Press release
Virtual Mirror Market Analysis, Opportunities, Future Prospects And Forecast 2033
Virtual Mirror Market
The Business Research Company offers in-depth market insights through Virtual Mirror Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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
Major Driver - Virtual Mirror Market Growth Driven By Online Shopping
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.
Competitive Landscape:
Major companies operating in the virtual mirror market report are INDEL B. V., SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L., Cisco Systems Inc., Fitnect Interactive Inc., Metail Limited, MemoMi Labs Inc., Zugara Inc., My Size Inc., Virtusize Co. Ltd., DigitalDM Inc., ViuBox S. L., Dressformer LLC, Astrafit LLC, Virtalis Limited, Vizoo GmbH, X-Rite Incorporated, zSpace Inc., 3D-A-Porter Limited, Styku Inc., Total Immersion SAS, ViewAR GmbH, Vuforia Solutions Inc., Wikitude GmbH, YouAR GmbH, Zappar Limited, Blippar Limited
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Top Trend - Innovative Product Launches Drive The Virtual Mirror Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Virtual Mirror Market Characteristics
3. Virtual Mirror Market Trends And Strategies
4. Virtual Mirror Market - Macro Economic Scenario
5. Virtual Mirror Market Size And Growth
…..
27. Virtual Mirror Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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