Virtual Mirror Market Overview
The virtual mirror market growth is projected for a greater emphasis on factors, such as ease of testing clothing in a virtual business environment, increased hygiene for cosmetic products and other retail products and virtual product testing in the e-commerce platform before purchasing. In addition, the introduction of multi-sensor body scanners has revolutionized the shopping experience with online platforms. The growth of e-commerce is expected to provide the virtual mirror solution providers with great potential to grow.
For the automotive industry, a digital exterior mirror is commonly used since it provides a better view of the wide-angle camera and the LCD in the vehicle. Their adoption and deployment are projected to be further increased. The use of an external digital mirror in cars helps automakers to reach seasoned buyers while at the same time rising vehicle costs. The use of interactive mirrors with LCD screens in the hotel sector is becoming more common because of their role in integrating text on the monitor and video contents to engage and entertain customers in the hospitality sector.
Virtual mirror Market value and expected growth:
It is projected that the Virtual mirror industry will expand from USD xx in 2019 to USD xx in 2024, at a pace of xx percent.
Digital mirror manufacturers offer a wide range of products to retailers in brick & mortar shops and e-commerce sites. The market is mainly comprised of start-up firms investing in technology for increasing reality (AR) and virtual reality (VR) and for artificial intelligence (AI). In order to develop and market their products, companies offering cost-efficient and creative digital mirror solutions received substantial financial support. As mentioned previously, automotive providers joined the virtual space with solutions like a digital side/outside mirror and a virtual windscreen.
Customers can check clothes and accessories, share photos and compare different objects digitally via a photo scope or body 3D using kiosks and web portals with AR, VR, AI, facial recognition and 3D body scanning technology. The better use of a virtual mirror is mainly attributable to the need to determine customer preferences and to test clothes without having to wear clothes. Hardware components, including camera, sensors and display systems, are an integral part of a virtual mirror used in a brick & mortar shop fitting room.
Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical and demographic conditions on the market value and market dynamics.
The research methodology used to calculate and forecast the Virtual Mirror market began by collecting information on the market key players' sales using multiple sources via secondary research. In order to identify market segmentation, supplier offers have been considered.
Drivers and market limitations:
The Virtual mirror market size is exponentially expanding owing to the following:
Restraints of Virtual mirror market can be –
Virtual Mirror Market segmentation:
The global market is divided into software, hardware and services on the basis of the component. The market share of the technology category over the forecast period shall be the highest. The need for interactive visual interfaces on dedicated hardware systems such as kiosks and mirrors can be attributed to the demand for software. The software ensures compatible display of clothing and accessories in a virtual world, on applications and websites. For example, L'Oreal deployed an AR virtual mirror that can provide the effect and feel of the actual product with the help of a virtual makeup attempt.
The virtual mirror market is divided into consumer and other demands on the basis of industry. The retail sector is further divided into e-commerce and brick & mortar based on the type of distribution channel. In the retail sector, a digital mirror is typically called a memory mirror or an intelligent reflector. Such mirrors boost the consumers' experience in-store and online shopping. Nike has an in-store customer, for instance, which allows consumers to model a pair of sneakers digitally. In 2018, there was a significant market share in the retail segment, and the projected period is expected to show high growth.
The highest percentage of sales over the forecast period is expected in North America. The USA is a focal point of the largest retail brands and hotel chains, boosting demand in the country for virtual mirrors. However, the US Government has categorized virtual side mirrors under the mirrorless section as an obstruction in the automotive industry. In the area of Asia Pacific, the development of online shopping is projected to be the highest in the next six years. Countries like China, Japan and India, are major car and retail hub countries, which currently experience rising demand for digital mirrors.
Key players in the market:
Astrafit, DigitalDM, Fitnect Interactive, International Business Machine Corporation, Metail Limited, MemoMi Labs Inc., SenseMi, Virtual, Zugara, Inc., and 3D-A-porter are leading companies providing virtual mirror solutions with core expertise in AR / VR-based solutions. These companies offer a wide variety of virtual mirror services supported by advanced technologies to support different stages of the product life cycle and offer a product solution end-to-end. The businesses opt for alliances and conferences to present their goods.
Key highlights of the research report:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.5 Y-o-Y Growth Analysis, By Component
5.1.6 Market Attractiveness Analysis, By Component
5.1.7 Market Share Analysis, By Component
5.2.2 3D Body Scanning
5.2.3 Photo Accurate VFR
5.2.4 3D Augmented Reality
5.2.5 Virtual Reality
5.2.6 Y-o-Y Growth Analysis, By Technology
5.2.7 Market Attractiveness Analysis, By Technology
5.2.8 Market Share Analysis, By Technology
5.3.3 Y-o-Y Growth Analysis, By Industry
5.3.4 Market Attractiveness Analysis, By Industry
5.3.5 Market Share Analysis, By Industry
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Component
126.96.36.199 By Technology
188.8.131.52 By Industry
6.1.4 Market Attractiveness Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Component
18.104.22.168 By Technology
22.214.171.124 By Industry
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Component
184.108.40.206 By Technology
220.127.116.11 By Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Fitnect Interactive
8.4 International Business Machine Corporation
8.5 Metail Limited
8.6 MemoMi Labs Inc.
8.7 Sense Mi
8.9 Zugara Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures