Augmented Reality In Market Sizeing Market Size
What market dynamics are playing a key role in accelerating the growth of the augmented reality in marketing market?
The rise in AR demand in retail and e-commerce industries is anticipated to fuel the augmented reality marketing market’s expansion. Retail involves selling goods from individuals or businesses to end consumers, while e-commerce revolves around the online exchange of products and services. The incorporation of augmented reality in retail will challenge brands to develop ingenious retail experiences that sway their customers’ buying choices. Plus, in e-commerce, it enables customers to virtually try out a product at home or on their face and body using AR filters, which aids brands in diminishing return rates. For example, Shopify, a Canadian e-commerce firm, noted a nearly 250% boost in retail conversion rates for brands that adopted augmented reality in July 2022. Moreover, Houzz, a US-based online community and software for architecture, stated that users who engaged with AR remained on the app 2.7 times longer and made purchases 11 times more often. Consequently, the rising AR demand from the retail and e-commerce industries will incentivize the development of augmented reality marketing.
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How will the growth rate of the augmented reality in marketing market shape industry trends by 2034?
There has been a swift expansion in the market size of augmented reality in marketing in the past few years. The market, which is estimated to be worth $5.23 billion in 2024, is projected to reach $5.84 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.7%. The historical growth has been driven by factors such as improved consumer interaction, innovative and novelty attraction, brand distinctiveness strategies, growth in smartphone usage, and enhanced product visualization.
In the upcoming years, a swift expansion is anticipated in the market size of augmented reality in marketing. This market is projected to soar to “$10.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.1%. Several factors are contributing to this growth during the forecast period, including the increasing integration with e-commerce, wider applications within social media, its use in event marketing, and the advancement of data analytics and insights. A few key trends to be seen during this forecast period involve the creation of virtual try-on experiences, the evolution of AR-enhanced packaging, its incorporation in location-based marketing, its widespread use in event marketing, and the application of AR analytics for gauging performance.
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What trends are poised to drive the future success of the augmented reality in marketing market?
Leading businesses in the augmented reality marketing sector are launching state-of-the-art solutions which include AR out-of-home promotions, aimed at increasing customer interaction and delivering immersive brand experiences. AR out-of-home promotions represent marketing tactics that employ augmented reality in open spaces to generate fascinating and participatory encounters for customers. For example, Coca-Cola, an American beverage firm, unveiled its AR out-of-home campaign, “TakeATaste Now” in September 2023. This campaign merges AR and digital out-of-home (DOOH) advertising, enabling customers to engage with digital displays through their smartphones. By scanning QR codes on billboards, enthusiasts can get hold of a virtual Coca-Cola Zero Sugar bottle and exchange it for a coupon for a complimentary 500ml actual bottle at Tesco stores, including the Cherry flavor.
Which primary segments of the augmented reality in marketing market are driving growth and industry transformations?
The augmented reality in marketing market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Device Type: Head-Mounted Display & Smart Glass, Head-Up Display, Handheld Devices, Stationary AR systems, Smart Glasses, Other Types
3) By Technology: Marker-Based AR Technology, Markerless AR Technology, Anchor-Based AR Technology
4) By Application: Consumer, Commercial, Enterprise, Healthcare, Aerospace And Defense, Energy, Automotive, Other Applications
Subsegments:
1) By Hardware: AR Glasses, Smartphones And Tablets, Head-Mounted Displays (HMDs), AR Kiosks, Sensors And Cameras
2) By Software: AR Development Platforms, AR Content Creation Tools, AR marketing Solutions, Analytics And Reporting Tools, AR Applications And SDKs
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Which geographical regions are pioneering growth in the augmented reality in marketing market?
North America was the largest market share in the augmented reality in marketing market in 2024. The regions covered in the augmented reality in marketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the augmented reality in marketing market landscape?
Major companies operating in the augmented reality in marketing market include Microsoft Corporation, Google LLC, Sony Corporation, Magic Leap Incorporated, Wikitude GmbH, Zugara Inc., Apple Inc., Blippar Limited, Infinity Augmented Reality Limited, Niantic Inc., Zappar Limited., PTC Inc., Daqri LLC, Lenovo, Seiko Epson, Vuzix, Alphabet Inc., Meta Platforms Inc., Snapchat, HP Autonomy, Augment, Marxent, Catchoom, Vuforia (PTC), ViewAR, Upskill, Scope AR, Adtile Technologies, Inlighten, Total Immersion, Re’Flekt, Vertebrae, 8th Wall Inc., Mirum Agency, INDEstry, Third Aurora
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What Is Covered In The Augmented Reality In Marketing Global Market Report?
• Market Size Forecast: Examine the augmented reality in marketing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the augmented reality in marketing market for a structured understanding.
• Key Players Overview: Analyze major players in the augmented reality in marketing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the augmented reality in marketing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the augmented reality in marketing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the augmented reality in marketing market.
• Industry Challenges: Identify potential risks and obstacles affecting the augmented reality in marketing market.
• Competitive Landscape: Review strategic developments in the augmented reality in marketing market, including expansions, agreements, and new product launches.
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