The Worldwide Virtual Reality In Retail Market is Projected to reach USD 20.4 Billion by 2030, at a CAGR of 26.9%

Published Date: 30-Jun-2023

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Virtual Reality In Retail Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Virtual Reality In Retail Market size is expected to reach $20.4 billion by 2030, rising at a market growth of 26.9% CAGR during the forecast period.

The Advertising & Marketing segment is leading the Global Virtual Reality In Retail Market by Application in 2022 thereby, achieving a market value of $6.3 billion by 2030. The segment is anticipated to witness growth due to the growing trend of brand distinctiveness, increased market presence, improved product visualization, targeted campaigns, and important insights in enterprises. Additionally, virtual reality technology gathers enormous data and analytical insights that, among other things, can be utilized to improve product offers and marketing tactics.

The Software segment has shown the growth rate of 27.4% during (2023 - 2030). Before making a purchase, shoppers may visualize goods using virtual reality software in a realistic and immersive way. Retailers can display the goods from various perspectives and in a variety of sizes, colors, and combinations owing to the software's integration of outstanding 3D modeling and rendering capabilities. Its main feature is the integration of many techniques, such as processor and hardware control, into a single system. The availability of a range of application-oriented devices with different capabilities and price points is a major driver of the segment's growth.

The Gesture Tracking Device segment is showcasing a CAGR of 27.2% during (2023 - 2030). The market is expanding as a result of the rising use of gesture-tracking technologies, including hand tracking and motion sensors. These gadgets allow users to interact with virtual environments and control virtual items with their hands and gestures. Because they are employed for consumer applications, gesture-tracking gadgets have become crucial.

The Clothing segment is generating the highest revenue share in the Global Virtual Reality In Retail Market by Vertical in 2022 thereby, achieving a market value of $6.3 billion by 2030. Virtual reality transforms the apparel industry by enabling manufacturers to present their product catalog, allowing buyers to interact with their desired products, and improving the purchasing experience. This higher level of consumer interaction directly affects purchasing decisions, boosting market expansion and accelerating VR adoption in the retail sector.

The North America market dominated the Global Virtual Reality In Retail Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.1 billion by 2030. The Europe market is exhibiting a CAGR of 26.4% during (2023 - 2030). Additionally, The Asia Pacific market would showcase a CAGR of 27.8% during (2023 - 2030).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Matterport, Inc., Scapic Innovations Private Limited (Flipkart Pvt. Ltd,) (Walmart Inc.), FXGear, Inc., Visualise Creative Limited, Panedia Pty Ltd., FireBird VR, KonceptVR LLC, WeMakeVR, Fiebak Medien, and Subvrsive, Inc.

Global Virtual Reality In Retail Market Segmentation

By Application

  • Advertising & Marketing
  • Try-on Solutions
  • Planning & Designing
  • Information Systems

By Component

  • Hardware
  • Software
  • Services

By Device

  • Head Mounted Devices
  • Gesture Tracking Device
  • Projectors & Display Wall

By Vertical

  • Clothing
  • Consumer Electronics
  • Food & Beverages
  • Home Products

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • Matterport, Inc.
  • Scapic Innovations Private Limited (Flipkart Pvt. Ltd,) (Walmart Inc.)
  • FXGear, Inc.
  • Visualise Creative Limited
  • Panedia Pty Ltd.
  • FireBird VR
  • KonceptVR LLC
  • WeMakeVR
  • Fiebak Medien
  • Subvrsive, Inc.

Unique Offerings from KBV Research

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Related Reports:

North America Market 2023-2030

Europe Market 2023-2030

Asia Pacific Market 2023-2030

LAMEA Market 2023-2030

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