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Virtual Mirror Market Trends, Top Companies, Share, Growth And Forecast 2033
Virtual Mirror Market
As per the report, 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 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%.
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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.
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 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
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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
Contents of the report:
1. Executive Summary
2. Virtual Mirror Market Report Structure
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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