Global Virtual Mirror Market Expected To Reach USD 17.65
Newark, NJ, May 26, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global virtual mirror market is expected to increase from USD 3.64 billion in 2020 and reach USD 17.65 billion by 2028, with a CAGR of 25.30% during the forecast period 2021-2028.
The virtual mirror market has experienced significant growth in recent years, due to the growing adoption of e-commerce around the world and the growing number of smartphone users. E-commerce is expected to account for nearly 22% of global retail sales by 2023. In addition, strict social distancing guidelines followed during COVID-19 lockdowns in the first quarter of 2020 translate into an unprecedented increase Online purchases. This will increase the demand for virtual mirrors around the world with popularity for personalized user experiences.
A virtual mirror, commonly referred to as a smart mirror, is a gadget that projects the user’s image onto a screen in the same way as a mirror. Some versions incorporate augmented reality (AR) into the video display, while others rely solely on a user’s virtual digital avatar. Virtual mirror apps are available for smartphones, some allowing users to adjust their hairstyle, makeup or accessories. Customers can see how cosmetics, clothing, handbags and accessories will appear on them using technology in online and in-store purchases. Customers can do this using virtual locker rooms provided by several major retailers. In addition, sellers 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 on clothes in a simulated in-store environment, increased hygiene attention for cosmetics and other retail products, and virtual product testing on e-commerce sites before the purchase is expected to stimulate market growth. Additionally, the advent of multi-sensor body scanners has completely transformed the online shopping experience. On the contrary, the increased cost of virtual mirrors may hamper the growth of other industries where their use inevitably increases.
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Major players in the global virtual mirror market include Cisco Systems, Inc., Coitor, FittingBox, Icon Multimedia, India, SenseMi, Terawe Corp. Textronics, Virtooal and Virtual On Ltd.
- Styku, LLC collaborated with Profile by Stanford, a nutritional coaching brand, in March 2020. Profile’s certified trainers will receive instruction from Styku on the 3-day, 35-second, non-invasive body scan process as part of this collaboration .
The retail segment dominated the market and held the largest market share of 85% in 2020
In the industry segment is divided into the retail industry and others. The retail industry has dominated the market and held the largest market share of 85% in 2020. Various manufacturers and companies compete in the global virtual mirror market by providing advanced technologies to gain advantage competitive. Leading companies want to team up with industry experts to provide consumers with personalized products. For example, SenseMi partnered with Cisco’s Innovation and Experience Center (IXC) in May 2018 to showcase its digital mirror solution.
3D augmented and virtual reality segment dominated the market and held the largest market share of 50.15% in 2020
The virtual mirrors market is divided into three categories based on technology segment, including 3D body scan, photo accurate VFR, 3D augmented reality and virtual reality, etc. In 2020, the 3D augmented reality and virtual reality segment accounted for the largest revenue share, and this trend is expected to continue during the forecast period. It dominated the market and held the largest market share of 50.15% in 2020. To improve the customer experience, leading outlets are installing AR-based smart mirrors at their premises. In order to gain competitive advantage, they are also focusing on integrating AR technology online into their solution offerings.
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Regional segment of the virtual mirrors market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, 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 and Africa, and South America. The largest market share belongs to North America. Many of the world’s best-known retail and hotel businesses are based in the United States, which has increased the demand for virtual mirrors in the country. However, as virtual mirrors are classified as mirrorless by the US government, their acceptance in the auto industry is likely to be limited. The Asia-Pacific region is expected to experience faster growth over the projected period due to an increase in online shopping. Virtual mirrors are currently in high demand in major automotive and retail centers such as China, Japan and India.
Likewise, Europe is expected to become one of the most important regions for virtual mirrors in the coming years. The most attractive national markets for the adoption of virtual mirrors in the retail and hospitality sectors are Spain, UK, France and Russia.
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About the report:
The virtual mirror market is analyzed on the basis of value (billion USD). All segments were analyzed at global, regional and national level. The study includes analysis of over 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges to get the key insights of the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.
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