Report: Augmented Reality Market To Be Worth Almost 8 Billion By 2023 [updated]
Report from MarketsandMarkets predicts that retail applications for AR technology will lead to continued market growth.
A great deal of attention has been devoted towards augmented reality (AR) in recent months, with the release of Apple’s ARKit and Google’s ARCore prompting even more focus on the technology. A new report from MarketsandMarkets shows how that is translating into the wider immersive technology market.
The report, with the title of ‘Augmented Reality in Retail Market by Offering (Hardware and Software), Device Type (Head-Mounted, Smart AR Mirror), Application (Try-On Solution, Planning & Designing), Retail Type (Furniture, Beauty & Cosmetics), and Geography – Global Forecast to 2023’ shows that the AR market is still undergoing considerable growth.
The report predicts that the AR market will grow from $1,155.8 (USD) in 2018 to $7,951.2 million by 2023, at a CAGR of 47.1% between 2018 and 2023.
According to the report, AR adoption in the retail sector is a significant driver of this growth trend. The report points to an increasing number of retailers who are using AR to offer users a ‘try before you buy’ option, with features such as virtual dressing rooms and AR lenses for testing make-up.
Another area that the report pinpoints in advertising, with MarketsandMarkets idendtifying AR advertising and marketing as something that increases customer engagement. The continued adoption of AR is said to reply on a better emotional connection.
North America is predicted to continue to hold the majority share of the AR market over the forecast period. The report says that the prevelence of technology in the geographical area and the uptake of AR in areas such as planning and design, advertising and marketing and information system will allow AR technology to further develop. The report also states that the USA has many companies that already utilise AR products, services and solutions, which will help North America maintain a position in the global AR market.
Update: This article originally stated the market worth at almost 8 million USD. This was in error and has been corrected to show the proper figure of 8 Billion. VRFocus apologies for this error.