Virtual Fitting Room Market Share 2022, Market Growth, Scope, Type, Application, Top Players, Forecast By 2022-2028 | AstraFit, Walmart, FXGear Inc.

According to Precision Business Insights (PBI), the latest report, the virtual fitting room market is expected to be valued at USD 3,335.9 million in 2022, growing at a 22.1% CAGR from 2022 to 2028. The primary drivers of the expansion of the global virtual fitting room market include the rising popularity of the e-commerce sector, growing concerns of online fashion retailers, the customized demands of customers, and advanced technology such as augmented reality (AR) or artificial intelligence (AI) technology.

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Software to Dominate the Virtual fitting room Market:
On the basis of components, the global virtual fitting market is segmented into software, hardware, and services. Among them, the software segment is expected to account for a larger revenue share in the global virtual fitting room market, with a value share worldwide due to the increasing adoption rate of software tools and platforms and advanced technology such as augmented reality (AR) or artificial intelligence (AI). Precise data annotations, 360-degree visualizations, and 3D simulations are expected to drive the market growth opportunities in this segment. Cloud software is expected to witness the fastest growth in the upcoming years.

North America Virtual fitting room Market:
North America held considerable market share during the estimated period owing to the early adoption of advanced technology and the growing number of electronic commerce platforms. The global key market players such as True Fit Corporation, Zugara, and Perfitly are based in this region and they are influencing the global market with advanced simulation and 3D visualization technology. The Asia Pacific market is also expected to witness significant market growth in the global virtual fitting room market over the forecast period. The Asia Pacific market is expanding as a result of the growing e-commerce portals, and the growing number of smartphone users.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global virtual fitting room market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In June 2022, Perfitly Partners with To Act Brand to Introduce Virtual Fitting Room Solutions to Plus-Size Shoppers. In June 2022, US retail giant Walmart is set to acquire an augmented reality (AR) startup Memomi founded by Israeli entrepreneurs to power its optical care operations nationwide.

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The virtual fitting room market is segmented based on component, application, end-user, and geography.
Based on the component, the market is segmented into the following:
• Hardware
• Software
• Services

Based on the application, the market is segmented into the following:
• Apparel
• Beauty and Cosmetics
• Eyewear
• Footwear
• Jewellery & Watches
• Others

Based on the end user, the market is segmented into the following:
• Physical Store
• Virtual Store

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the virtual fitting room market report are AstraFit, Else Corp Srl, Zugara, Fision AG, True Fit Corporation, FXGear Inc., Magic Mirror, Walmart, Metail, Perfitly, and Reactive Reality.

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