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AR and VR in Commerce Market Size Worth $10 billion By 2030: IndustryARC

August 22, 2024
11 Min Read

AR and VR in Commerce Market size is predicted to reach $10 billion by 2030, growing at a CAGR of 28.4% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The AR and VR in commerce market is propelled by increasing consumer demand for immersive shopping experiences and advancements in technology. However, challenges include high implementation costs, the need for substantial data processing power, and potential user resistance due to unfamiliarity with the technology. The Information and Communication Technologies industry, finds IndustryARC in its recent report, titled “AR and VR in Commerce Market – By Type [AR (Software and Services), VR (Software and Services)], By Platform [Head Mounted Display, Head Up Display, Handheld Device, Mobile Devices, Projector and Wall Display], By End Use Industry (Tourism, Retail, E-Commerce and Advertisement), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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APAC to Register Highest Growth

In the geographical segmentation of the AR and VR in Commerce Market, APAC is emerging as the fastest-growing geographical segment in the AR and VR in Commerce market. This growth is driven by rapid technological advancements, increasing smartphone penetration, and a burgeoning middle class with rising disposable incomes. Countries like China, Japan, and India are leading the charge, with significant investments in AR and VR technologies across various sectors, including retail, entertainment, and education. The demand for immersive shopping experiences and virtual try-ons is propelling retailers to adopt these technologies to enhance customer engagement. Additionally, supportive government initiatives and collaborations between tech companies are fostering innovation and expanding market opportunities. The growing e-commerce sector in the region further accelerates the adoption of AR and VR solutions, positioning Asia-Pacific as a dynamic hub for commerce innovation. According to International Trade Administration, Business-to-business ecommerce for the larger Asia Pacific region has been increasing at 15% on average annually, higher than the global average of 14.5% gross merchandise value growth annually. As businesses seek to differentiate themselves in a competitive landscape, the strategic implementation of AR and VR will continue to gain traction, ensuring sustained growth in this vibrant market segment.

AR and VR in Commerce Market 2024-2030: Scope of the Report

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

28.4%

Market Size in 2030

$10 billion

Segments Covered

Type, Platform, End-Use Industry and Region

Geographies Covered

North America, South America, Europe, APAC, and Middle East & Africa

Key Market Players

1.      Amazon

2.      IKEA

3.      Meta

4.      Sephora

5.      BMW

6.      Harley Davidson

7.      Sotheby’s

8.      Walmart

9.      Nike

10.  H&M

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AR and VR in Commerce Market Report – Key Takeaways:

  • Augmented Reality to Register Highest Growth

The Augmented Reality segment is experiencing the fastest growth in the AR and VR in Commerce Market. AR’s ability to enhance customer experiences through interactive and immersive environments is driving its adoption across various retail sectors. Features such as virtual try-ons, product visualization, and interactive displays allow consumers to engage with products in real-time, significantly improving the online shopping experience. Retailers are increasingly leveraging AR applications to bridge the gap between physical and digital shopping, enhancing customer engagement and reducing return rates. Additionally, the proliferation of smartphones and AR-enabled devices is facilitating easier access to these technologies, further propelling market growth. With ongoing advancements in AR software development and increased investments from businesses, the demand for AR solutions is expected to rise substantially. As companies seek innovative ways to differentiate themselves in a competitive landscape, the AR segment is poised for continued expansion, making it a crucial focus area for future commerce strategies and technology investments.

  • Mobile Devices Segment is Leading the Market

In the Augmented Reality & Virtual Reality Market, the Mobile Devices segment holds the majority market share, primarily due to the widespread adoption of smartphones and tablets. According to Press Information Bureau, In the last 8 years, Broadband connections rose from 60 million to 810 million, Smartphone users went from 150 million to 750 million. Mobile devices offer users an accessible and convenient platform for AR applications, allowing for seamless integration into daily life. The proliferation of AR-enabled apps has transformed how consumers interact with brands, enabling experiences such as virtual try-ons, location-based services, and interactive advertisements. The continuous advancements in mobile technology, including improved processing power and enhanced camera capabilities, further facilitate the growth of AR experiences on these devices. Additionally, the growing popularity of mobile commerce is driving retailers to adopt AR solutions to enhance customer engagement and improve conversion rates. As more businesses recognize the potential of mobile AR applications to influence purchasing decisions, investment in this segment is expected to rise. With the increasing penetration of smartphones globally, the Mobile Devices segment will continue to dominate the market, establishing itself as a pivotal platform for the future of AR and VR in commerce.

  • Retail Segment is Leading the Market

In the Augmented Reality & Virtual Reality Market, the Retail segment holds the majority market share, driven by the growing demand for immersive shopping experiences. Retailers are increasingly adopting AR and VR technologies to enhance customer engagement, offering innovative solutions such as virtual try-ons, interactive product displays, and personalized shopping experiences. These technologies allow consumers to visualize products in real-time, significantly reducing return rates and improving overall satisfaction. The rise of e-commerce has further propelled the adoption of AR in retail, as online shoppers seek more interactive and informative ways to assess products. Major brands are investing in AR applications to differentiate themselves in a competitive landscape, enhancing their brand image and customer loyalty. Additionally, the integration of AR with mobile apps has made it easier for retailers to reach consumers directly on their devices. As the retail industry continues to embrace digital transformation, the Retail segment is expected to maintain its dominant market share, positioning itself as a key driver of growth within the AR and VR commerce ecosystem.

