Augmented Reality (AR) in Retail and Apparel - Thematic Research

Augmented Reality (AR) in Retail and Apparel - Thematic Research

Summary

Augmented reality (AR) is a technology that allows the user to see the real world overlaid with digital data. Worth nearly $7 billion in 2020, the global AR market will reach $152 billion by 2030, according to GlobalData forecasts. This growth is in part due to the hype surrounding the metaverse. Internationally renowned retailers have announced their ambitions to enter the metaverse to increase brand awareness and appeal to a tech-savvy younger consumer base. AR is considered one of the primary gateways into this first iteration of the metaverse. It is a more accessible technology for many consumers, almost all of whom have smartphones and can access applications that use AR filters (digital overlays placed in real-life settings). However, these are very rudimentary use cases of AR, and the metaverse is a long way off becoming mainstream or accessible to most consumers and retailers.

Key HighlightsExclusively online home and apparel retailers are the top adopters of AR. This is because they are digitally native and sell high-ticket items, which require more research and consideration from consumersAR is considered one of the primary gateways into this first iteration of the metaverse. It is a more accessible technology for many consumers, almost all of whom have smartphones and can access applications that use AR filtersWorth nearly $7 billion in 2020, the global AR market will reach $152 billion by 2030, according to GlobalData forecastsScope

Augmented reality is not just a fun gimick, but instead an unavoidable theme for retailers across all channels and countries who wish to integrate into the digital space, engaging younger more digitally native consumers. This report breaks down the value chain for augmented reality, the leaders for this theme in retail, and provides an overview of how this technological theme helps to aleviate some of the main challenges facing retailers. This report provides market forecasts until 2030, breaking it down between enterprise and consumer applications.

Reasons to BuyGet an understanding of all aspects of the AR value chain, and how they relate to retailers both now and in the future. Explore the main challenges faced by retailers today, and how AR technologies can help to aleviate some of these difficulties, with top use cases proving examples of how retailers can employ AR. See market size and growth forecasts detailing the greater role that AR will play for retailers in their daily operations and for attracting younger consumers. See which companies are the leading adopters of augmented reality and how they are employing the technology