Augmented Shopping Market To Reach $28.47 Billion By 2030

Augmented Shopping Market Growth & Trends

The global augmented shopping market size is expected to reach USD 28.47 billion by 2030, registering a CAGR of 34.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The introduction of augmented reality and the application of 3D technologies is revolutionizing the way consumer shops across online and in-store retail environments. The use of interactive technology is gradually replacing the product catalogs, where earlier consumers select their products from the catalogs. Currently, with the help of AR and 3D technology, consumers could choose, interact, and achieve dimensions of the product types ranging from the pairing of apparel to furniture and automotive while buying. Thus, the adaptation of augmented reality technology is revolutionizing the way of personalized consumer shopping experience.

The augmented shopping experience is gaining popularity with the rise in adoption of smartphones and endpoint devices. Currently, more than billions of smartphones can deliver augmented experiences virtually and in-store. According to a survey of retail executives, it was observed that more than 46% of the retail executives are planning to implement immersive technologies to improve customer experiences and provide higher customer satisfaction. Furthermore, recent advancement in AR technologies is expanding the capabilities of the shopping experience. For instance, in April 2019, NexTech AR Solutions Inc., an augmented reality technology solution provider, introduced sentiment analysis capabilities within its “Try-it-On” solution developed for the e-commerce industry. The updated solution uses computer vision technology to analyze shopper’s reactions by reading their facial expressions as they try on different products and further helps them provide recommendations based on sentiments.

Much like the retail and e-commerce vendors, automotive dealers, and auto OEMs have begun experimenting with AR technologies to boost sales. With the implementation of technology, automotive dealers could bridge the gap of displaying their full range of products and configurations in one platform. Using technology, consumers can interact with models by clicking on the banner ad and understanding vehicle parts and features better. For instance, in February 2019, Toyota (GB) PLC introduced an augmented reality app developed in partnership with Brandwidth, a U.K. based digital technology service provider. The application allows its customers to explore the insides of its model. Thus, the integration of technology helps in augmenting sales and improves the consumer shopping experience.

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Augmented Shopping Market Report Highlights

• The solutions component dominated the market with a revenue share of 67.8% in 2023. It is attributed to the growing need for comprehensive AR solutions that can be seamlessly integrated into existing e-commerce platforms, mobile apps, and physical stores.

• The services component of augmented shopping is expected to register the fastest CAGR over the forecast period.

• The automotive sector held the highest market revenue share in 2023. The presence of complex and high-value products in this industry, coupled with the need for immersive and interactive customer experiences, has created a strong base for AR adoption.

• On the other hand, the footwear segment is expected to register the fastest growth rate from 2024 to 2030.

• North America dominated the market with a revenue share of 59.3% in 2023. It is attributed to the region's robust e-commerce landscape, high smartphone penetration rate, and strong consumer demand for innovative technologies.

• Asia Pacific is expected to register the fastest growth rate over the forecast period. Rapid economic growth and an increasing middle-income urban population in countries such as China, India, and Indonesia have created lucrative growth opportunities for retailers.

Augmented Shopping Market Segmentation

Grand View Research has segmented global augmented shopping market report based on component, application, and region:

Augmented Shopping Component Outlook (Revenue, USD Million, 2018 - 2030) 

• Solutions

• Services

Augmented Shopping Application Outlook (Revenue, USD Million, 2018 - 2030) 

• Automotive

• Home Goods & Furniture

• Beauty & Cosmetics

• Apparel Fittings

• Grocery Shopping

• Footwear

• Others

Augmented Shopping Regional Outlook (Revenue, USD Million, 2018 - 2030) 

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • India

  • China

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players of Augmented Shopping Market

• Apple Inc.

• Augment

• Blippar Group Limited

• Google LLC

• Holition Ltd.

• 3D Cloud

• Microsoft

• PTC

• ViewAR GmbH

• Wikitude

• Zugara, Inc.