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Smart Mirror Market 2024-2033: Size, Share, Industry Trends, Growth, and Forecast
Smart Mirror Global Market Report 2024
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According to The Business Research Company's, The smart mirror market size has grown rapidly in recent years. It will grow from $3.26 billion in 2023 to $3.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to vanity and grooming trends, retail and fitting room experiences, growth in augmented reality (ar) and virtual reality (vr), adoption of smart home technology, retail and fashion industry applications..
The smart mirror market size is expected to see rapid growth in the next few years. It will grow to $6.21 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to personalized shopping experiences with smart mirrors, fitness and wellness monitoring in home mirrors, integration of ai for virtual try-ons, global expansion of smart home technology, healthcare and telehealth applications, augmented reality makeup and beauty guidance.. Major trends in the forecast period include smart mirrors with ai fashion stylists, biometric and facial recognition for personalization, interactive fitness and workout mirrors, smart mirrors for skin health and diagnostics, ar and vr integration for immersive experiences, eco-friendly and sustainable smart mirror materials..
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Market Drivers and Trends:
The high demand for connected devices is expected to propel the growth of the smart mirrors market. Consumers have been keen to investigate the advantages of adding additional devices to the internet and how that may enhance their lives as technology has developed. The increasing demand for connected devices will increase the demand for smart mirrors and also improve functionality and features. According to IoT Analytics, a German-based Internet of Things (IoT) market insights and strategic business intelligence, in 2022, the internet of things is expected to grow to 14.4 billion active connections from 12.3 billion in 2021. Therefore, the high demand for connected devices drives the growth of smart mirrors.
Technological advancement is a key trend gaining popularity in the smart mirror market. Major companies in the smart mirror market are advancing in their advanced technologies and integrating options such as fitness into their products. For instance, in July 2022, Portl, an India-based intelligent home mirror company, launched a smart mirror in India. The smart fitness mirror has an interactive fitness mirror with Wi-Fi, BlueTooth connectivity, HD cameras, and edge AI processing. These sensors instantly correct a user's posture and shape. This indicates that the individual's posture is adjusted when they perform their workouts in front of the smart mirror.
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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:
Perseus Mirrors, Samsung Electronics Co. Ltd., Electric mirror Inc., Japan Dsiplay Inc., Magna International Inc., Ficosa Internacional SA, Blickfeld GmbH, Magic Fitness, Fiture Holding LLC., Mirror (Vaurum Labs), Arecor Ltd plc., Avegant Corp., Oak Labs, Dension Ltd., Panasonic Corporation, Space Micro Inc., Fusion Processing, PsyOmics Ltd., Gentex Corporation, Portl Technologies, Vercon Smart Mirror Factory, Murakami Kaimeido Kyushu Corp., Seura Solutions LLC., HiMirror Inc., MirroCool Inc., HILO Smart Mirror Inc., Memomi Labs Inc., Perch Interactive Inc., SmartSpot Inc., Smart Mirrors Solutions LLC
Smart Mirror Market 2024 Key Insights:
• The smart mirror market size is expected to see rapid growth in the next few years. It will grow to $6.21 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Rising Demand For Connected Devices Fuels Growth In The Smart Mirrors Market
• Technological Advancements And Integration Of Fitness Capabilities Drive Innovation In The Smart Mirror Market
• Asia-Pacific was the largest region in the smart mirror market in 2023
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