Virtual Reality in Retail Market to Reach USD 5455 Million by 2028 at a CAGR of 13.82%

BANGALORE, India, May 2, 2022 /PRNewswire/ — The Global Virtual Reality in Retail Market is Segmented by Type (Hardware, Software, Services), by Application (Food and Beverage, Home Products, Clothing, Consumer Electronics): Opportunity Analysis and Industry Forecast, 2022–2028.

The global Virtual Reality in Retail market size is projected to reach USD 5455 Million by 2028, from USD 2007 Million in 2021, at a CAGR of 13.82% during 2022-2028.

Major factors driving the growth of VR in the retail market are:

Virtual reality removes time and space constraints, allowing retailers to reach a larger audience. Shoppers in more remote areas can also access their favorite brands and products through virtual stores. This factor is expected to fuel the growth of VR in the retail market.

Moreover, Virtual Reality allows for large-scale retail training at a fraction of the cost. This in turn is expected to drive the growth of VR in the retail market.

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TRENDS INFLUENCING THE GROWTH OF VIRTUAL REALITY IN RETAIL MARKET:

The need for a personalized shopping experience is expected to drive the growth of VR in the retail market. They can get a 360-degree view of an item instead of holding it and tailor it to their exact wants and needs. In a physical store, this experience could never be duplicated. Customers are happier and three times more likely to buy because they can personalize their products (and spend about 10 percent more). Virtual reality shopping is like a free trial for hair colors, makeup, clothes, and more! Customers are less likely to return items if you personalize and deliver a virtual reality shopping experience to them wherever they are. This keeps retailers competitive and helps them make more money. This factor is expected to fuel the growth of VR adoption in retail stores, as well as the VR market in general.

Customer engagement is at the heart of marketing. Virtual reality enables retailers to create 3D content. These ads get more attention than a standard banner, which could lead to more sales. When companies combine virtual reality and social media in retail, they can strike gold. Customers are more willing to share their experiences as a result of this. Additionally, virtual reality headsets collect data from users to aid in social media targeted marketing. This factor is expected to further drive the growth of VR in the retail market.

Working in retail entails a lot of new hire training. While the employee is learning the ropes, this process can lead to costly mistakes. Virtual reality can be used to simulate real-world scenarios, speeding up the onboarding process. From packaging to using new software at the counter, VR training does it faster and on a larger scale. In retail learning, virtual reality is as real as a coach explaining the material. Nonetheless, it reduces the cost of trainers traveling across the country or around the world to conduct large-scale training at stores. This is further expected to fuel VR in retail market growth.

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VIRTUAL REALITY IN RETAIL MARKET SHARE ANALYSIS

Based on application, consumer electronics is expected to be the most lucrative. This is due to the increased adoption of consumer electronics for gaming and entertainment among the population.

Based on region, North America is expected to be the most lucrative segment.

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Key Companies:

  • Zappar
  • Trax
  • inVRsion
  • Symphony RetailAI
  • Whisbi
  • Jaunt.

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SIMILAR REPORTS:

– The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028. A metaverse is a term used to describe the internet as a 3D virtual living space.

– The augmented and virtual reality market size was valued at USD 14.84 Billion in 2020 and is projected to reach USD 454.73 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 40.7%.

– The global AR in Retail market size is projected to reach USD 6736.2 Million by 2028, from USD 1853.7 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0% during 2022-2028.

– The global Virtual Reality (VR) market size is projected to reach USD 26860 Million by 2027, from USD 7719.6 Million in 2020, at a CAGR of 19.0% during 2021-2027.

– The global virtual fitting room market size was estimated at USD 2973.1 Million in 2021 and is expected to reach USD 8501.1 million In 2028, the market is expected to grow at a compound annual growth rate of 16% from 2022 to 2028.

– The global Virtual Dressing Rooms market size is projected to reach USD 11040 Million by 2028, from USD 4068.3 Million in 2021, at a CAGR of 15.1% during 2022-2028.

– The global Virtual Classroom market size is projected to reach USD 16020 Million by 2027, from USD 8602.8 Million in 2020, at a CAGR of 9.2% during 2021-2027.

– The global Virtual Event Platforms market size is projected to reach USD 1847.9 Million by 2027, from USD 1006.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.1% during the forecast period 2021-2027.

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