  • Technical Limitations and User Acceptance is a Major Challenge

A significant challenge in the AR and VR commerce market is the technical limitations and varying levels of user acceptance. Despite advancements in technology, many AR and VR solutions still face issues such as limited compatibility with devices, varying quality of user experiences, and the need for high-speed internet connections. These technical barriers can hinder widespread adoption, especially in regions with less advanced infrastructure. Additionally, user acceptance remains a crucial factor, as consumers may be hesitant to engage with unfamiliar technologies. Concerns regarding privacy, data security, and the learning curve associated with using AR and VR can further impede market growth. Companies must invest in user education and seamless experiences to encourage adoption. Building trust and demonstrating tangible benefits will be essential in overcoming skepticism. As the market evolves, addressing these technical limitations and fostering user acceptance will be critical for driving long-term success and widespread integration of AR and VR solutions in the commerce landscape.

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Key Opportunity Analysis:

Enhanced Virtual Shopping Experiences

The future of AR and VR in commerce lies in creating enhanced virtual shopping experiences that bridge the gap between physical and online retail. With consumers increasingly seeking immersive interactions, businesses can leverage these technologies to offer virtual try-ons, 3D product visualization, and interactive showrooms. This not only enhances customer engagement but also reduces return rates by allowing shoppers to make informed decisions. Retailers can invest in AR apps that provide personalized recommendations based on user preferences and behaviors. As e-commerce continues to grow, integrating AR and VR into shopping experiences will attract a tech-savvy audience, leading to increased sales and brand loyalty. The potential for partnerships with tech companies to develop advanced AR solutions further opens lucrative avenues for market growth. This transformation will empower businesses to differentiate themselves in a competitive landscape and tap into new revenue streams through innovative customer engagement strategies.

Virtual Collaboration and Training Solutions

A lucrative opportunity in the AR and VR commerce market is the development of virtual collaboration and training solutions. As remote work becomes more prevalent, businesses require effective tools to facilitate teamwork and skill development. AR and VR can provide immersive training environments that simulate real-world scenarios, enhancing learning experiences and improving employee skills. Companies can implement virtual meetings and collaborative workspaces that allow teams to interact seamlessly, regardless of location. This is particularly beneficial in industries such as retail, manufacturing, and logistics, where hands-on training is crucial. Investing in these technologies not only boosts productivity but also reduces training costs and time. Additionally, organizations can create customized training programs tailored to their specific needs, leading to better employee retention and job satisfaction. The rising demand for efficient remote solutions positions this segment as a significant growth area, making it a lucrative opportunity for companies to innovate and expand their offerings in the evolving commerce landscape.

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The Report also Covers the Following Areas:

  • AR and VR in Commerce Market Size and Forecast
  • AR and VR in Commerce Market Trends
  • AR and VR in Commerce Market Analysis by Product Type

AR and VR in Commerce Market 2024-2030: Key Highlights

  • CAGR of the market during the forecast period 2024-2030
  • Value Chain analysis of key stake holders
  • Detailed analysis of market drivers and opportunities during the forecast period
  • AR and VR in Commerce Market size estimation and forecast
  • Analysis and predictions on end users’ behavior and upcoming trends
  • Competitive landscape and Vendor market analysis including offerings, developments, and financials
  • Comprehensive analysis of challenges and constraints in the AR and VR in Commerce Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic accelerated the adoption of AR and VR technologies in commerce as businesses sought innovative solutions for remote engagement and enhanced customer experiences. Lockdowns and social distancing measures prompted a surge in online shopping, driving retailers to implement virtual try-ons and immersive shopping environments, ultimately reshaping consumer interactions and increasing investment in these technologies.

The Ukraine crisis has disrupted supply chains and increased uncertainty in the AR and VR commerce market, leading to a slowdown in investment and project development. Companies are reallocating resources to navigate geopolitical challenges, while demand for virtual solutions remains high to support remote collaboration and marketing efforts. This situation is fostering innovation as businesses adapt to changing market conditions.

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List of Key Market Players in AR and VR in Commerce Market:

The AR and VR in Commerce Market is fragmented with several companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

  • Amazon
  • IKEA
  • Meta
  • Sephora
  • BMW
  • Harley Davidson
  • Sotheby’s
  • Walmart
  • Nike
  • H&M

Related Reports:

Commerce Artificial Intelligence Market – Commerce AI Market is majorly driven by increased usage of artificial intelligence in customer relationship management, warehouse automation and in online stores, especially in clothing.

Visual Search Market – growing trend of online shopping has spurred the need for innovative ways to enhance the customer experience. Visual search allows users to find products by simply uploading images, which simplifies the shopping process and increases engagement.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

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IndustryARC

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Contact Information:

Mr. Venkat Reddy Email: [email protected] USA: (+1) 518-282-4727

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Contact Information:

Mr. Venkat Reddy
Email: [email protected]
USA: (+1) 518-282-4727

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