Press release
Virtual Fitting Room Market to Reach US$ 14,869.1 Mn by 2026
The global virtual fitting room market is expected to attract growth at a CAGR of 22.7% in the forecast period of 2018 to 2026. In 2017, the total valuation of the market was US$2,501.8 Mn.View Our Report @ https://www.transparencymarketresearch.com/virtual-fitting-room-market.html
The study on the global virtual fitting room market is presented in the forms of varied segments, which are decided based on component, software, services, end user, and region. On the basis of services, the market is divided into three parts, namely, integration, maintenance, and consulting.
Today, several ecommerce websites, apps, and physical stores around the world are enticing their customer base by offering technologically advanced experiences including VFR-enabled shopping facilities. The technique is rapidly being adopted by online shopping platforms owing to its ability to offer excellent user experience when customers are trying and selecting their cloths virtually. This factor is expected to create significant opportunities for companies operating in the global virtual fitting room market in the years ahead.
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Many physical store owners across the globe are increasing the adoption of newer technologies such as virtual fitting room solutions. This factor, in turn, is likely to make the physical store as a dominant segment of the global virtual fitting room market in the forecast period 2018-2026.
Major technological advancements such as VR and AR are attracting end-users from different regions of the world to gain experience of virtual surroundings in varied applications. With an aim to expand their customer base, many retailers from different nations across the globe are using virtual fitting room solutions for a wide range of product categories including jewelry & watches, apparel, makeup, and eyewear. These activities are expected to drive the sales prospects in the virtual fitting room market in forecast period.
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One of the prime factors boosting the growth prospects in the global virtual fitting room market is surge in the use of advanced solutions by enterprises in order to provide superior shopping experiences to their consumers around the world.
Companies from varied industrial sectors are experiencing the need for boosting their conversion rates as well as reducing the exchange and returns rates of their products. This factor is encouraging them to use advanced solutions offered by players from the virtual fitting room market.
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Companies from the retail industry, particularly from the online shopping industry, generally experience high rates of product returns. Majority of times, one of the notable reasons for returning cloths is improper fitting. To deal with the issue, enterprises are increasing the use of virtual fitting room, which are gathering traction as computationally efficient technique of improving the way of online apparel shopping. Apart from this, companies from the retail industry are allotting substantial share of their spending on IT. These factors are expected to bode well with the expansion of the global virtual fitting room market in the upcoming years.
About Transparency Market Research:
Transparency Market Research is a Global Market Research Report company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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