Europe Virtual Reality and Augmented Reality in Retail Market Growth by 2028

The virtual reality and augmented reality in retail market in Europe is expected to grow from US$ 1048.20 million in 2021 to US$ 5214.75 million by 2028; it is estimated to grow at a CAGR of 25.8% from 2021 to 2028.

The UK, Germany, France, Italy, and Russia are major economies in Europe. Brands use virtual and augmented reality technology to promote themselves and their products in virtual reality marketing. The technology generates a fictitious yet realistic setting. Depending on the device, virtual reality marketing might be visual or multi-sensory. A full virtual reality headset provides a fully immersive experience, whereas a virtual reality Instagram filter only overlays objects or photographs onto the camera view. Augmented reality (AR) marketing is what these filters are. AR is a type of virtual reality in which a virtual image is superimposed on the real environment. The most prevalent sort of virtual reality marketing is augmented reality marketing. For many businesses, it is more practical and less expensive than developing a headset experience. Consumers will find augmented reality more accessible because it only requires a phone or desktop app.

The COVID-19 pandemic in Europe has had a diverse impact on different countries. Only a few countries have seen an increase in the number of cases, resulting in stringent, long-term lockdown periods or social isolation standards. Because of their strong healthcare systems, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively slight decline in their growth activities. The sudden outbreak of the COVID-19 virus across the region has not only led to the standstill of retail business operations but has also led to the closure of several small and medium retail enterprises across the region. During the pandemic, European countries such as the UK and Germany, saw an increase in the adoption of AR and VR in the retail business. Since the outbreak, European businesses such as Adidas and ASOS have made significant investments in developing their own augmented reality fitting rooms and experiences. Customers and merchants have been forced into an almost totally digital landscape because of the COVID-19 crisis, prompting firms to turn to new, inventive solutions to both reproduce the in-store experience and boost customer happiness online. The issue of sizing is one of the most common ecommerce concerns, with online clothes having an especially high return rate. Brands across the region are addressing this problem by providing a tailored experience for their online customers using AR and VR technologies. As a result, the high level of investment by retail companies in technical developments has had a favorable impact on Europe Virtual Reality and Augmented Reality in Retail market growth.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe virtual reality and augmented reality in retail market. The Europe virtual reality and augmented reality in retail market is expected to grow at a good CAGR during the forecast period.

Europe Virtual Reality and Augmented Reality in Retail Market Segmentation   

Europe Virtual Reality and Augmented Reality in Retail Market – By Type

• AR
• VR

Europe Virtual Reality and Augmented Reality in Retail Market- By Application

• Online Retail
• Offline Retail

Europe Virtual Reality and Augmented Reality in Retail Market - By Country

• Germany
• UK
• France
• Italy
• Russia
• Rest of Europe

Europe Virtual Reality and Augmented Reality in Retail Market -Companies Mentioned

• Epson America, Inc.
• Google LLC
• Infosys Ltd.
• Intel Corporation
• Marxent
• Microsoft Corporation
• PTC Inc.
• Qualcomm Technologies, Inc.
• Retail VR
• Samsung Electronics Co., Ltd.

Europe Virtual Reality and Augmented Reality in Retail Report Scope