A Survey-Based Investigation to Understand the Influence of an Augmented Reality-Based Application on the Home Remodeling Market

The trend of remodeling living spaces has risen exponentially due to pandemic-led work-from-home culture. Consequently, a sharp rise in material costs, labor shortage, and material lead times were observed. Homeowners increasingly resorted to a DIY (do-it-yourself) approach to remodel their existing homes. However, they face several challenges such as lack of tools to visualize different designs and a centralized platform to compare products from various vendors. None of the existing applications provide essential information (material availability, costs from different suppliers) and AR features (projecting digital models in real world) to cater to the diverse needs of homeowners. This study aims to conduct user market research, determine value propositions, and identify multiple revenue streams of such an application using surveys collected from diverse customer segments (e.g., homeowners, contractors, realtors, and suppliers). A major outcome of this study is to gain insights into the unique value proposition of an AR-based application for each customer segment in the home remodeling market. In addition, this study will also try to examine the necessary and supplementary application feature(s) required by the respective customer segments. The findings are therefore believed to transform the home remodeling market.