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Virtual Try-On Technology Market 2024: Industry Size, Share, and Growth Analysis
Virtual Try-On Technology Global Market Report 2024
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According to The Business Research Company's, The virtual try-on technology market size has grown exponentially in recent years. It will grow from $7.57 billion in 2023 to $9.59 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to increasing fashion and retail technology firms, increasing social media platforms, increasing research and development institutions, increasing Investment in VTO startups, and increasing virtual influencers.
The virtual try-on technology market size is expected to see exponential growth in the next few years. It will grow to $24.72 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth in the forecast period can be attributed to the evolution of hardware, consumer education, and acceptance, increasing use of tablets for online shopping, global expansion of retailers, and consumer behavior shifts. Major trends in the forecast period include advances in graphics technology, machine learning enhancements, enhanced body scanning, cross-platform compatibility, and integration with voice assistants.
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Market Drivers and Trends:
The increasing adoption of online shopping is expected to propel the growth of the virtual try-on technology market going forward. Online shopping refers to the process of purchasing goods or services over the internet. The rising online shopping trend is due to convenience, a wider selection of products, competitive pricing, and the ability to shop anytime and anywhere, along with advancements in technology and secure payment options. Virtual try-on technology helps online shopping by allowing customers to visualize how products, such as clothing or accessories, will look before making a purchase, thereby improving decision-making and reducing return rates. For instance, in August 2024, according to a report published by the United States Census Bureau, a US-based professional governmental organization, in 2023, total e-commerce sales reached approximately $1,118.7 billion, marking a 7.6% increase from 2022 and representing 15.4% of total sales, up from 14.7% the previous year. Therefore, the increasing adoption of online shopping is driving the growth of the virtual try-on technology market.
Major companies operating in the virtual try-on technology market are focusing on developing advanced solutions, such as virtual tryout tools, to enhance the online shopping experience. A virtual try-on tool refers to digital tools that allow users to visualize how products, such as clothing, accessories, or makeup, would look on them without physically trying them on. For instance, in November 2022, Walmart Inc., a US-based retail corporation, launched the Be Your Own Model, allowing online shoppers to visualize clothing on themselves using their photos. It offers unique features such as personalized visualization using customers' photos to see how clothing looks on them, realistic simulations of fabric draping and shadows through advanced algorithms and machine learning, a wide selection of over 270,000 items, including both private and national brands, and an easy-to-use interface with a try it on button that allows users to view items on themselves or on models that resemble their body type.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Walmart Inc., L'Oreal S.A., Shiseido Company Limited, Coty Inc., Snap Inc., Warby Parker Inc., Grid Dynamics Holdings Inc., Netguru S.A., Perfect Corp Ltd., ModiFace Inc., Bambuser AB, Stylitics Inc., Shopexp Inc., Vue.ai Inc., Banuba Ltd., FittingBox SAS, Queppelin Technologies Pvt. Ltd., Blippar Ltd., Holition Ltd., 3DLook Inc., Webelight Inc., Centaur Media plc, Modern Mirror Inc., Zakeke S.r.l., mirrAR Technologies Inc.
Virtual Try-On Technology Market 2024 Key Insights:
• The virtual try-on technology market size is expected to see exponential growth in the next few years. It will grow to $24.72 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%.
• Increasing Adoption Of Online Shopping Is Driving The Growth Of The Virtual Try-On Technology Market.
• Advancements In Virtual Try-On Technology Enhanced Market Growth
• North America was the largest region in the virtual try-on technology market in 2023
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