Newark, NJ, May 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global virtual mirror market is expected to grow from USD 3.64 billion in 2020 and to reach USD 17.65 billion by 2028, growing at a CAGR of 25.30% during the forecast period 2021-2028.
The virtual mirror market is witnessing a significant growth from past few years, because of the increasingly rising adoption of e-commerce worldwide and the growing number of smartphone users. E-commerce is expected to account for nearly 22% of global retail sales by 2023. Furthermore, strict guidelines for social distancing followed during the COVID-19 lockdowns in the first quarter of 2020, results in an unprecedented increase in online shopping. This will increase demand for virtual mirrors around the world with popularity for personalised user experiences.
A virtual mirror, commonly known as a smart mirror, is a gadget that projects the user's image onto a screen in the same way as a mirror would. Some versions incorporate Augmented Reality (AR) into the video display, while others rely only on a user's virtual digital avatar. Virtual mirror apps are available for smartphones, with some allowing users to adjust their hairdo, make-up, or accessories. Customers can see how cosmetics, clothes, purses, and accessories would appear on them using the technology in both online and in-store shopping. Customers can do this by using virtual dressing rooms supplied by several major retailers. Furthermore, salesmen use these smart devices to enhance their in-store experience by displaying product information, marketing, and promotional messages, and also attracting interested customers.
Factors such as the ability to try clothes in a simulated environment in stores, increased focus on hygiene for cosmetics and other retail products, and virtual trial of the product on e-commerce sites prior to purchase are expected to drive market growth. Furthermore, the advent of multi-sensor body scanners has completely transformed the online shopping experience. On the contrary, the increased cost of virtual mirrors can impede the growth of other industries where their use is growing inevitably.
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Key players operating in global virtual mirror market include Cisco Systems, Inc., Coitor, FittingBox, Icon Multimedia, Inde, SenseMi, Terawe Corp. Textronics, Virtooal, and Virtual On Ltd.
- Styku, LLC collaborated with Profile by Stanford, a nutritional coaching brand, in March 2020. Approved coaches of Profile will receive instruction from Styku on the non-invasive 35-second 3-day body scanning process as part of this collaboration.
The retail industry segment dominated the market and held the largest market share of 85% in the year 2020
In industry segment is divided in the retail industry and others. The retail industry dominated the market and held the largest market share of 85% in the year 2020. Various manufacturers and companies compete in the global virtual mirror market by providing advanced technologies to obtain a competitive advantage. Leading companies want to team up with industry experts to provide consumers with personalised goods. For example, SenseMi teamed up with Cisco's Innovation and Experience Centre (IXC) in May 2018 to demonstrate their digital mirror solution.
The 3D Augmented and Virtual Reality segment dominated the market and held the largest market share of 50.15% in the year 2020
The virtual mirror market is divided into three categories based on technology segment including 3D body scanning, photo accurate VFR, 3D augmented reality & virtual reality, and others. In 2020, the 3D augmented reality and virtual reality segment had the largest revenue share, and this trend is projected to continue over the forecast period. It dominated the market and held the largest market share of 50.15% in the year 2020. To improve the customer experience, prominent retail outlets are installing AR-based smart mirrors on their premises. In order to achieve a competitive advantage, they are also focused on integrating online AR technology into their solution offerings.
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Regional Segment of Virtual Mirror Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The largest market share belongs to North America. Many of the world's most well-known retail companies and hotel businesses are based in the United States, which has increased demand for virtual mirrors in the country. However, because virtual side mirrors are classified as mirrorless by the US government, their acceptance in the automotive industry is likely to be restricted. The Asia Pacific region is expected to grow quicker over the projected period as a result of greater online purchasing. Virtual mirrors are currently in high demand in major automobile and retailing hubs such as China, Japan, and India.
Similarly, Europe is predicted to become one of the most important regions for virtual mirrors over the next few years. The most attractive country markets for virtual mirror adoption in the retail and hospitality verticals are Spain, the United Kingdom, France, and Russia.
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About the report:
The virtual mirror market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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