Overview and Scope
The virtual mirror refers to a technology that is used in retail stores for customers to try their dresses, tops, and other apparel on their virtual avatars in the mirror. It uses augmented reality technology to show the user how the outfit would look on them without having to try it on physically. It displays the outfit and uses motion rendering technology to let the spectator see the appearance in a variety of motions and lighting conditions (for both day and night looks).
Sizing and Forecast
The virtual mirror market size has grown exponentially in recent years. It will grow from $9.1 billion in 2023 to $11.1 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to customer expectations, market differentiation and innovation, improved user interfaces, fashion and beauty industry trends, mobile and ar adoption..
The virtual mirror market size is expected to see exponential growth in the next few years. It will grow to $24.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to sustainability and environmental concerns, market competition, enhanced user experience, retail innovation and customer engagement, mobile ar and app integration.. Major trends in the forecast period include augmented reality (ar) advancements, contactless shopping and remote try-ons, e-commerce and online retail integration, expanded industry applications, mobile accessibility..
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Segmentation & Regional Insights
The virtual mirror market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Technology: 3D Body Scanning, Photo Accurate VFR, 3D Augmented Reality and Virtual Reality
4) By Industry: Retail, Other Industries
North America was the largest region in the virtual mirror market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in online shopping activities is expected to propel the growth of the virtual mirror market going forward. Online shopping refers to a form of electronic commerce that allows consumers to directly buy goods or services from a seller over the Internet using the Web. Virtual mirrors are available on mobile phone applications that help users modify the appearance of their hairstyle, make-up, or accessories. The technology is also used in online shopping and in-store shopping to show people how an item or accessory might look on them. For instance, according to the Indian Brand Equity Foundation, an India-based export promotion agency, the Indian e-commerce market is expected to grow by 21.5% in 2022, reaching a total value of $74.8 billion. Additionally, according to Forbes, a US-based business magazine, in 2021, online shopping in the US increased by 14.2% for the year, which is $870 billion when compared with the year 2020. E-commerce represented 13.2% of all retail sales in the US in 2021. Therefore, an increase in online shopping activities is driving the virtual mirror market growth.
Key Industry Players
Major companies operating in the virtual mirror market report are INDEL B. V., SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L., Cisco Systems Inc., Fitnect Interactive Inc., Metail Limited, MemoMi Labs Inc., Zugara Inc., My Size Inc., Virtusize Co. Ltd., DigitalDM Inc., ViuBox S. L., Dressformer LLC, Astrafit LLC, Virtalis Limited, Vizoo GmbH, X-Rite Incorporated, zSpace Inc., 3D-A-Porter Limited, Styku Inc., Total Immersion SAS, ViewAR GmbH, Vuforia Solutions Inc., Wikitude GmbH, YouAR GmbH, Zappar Limited, Blippar Limited
The virtual mirror market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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