Virtual Reality in Retail Market Scenario:
The
data experts at Market Research Future Reports (MRFR) have thoroughly evaluated
the global virtual reality in the retail market. As per the study, the
enlarging e-commerce sector and promotion for an efficient brand promotion
experience are projected to steer the global virtual reality in retail market
2020. Further, the robust globalization and digitalization with the developing
markets are the most significant factor leading to driving the market. Besides,
3D and social media associated with the brands and consumers is enhancing
market growth. Moreover, the integration of 5G with V.R. is projected to
present various opportunities. Further, the retailers are capitalizing the
software solution, which functions efficiently with hardware and is propelling the
Virtual Reality in Retail Market.
Most
of the individuals are living in isolation due to the spread of pandemic,
coronavirus. The COVID-19 has turned the global economy upside down. However,
while the observation of lockdown, technologies such as AR/VR/MR gained
momentum. The COVID-19 has offered an opportunity of expansion since every
individual is relying on A.R., and V.R. to socialize. Since people cannot come
out to buy luxuries, brands and retailers such as L’Oréal, Suitsupply, and
Kendra Scott have introduced V.R. tools to increase sales.
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Major Key Players:
The
renowned players of the global market for virtual reality in-store market are
Magic Leap (U.S.), Google (U.S.), Oculus V.R. (U.S.), HTC Corporation (Taiwan),
Unity Technologies (U.S.), WorldViz (U.S.), Marxent Labs LLC (U.S.), Firsthand
Technology Inc. (U.S.), Wevr (U.S.), Microsoft (U.S.), and a few others.
Market Segmentation:
The
worldwide virtual reality in the retail market can be distinguished on the
basis of software, hardware, type, and geography.
·
On the basis of software,
the worldwide virtual reality in the retail market can be distinguished into
smartphones, tablets, consoles, and others.
·
On the basis of hardware,
the worldwide virtual reality in the retail market can be distinguished into
gloves, devices, headsets, glasses, and others.
·
On the basis of type, the
global virtual reality in the retail market can be distinguished into window on
world, immersive system, telepresence, mixed reality, and others.
·
On the basis of region, the
worldwide virtual reality in the retail market can be distinguished into Asia
Pacific, North America, Europe and Rest of the World.
Regional Analysis
The
global virtual reality in the retail market is projected to grow significantly
during the review period. Regions such as Asia Pacific, North America, Europe
and Rest of the World (RoW) have been analyzed. According to the analysis, the
worldwide market is anticipated to be reigned by North America.
The
most crucial factor leading to regional expansion is the presence of renowned
retail manufacturers in the region. On the other hand, the APAC region is
projected to be the fastest-growing region during the assessment period. The
region is encountering expansion in e-commerce which is anticipated to play a
crucial role in strengthening the market. Besides, the development of
infrastructure is multiplying at a fast rate. The emerging nations like India
and China are projected to be a conducive environment for strengthening the
market.
Industry News:
June 2020
U.S.-
Nielsen Global Connect has launched three new V.R. and gaming tools for the
retail sector. Nielsen SmartStore will be used for in-store testing and can
assess various shelf layouts and locations, packaging options, promotion
displays, and whole store designs. Besides, it can also evaluate shoppers’ eye,
head, and foot movements to allow companies to test without the requirement to
be physically present. Nielsen SmartShopper will be available from July, which
will allow product images, in-store marketing artwork using interactive gaming
technology.
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