Virtual Mirror Global Market Report 2022

October 2022
175 pages
ID: 6351358
Format: PDF
The Business Research Company

Summary

Table of Contents

Major players in the virtual mirror market are INDE LLC, SenseMi, Terawe Corp., Textronics., Virtooal, ICON Multimedia SL, Cisco Systems Inc., Fitnect Interactive, Metail Limited, MemoMi Labs, Zugara, My Size Inc., Virtusize Co. Ltd, DigitalDM, and ViuBox.

The global virtual mirror market is expected to grow from $6.12 billion in 2021 to $7.66 billion in 2022 at a compound annual growth rate (CAGR) of 25.1%. The virtual mirror market is expected to grow to $18.02 billion in 2026 at a CAGR of 23.8%.

The virtual mirror market consists of sales of virtual mirrors by entities (organizations, sole traders, and partnerships) that are used in retail stores for customers to try their dresses, tops, and other apparel on their virtual avatars in the mirror.It uses augmented reality technology to show the user how the outfit would look on them without having to try it on physically.

It displays the outfit and uses motion rendering technology to let the spectator see the appearance in a variety of motions and lighting conditions (for both day and night looks).

The main types of virtual mirror markets are software, hardware, and services.Software refers to the computer program and forms an integral part of virtual mirrors as it forms the programming behind the functioning of these mirrors.

Software provides algorithms for the working of virtual mirrors like the face alignment algorithm and programming like the tracking algorithm engine.The various technologies include 3D body scanning, photo accurate VFR, 3D augmented reality, and virtual reality, which are used in retail and other industries.

The various deployment modes are cloud and on-premises.

North America was the largest region in the virtual mirror market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the virtual mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The virtual mirror market research report is one of a series of new reports that provides virtual mirror market statistics, including virtual mirror industry global market size, regional shares, competitors with a virtual mirror market share, detailed virtual mirror market segments, market trends and opportunities, and any further data you may need to thrive in the virtual mirror industry. This virtual mirror market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Increasing 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, Indian e-commerce has increased by 4% for the year 2020, which was $3.95 billion, and is expected to increase by 8% to US$ 26.93 billion by the year 2025. 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 2021 in the US. Therefore, an increase in online shopping activities is driving the growth of the virtual mirror market.

New product innovations have emerged as the key trend gaining popularity in the virtual mirror market.Major companies operating in the virtual mirror sector are focused on launching new products to sustain their position in the market.

For instance, in June 2020, MySizeID, an Israel-based company that develops and creates smartphone measurement solutions, launched SWEET FIT, a virtual fitting mirror that uses augmented reality technology to scan a person’s figure and display a virtual outfit according to the available sizes that fit the customer.With the help of this technology, shoppers can select the appropriate apparel size for a specific brand based on real-time body measurements.

SWEET FIT is currently available in fashion stores located in Fran.

In September 2021, JINS Holdings, a Japan-based manufacturer of eyewear and related accessories, acquired FittingBox for an undisclosed amount.The acquisition will help JINS to provide consumers with a virtual try-on service, which will boost their e-commerce presence.

FittingBox is a France-based digital eyewear company intended to provide assistance to users to try on glasses in augmented reality, enabling users to find frames that suit their body type and style.

The countries covered in the virtual mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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