The Virtual Mirror by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Mirror , 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..
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.
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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
New product innovations have emerged as the key trend gaining popularity in the virtual mirror market. Major companies operating in the virtual mirror sector are focused on launching new products to sustain their position in the market. For instance, in January 2022, My Size Inc., a US-based company, launched a new smart mirror. This innovative mirror allows customers to try on clothing and receive size recommendations. It leverages GK Software’s retail solutions and MySize’s AI-driven sizing technology to streamline the try-on experience, making size selection more precise. The MySizeID Mirror seamlessly integrates into various retail settings, including fitting rooms and high-traffic areas.
The virtual mirror market report table of contents includes:
1. Executive Summary
2. Virtual Mirror Market Characteristics
3. Virtual Mirror Market Trends And Strategies
4. Virtual Mirror Market – Macro Economic Scenario
5. Global Virtual Mirror Market Size and Growth
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31. Global Virtual Mirror Market Competitive Benchmarking
32. Global Virtual Mirror Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Virtual Mirror Market
34. Virtual Mirror Market Future Outlook and Potential Analysis
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