Press release
Virtual Mirror Market Trends & Global Insights | 2024 To 2033 Key Players INDEL B. V., SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L.
Virtual Mirror Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Virtual Mirror Market 2024 Key Insights:
• 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%.
• Virtual Mirror Market Growth Driven By Online Shopping
• Innovative Product Launches Drive The Virtual Mirror Market
• North America was the largest region in the virtual mirror market in 2023
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