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2024 Virtual Dressing Rooms Market Report : Market Size, Growth Drivers, And Key Trends
Virtual Dressing Rooms Global Market Report 2024
According to The Business Research Company's, The virtual dressing rooms market size has grown rapidly in recent years. It will grow from $5.36 billion in 2023 to $6.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to consumer demand for convenience, COVID-19 pandemic, fashion industry pressure, smartphone penetration, improved internet connectivity, retailer adoption..
The virtual dressing rooms market size is expected to see rapid growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to social media integration, growing adoption of mobile e-commerce, growing consumer online preferences, and growing adoption of smartphones. Major trends in the forecast period include Extended reality (XR) technologies, 3D scanning technologies, body scanning technology, virtual stylist assistance, expanded product range, inclusivity and diversity.
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Market Drivers and Trends:
The growing online shopping is expected to propel the growth of the virtual dressing room market going forward. Online shopping refers to the process of purchasing goods or services directly from a seller over the internet, without the need for an intermediary service. The growth of online shopping is due to several reasons, such as convenience, product selection, cost savings, technological advancements, price comparison, time- savings, personalization, easier returns and refunds, and reviews and recommendations. Virtual dressing rooms enhance the online shopping experience for customers, increase sales and customer satisfaction for e-commerce businesses, and contribute to a more sustainable and efficient retail industry. For instance, in February 2024, according to a report published by the Census Bureau, an US-based government, total e-commerce sales for 2023 were estimated at $1,118.7 billion, an increase of 7.6 percent (±1.2%) from 2022, and total retail sales in 2023 increased 2.1 percent (±0.4%) from 2022. Therefore, growing online shopping is driving the growth of the virtual dressing room market.
Major companies operating in the virtual dressing room market are focusing on developing advanced technology innovations to gain a competitive advantage. Virtual dressing rooms are an application of mixed reality technology that allows online shoppers to virtually try on clothing before making a purchase, improving the shopping experience and reducing waste. For instance, in September 2022, Walmart Inc., a US-based retailer company, launched a Be Your Own Model tool that allows customers to upload their own photos and see how clothing items would look on them, with the goal of improving the online shopping experience and driving higher sales. The Be Your Own Model feature uses computer vision and neural networks to analyze the catalog images of garments and create a realistic simulation of how the clothing would drape and fit on the customer's own body.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Vitro S.A.B. de C.V., Reactive Reality AG, Finery, Visenze Pte. Ltd., ELSE Corp., Virtusize Co. Ltd., 3DLook Inc., Style.me, Fitle, Dressformer, Sizebay, AstraFit, Metail, Vue.ai, FXGear Inc., Fit Analytics GmbH, Coitor IT Tech Private Limited, True Fit Corp., Autonomous Retail Shopping Solutions, Zeekit Online Shopping Ltd., MemoMi Labs Inc., Zugara, Styliff Tech., Fision Technologies Inc., Fitnect Interactive Kft
Virtual Dressing Rooms Market 2024 Key Insights:
• The virtual dressing rooms market size is expected to see rapid growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.
• Impact Of Online Shopping Growth On Virtual Dressing Room Market
• Advanced Technological Innovations Driving Growth In The Virtual Dressing Room Market
• North America was the largest region in the virtual dressing rooms market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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