Market Country and Regional Insights