North America Virtual Reality and Augmented Reality in Retail Market

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.

North America Virtual Reality and Augmented Reality in Retail Strategic Insights

Strategic insights for the North America Virtual Reality and Augmented Reality in Retail provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Virtual Reality and Augmented Reality in Retail Report Scope

North America Virtual Reality and Augmented Reality in Retail Regional Insights

The geographic scope of the North America Virtual Reality and Augmented Reality in Retail refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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.