Asia-Pacific Virtual Reality and Augmented Reality in Retail Market

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.

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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC virtual reality and augmented reality in retail market. The APAC virtual reality and augmented reality in retail market is expected to grow at a good CAGR during the forecast period.

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 -Companies Mentioned

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