Virtual Mirror Market Size, Share & Growth | Forecast [2031]

Report Description

The global virtual mirror market size was valued at USD 9.06 Billion in 2022 and is likely to reach USD 70.47 Billion by 2031, expanding at a CAGR of 25.6% during 2023 – 2031. The growth of the market is attributed to rapid advancements in the retail sector.

Multi-sensor body scanners have revolutionized the experience of shopping using online platforms. The use of interactive LCD screens is becoming popular in the hospitality sector due to the feature of combining outlay design of text content on the screen. This, in turn, is penetrating virtual mirror technology in various industries. Virtual mirror is an augmented reality (AR)-based technology. The rapid developments in AR and artificial intelligence (AI) technology are expected to increase the research and development in virtual mirror technology in the coming years.

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Market Trends, Drivers, Restraints and Opportunities

• Increasing technological advancements and increasing demand for safety systems in vehicles are expected to propel the market growth.

• Growing rate of e-commerce shopping is anticipated to drive the market growth.

• E-commerce companies are striving to reduce the return of the products owing to size mismatch. This, in turn, is speculated to increase the integration of virtual mirror technologies on the online platforms, thereby spurring the market growth.

• The Covid-19 pandemic led to lockdowns, social distancing, and several other measures were taken to mitigate the spread of virus, which grew the use of online portals and social media for purchase of products. This, in turn, is stimulating the market growth.

• The surge in the adoption of advanced driver assistance system (ADAS) in the automotive sector and rising demand for connect devices are expected to positively influence the market growth.

• High cost of virtual mirror technology can hinder the market growth.

• Lack of awareness and lack of adoption on a larger scale in the developing countries may impede the market growth.

• The market being in its nascent stage; new entrants have an opportunity to penetrate and dominate the market during the forecast period.

Scope of Virtual Mirror Market Report

The report on the global body shaping implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Virtual Mirror Market Segment Insights

On the basis of components, the market is segmented into hardware, solution and services. The software segment is anticipated to dominate during the forecast period. The demand for software has been attributed due to its need to provide visual interactive features on dedicated hardware systems such as kiosks and mirrors. Compatibility is the prime parameter as it ensures if the software provides a virtual essence through the apps and websites. L’Oréal, one of the leading players in the cosmetics industry, can customize the virtual makeup try on software to provide the effect and feel of the actual products.

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Based on the deployment modes; the market is segregated into on-premises and cloud. The cloud segment is expected to register a high CAGR during the forecast period. On the other hand, the on-premises segment is anticipated to expand at a healthy rate as it is widely adopted by brick & mortar stores. The software is deployed on run-on mirror-like structures present at the retail stores.

In terms of technology, the market is divided into 3D body scanning, photo accurate VFR, 3D augmented reality, and others. The 3D augmented reality and virtual reality segments are expected to account for high revenue share during the forecast period. Retail outlets are incorporating online AR technology into their solution offerings to gain a competitive advantage in the competitive retail sector.

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On the basis of industry, the market is categorized as retail and others. The growth of e-commerce portals and online shopping has grown multifold in the recent years. Thus, the presence of virtual mirror technology in the retail industry is crucial to enhance the experience and improve the sales. The retail segment is speculated to dominate the market owing to the growing demand for virtual fitting technology. The other segments include automotive sector. Increasing demand for vehicle safety is expected to drive the others segment.

In terms of regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for major market share during the forecast period. The market in Asia Pacific is anticipated to exhibit a high CAGR owing to the rising trend of online shopping. There is an increased demand for virtual mirrors in countries such as China, Japan, and India owing to the presence of humungous the automotive and retail sector.

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