AR and VR in Commerce Market is to Touch $10 Billion by 2030; Increasing adoption of advanced technologies in industrial applications, rising demand for eco-friendly and sustainable chemical solutions, and expanding use in pharmaceuticals and agricul

The AR and VR in Commerce Market size is estimated to reach $10 billion by 2030, growing at a CAGR of 28.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “AR and VR in Commerce Market – By Type – AR (Software and Services), VR (Software and Services), By Platform – Head Mounted Display, Head Up Display, Handheld Device, Mobile Devices, Projector and Wall Display), By End Use Industry – Tourism, Retail, E-Commerce and Advertisement), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising industrial applications and technological advancements, coupled with the growing demand for sustainable chemical solutions and their expanding use in pharmaceuticals and agriculture, are the primary drivers of market expansion for the AR and VR in Commerce industry during the forecast period.

North America holds the largest market share of 42% in the AR and VR in Commerce Market in 2023. Firstly, the region boasts a mature and technologically advanced ecosystem, with a high adoption rate of AR and VR technologies across various industries. Major tech hubs and innovation centers, such as Silicon Valley, contribute to the development and deployment of cutting-edge AR and VR solutions. North America houses numerous prominent players in the AR and VR industry, including leading tech companies and startups. The concentration of these firms enhances the availability and accessibility of AR and VR products and services in the market. The region's robust infrastructure, favorable regulatory environment, and a high level of consumer awareness collectively position North America as a leading market for AR and VR in commerce. 

The integration of Augmented Reality (AR) and Virtual Reality (VR) technologies in commerce is significantly enhancing the customer experience by providing immersive shopping environments. Retailers are leveraging AR to enable customers to visualize products in their own space before making a purchase, which reduces uncertainty and increases customer satisfaction. For example, furniture retailers allow customers to see how a piece would look in their home through their smartphones, enhancing the decision-making process. Similarly, VR offers virtual showrooms where shoppers can explore products in a lifelike setting, leading to a more engaging and interactive shopping experience. This trend is driving higher conversion rates, as customers feel more confident in their purchases.

The use of AR and VR in commerce is proving to be a powerful tool for increasing sales and customer engagement. By creating interactive experiences, brands can capture the attention of consumers in a crowded marketplace. Studies have shown that customers who engage with AR and VR applications are more likely to spend time browsing products and are ultimately more inclined to make a purchase. For instance, AR applications that allow users to try on clothes or makeup virtually can lead to higher sales for retailers, as they reduce the likelihood of returns. Additionally, AR and VR can facilitate gamification strategies, further engaging consumers and driving brand loyalty through unique and memorable shopping experiences.

Key companies profiled in the AR and VR in Commerce Market are Amazon, IKEA, Nike and others.