Global Virtual Mirror Market Overview:
A virtual mirror, also known as a smart mirror, is a device that, like a mirror, projects the user's image onto a screen. Some versions include Augmented Reality (AR) in the video display, whereas others rely solely on a user's virtual digital avatar. Virtual mirror apps for smartphones are available, with some allowing users to adjust their hairstyle, make-up, or accessories. Customers can use the technology in both online and in-store shopping to see how cosmetics, clothes, purses, and accessories would look on them. Customers can do so by using virtual dressing rooms provided by a number of major retailers.
Global Virtual Mirror Market
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2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysed specially with the impact of lockdown by region
Global Virtual Mirror Market Dynamics:
Factors such as the ability to try on clothes in a simulated environment in stores, a greater emphasis on hygiene for cosmetics and other retail products, and virtual trial of the product prior to purchase on e-commerce sites is expected to drive market growth. Furthermore, the introduction of multi-sensor body scanners has completely altered the online shopping experience.
Compatibility, pricing and subscription models, upgrading expenses, and Return on Investment are all important factors to consider when choosing a virtual mirror solution (RoI). Because the market is still in its initial stages, new entrants may have an easy come into the market. These are the restraints of the market.
Virtual mirror suppliers on the market provide a wide range of services for e-commerce platforms and brick-and-mortar stores. The market is dominated by startups that invest in Augmented Reality (AR)/Virtual Reality (VR) and Artificial Intelligence (AI) technology to create unique retail and hospitality solutions. Startups that offer low-cost, creative virtual mirror solutions have attracted significant funding to help them develop and promote their products. As previously noted, automobile manufacturers have entered the virtual mirror market with products such as virtual side/exterior mirrors and virtual windscreens. These are the opportunity of the virtual mirror market.
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Global Virtual Mirror Market Regional Insights:
Over the forecast period, North America is expected to have the biggest revenue. The United States is home to some of the world's most well-known retail brands and hotel businesses, which has fuelled demand for virtual mirrors in the country. However, because the US government has classified virtual side mirrors as mirror less, their use in the automotive sector is expected to be hampered. Due to increased internet buying, the Asia Pacific area is predicted to grow at the quickest rate over forecast period. Virtual mirrors are currently in high demand in countries like China, Japan, and India, which are significant automotive and retailing hubs.
Europe is expected to become one of the most important regions for virtual mirrors over the forecast period. The most attractive country markets for virtual mirror adoption in the retail and hotel verticals are Spain, the United Kingdom, France, and Russia. The fashion and hospitality industries are well-known in Europe. Because of the introduction of virtual windscreen solutions for premium cars, the regional market is also receptive to automotive industry advancements. The BRICS countries, which make up more than 40% of the global population, provide a significant pool of potential consumers and internet users.
Global Virtual Mirror Market key player
• My Size Inc.
• Virtusize Co., Ltd.
• ViuBox
• Virtooal Ltd.
• Dressformer
• Astrafit
• DigitalDM
• Fitnect Interactive
• Metail Ltd.
• Zugara, Inc.
• 3D-A-Porter
• Styku Inc.
• Cisco Systems, Inc.
• Coitor
• Fitting Box
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The global virtual mirror market size is expected to reach USD 17.09 billion by 2025, registering a CAGR of 25.6% from 2019 to 2025, according to a new report by Grand View Research, Inc.
These mirrors have helped turn the cumbersome process of shopping into an engaging activity as they incorporate interesting interactive features.
Their features, shape, integration, and ease of use vary depending on the type of end-use industry.
Retail stores are expected to benefit through the installation of such mirrors to a great extent, as the data pertaining to customer preferences and factors influencing buying decision are expected to provide crucial insights for developing marketing strategies.
In automobiles, virtual windscreen and side/exterior mirrors are expected to provide a sleek frame design.
This will allow users to access features such as zooming into the background for a wider view, as opposed to the traditional side mirrors.
