Augmented reality is a technology that connects reality to the virtual world. It is gradually becoming an important technology. In order to replace the traditional process of purchasing and to increase customer engagement, major packaging manufacturers have started employing augmented reality packaging. Augmented reality packaging also aids in reducing the sales cycle. Tech-savvy customers are exhibiting increased interest in this technology. Augmented reality is creating an impactful mark on the consumer packaged goods (CPG) industry and essentially helping manufacturers bring more products to retailers and expand to new markets continually and impressively. While several packaging manufacturers are still getting acquainted with augmented reality packaging; major players such as Coco Cola, Kraft, L’Oréal, and Simmons have already adopted this technology for demonstration, promotion, and product differentiation.
Major growth drivers for the augmented reality packaging market include the increase in demand for smart and digital packaging and rise in demand for FMCG products. Moreover, forthcoming technological advancements, industrial development, and innovative techniques developed for the use of augmented reality packaging would be key factors responsible for growth of the market. The augmented reality packaging market has been witnessing high growth over the last few years, owing to high demand from end-user industries based in the U.S., Germany, France, China, and Japan. However, factors such as low awareness among consumers and restricted size of storage devices may hamper the market in the near future.
Customization as per your requirement, Pre Book Now
Based on technology, the augmented reality packaging market has been segmented into head-mounted displays, applications (apps), and others. The market is dominated by the apps segment, as apps give handy experience to customers and are relatively less expensive. However, the head-mounted displays segment is projected to expand at a high rate during the forecast period, owing to changing lifestyle and increase in consumer spending on digital technology.
Based on application, the market can be classified into mobile & tablet devices, showroom, web, retail, and others. The mobile & tablet devices segment dominates the global augmented reality packaging market, as these devices make advertising and promotional campaigns available only at the touch of a button. Augmented reality is the way of the future in on-pack communication. It is changing how consumers interact with products and use them. It lays a strong foundation for building brand loyalty.
Get More Press Releases by TMR: https://www.prnewswire.com/news-releases/open-source-software-platforms-in-engineering-software-market-to-take-design-automation-to-new-heights-opportunities-predicted-to-rise-at-13-5-cagr-during-2020—2030-tmr-301284425.html
An emerging trend of intensifying conjunction between wearable devices, AR, and GPS is projected to drive the augmented reality packaging market in the next few years. Increasing diffusion of smartphones and tablets is a major factor encouraging the adoption of augmented reality packaging. In addition, rising investments by packaging manufacturers in the augmented reality packaging market have played a major role in promoting growth of the market.
In terms of geography, the global augmented reality packaging market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Currently, packaging manufacturers based in North America are largely adopting augmented reality packaging, with the U.S. and Canada being major contributing countries. In Asia Pacific, urbanization and rapid digitization have boosted the information technology sector. This, in turn, has helped in raising the demand for augmented reality packaging in the region. Furthermore, Europe and Latin America are highly active markets, in terms of strategic initiatives and emerging demand from the end user industries. Some of the factors fueling the market in these regions are high growth of end-user industries, increased local manufacturing, and risen number of domestic players in industrial applications in the regions.
To gauge the scope of customization in our reports, Ask for a Sample
Key players operating in the global augmented reality packaging market include Coco Cola, Kraft, L’Oréal, and Simmons.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
Transparency Market Research
90 State Street, Suite 700,
Albany NY – 12207,
Tel: +1-518-618-1030 Site: https://todaysmarkettrends.wordpress.com