A Coresight Research report emailed to Retail Dive estimated that the reality technology market, which includes augmented reality and virtual reality, is forecast to reach $18.8 billion in 2020, citing pre-COVID-19 projections from Statista.
Citing data from Statista, the Coresight report indicated that the retail sector could see an increase in augmented reality (AR) and virtual reality (VR) technology spending. In 2020, consumer spending on reality technologies is projected to reach $7 billion, and distribution and services spending on the technologies could reach $4.4 billion.
VR and AR technologies could become increasingly useful during the COVID-19 pandemic to help shoppers engage with products prior to purchase, according to the report.
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