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Smart Mirror Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
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The focus on enhanced road safety drives the demand for incorporating new electronic functionalities to the automotive mirrors. Activated light sensors, and electrochromic self-dimming smart mirrors have significantly improved road safety by increasing response times as well as reducing driver fatigue.
However, through the use of other electronic functionalities such as integrated sensor systems, displays, touch capability, Wi-Fi connectivity, and GPS, the road safety can be further enhanced in a significant manner. Automotive smart mirror vendors are now focused on marketing mirrors having customizable capabilities.
Smart Mirror Market: Trends
Smart mirrors are also anticipated to have a potential market in retail and advertising sectors. The use of these mirrors is in trial stage in certain places such as in elevators, public restrooms, hotels or office lobbies, and so on. For instance, in January 2011, Clear Channel Airports (CCA) and Mirrus Corporation collaborated on a pilot program of deploying 150 smart mirrors with advertising displays in all restrooms at the Chicago O'Hare airport. Moreover, smart mirrors have the capability to increase sales in retail sector, mainly in dressing rooms. The combination of mirrors with RFID and display technology can be helpful in displaying vital information and user-specific suggestions hence increasing the sales.
The smart digital mirrors are anticipated to gain a considerable market share in healthcare applications, in both residential and professional settings. Smart mirror technologies can improve patient care and compliance, thus reducing healthcare expenses in certain cases. Smart mirrors can deliver patient-specific information such as real-time human body statistics (heart rate, body temperature, and blood pressure) and prescription reminders. The information which is provided by the camera in form of an image can be used for diagnostic purposes as well as for determining appropriate treatment.
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Smart Mirror Market: Drivers
Growing investment in R&D activities on smart mirrors and new technology penetration are the major factors driving the smart mirror market globally. Various companies are coming up with smart mirror technologies with additional features further aiding the growth of global smart mirror market. For example, in November 2015, Polo Ralph Lauren Corporation launched new smart mirrors in the fitting rooms of its flagship New York store. The mirror enables its customers at the store to tap for assistance for the items to try on.
Each clothing item brought in the fitting room is detected by the mirror through RFID chips, and it shows up a display about the garment details. In October 2015, Panasonic Corporation introduced 'Interactive Mirror', having multi-functional features which was anticipated to lure customers from retail, beauty as well as lifestyle industry. This mirror was capable of enhancing the lifestyle similar to a professional health or beauty advisor. In December 2014, Gentex Corporation launched its all new ‘Full Display Mirror’ which was an intelligent rear vision system that used an outside mounted camera and mirror-integrated video display for improving a vehicle's rearward view.
Smart Mirror Market: Key Players
The key players in smart mirror market are Gentex Corporation, Magna International Inc., ACEP France SA, Panasonic Corporation, Seura Solutions, Samsung Electronics, Dension, Keonn Technologies, S.L. and Mirrus Corporation.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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