Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Virtual Mirror market.
Trusted Business Insights presents an updated and Latest Study on Virtual Mirror Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Virtual Mirror market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Virtual Mirror Market Size & Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
Industry Insights, Market Size, CAGR, High-Level Analysis: Virtual Mirror Market
The global virtual mirror market size was valued at USD 3.64 billion in 2018 and is expected to register a CAGR of 25.6% from 2019 to 2025. Factors such as ease of trying clothes in a virtual environment in stores, increased emphasis on hygiene for cosmetic & other retail items, and virtual trial of the product on e-commerce platform prior to purchasing are expected to boost the market growth. Furthermore, the introduction of multi-sensor body scanners has revolutionized the experience of shopping using online platforms. The growth of the e-commerce channel is expected to create major growth potential for the virtual mirror solution providers.
A virtual exterior mirror is being widely used in the automotive sector as it provides better viewing experience with wide camera angle and LCD in the car. This is expected to further increase their adoption and deployment. The use of a virtual exterior mirror in cars enables automotive manufacturers to target tech-savvy customers while fetching a higher price for vehicles. In the hospitality sector, the use of interactive LCD screens overlaying mirrors is gaining popularity in hotels owing to their feature of combining outlay design of text content on the screen and video content to engage and entertain customers. These interactive mirrors are also installed in restaurants, lifts, and hotel lobbies to be used by guests. The end users can use a virtual mirror for brand advertisement or displaying product and other essential information.
Virtual mirror vendors in the market offer a variety of solutions for e-commerce platforms and brick & mortar store retailers. The market majorly includes startup firms investing in Augmented Reality (AR)/Virtual Reality (VR) and Artificial Intelligence (AI) technologies that provide distinguished solutions for the retail and hospitality sectors. Startups providing cost-effective and innovative virtual mirror solutions have received massive funding to develop and market their products. As stated earlier, the automotive providers have entered the virtual mirror space with solutions such as a virtual side/exterior mirror and virtual windscreens. Currently, the vendors have developed these solutions in association with prominent automotive brands such as AUDI AG, Jaguar Land Rover Automotive PLC, and Lexus.
The kiosks and web portals integrated with AR, VR, AI, facial recognition, and 3D body scanning technologies allow customers to try clothes & accessories, share pictures, and compare different items virtually using a photo or 3D body image. The higher adoption of a virtual mirror can be majorly attributed to the need for determining customer preferences and providing trial of clothes without the hassle of actually wearing clothes. Hardware components such as camera, sensors, and displays are an integral part of a virtual mirror used in a fitting room at brick & mortar stores. The features of the mirrors can also be customized according to the clients nature of business and this is resulting in the need for consulting services. Multiple vendors are providing smart mirrors in the retail sector to address the growing trend of shopping online and at stores.
Some of the major factors to be considered while selecting a virtual mirror solution are compatibility, pricing & subscription models, upgrading charges, and Return on Investment (RoI). Since the market is in its nascent stage, new entrants may experience less difficulty in establishing themselves in emerging as the preferred vendor for installing a virtual mirror in retail stores, automobiles, and hotels. Investors are also exhibiting a keen interest in funding startup ventures that offer unique solutions for a virtual mirror, which is expected to further strengthen the market growth. The virtual mirror market players are expected to experience new growth avenues in the retail sector owing to the engaging process of shopping via virtual mirrors, which is expected to attract customers and increase customer footfall.
Component Insights of Virtual Mirror Market
Based on component, the market is segmented into software, hardware, and services. The software segment is expected to account for the highest market share over the forecast period. The demand for software can be attributed to the need for providing visual interactive features on dedicated hardware systems such as kiosks and mirrors. The software ensures compatible display on apps and websites for trying clothes and accessories in a virtual world. For instance, LOreal deployed AR-based virtual mirror that enables virtual makeup try-on to provide the effect and feel of the actual product.
The features required in a brick & mortar store differs from the one required in apps or e-commerce websites. The software functionality can be customized as per the needs of end users to perform a task. Similarly, software programmed for the virtual exterior mirror and smart mirror in the automotive industry & hospitality sector, respectively, have different user interface options. All these factors are expected to further propel the growth of the software segment.
Deployment Mode Insights
The software solution is deployed either on-premises or over the cloud depending on the preferences of end users. The cloud deployment segment is expected to register the highest CAGR over the forecast period. The growth of the segment can be attributed to budget-friendly plans, reduced operational cost, unlimited space for storage, and easier integration and updating facility. Furthermore, real-time data accessibility, hassle-free deployment, and remote assistance are the other attractive features that are driving the demand for cloud-based deployment.
The on-premises deployment is prominent in the retail sector and is widely adopted by brick & mortar stores. The software is installed and run on mirror-like structures present at the retails stores. The end users are skeptical about data security over the cloud and hence, the retail store owners often prefer on-premises deployment method. The data visibility, security, and accessibility concerns among customers are driving the demand for on-premises deployment.
Based on industry, the virtual mirror market is segmented into retail and others. Based on the type of distribution channel, the retail segment is further segmented into e-commerce and brick & mortar. A virtual mirror used in the retail industry is commonly referred to as a memory mirror or smart mirror. These mirrors enhance in-store and online shopping experience of customers. For instance, Nike offers an in-store customizer that allows customers to design a pair of sneakers virtually. In 2018, the retail segment accounted for a substantial market revenue share and is expected to witness high growth over the forecast period.
The others segment covers the automotive and hospitality verticals. The retail, automotive, and hospitality industries are undergoing rapid changes, primarily driven by the concept of virtualization of mirrors to perform various tasks. In May 2019, the Honda announced that its electric vehicle would be fitted with side camera mirror system, similar to the one in Audis E-Tron electric SUV. The solution for each industry varies according to the desired function to be accessed from a virtual mirror; however, the concept remains similar across all deployments. The advent of big data and IoT is expected to support the segment growth.
Technology Insights of Virtual Mirror Market
Based on technology, the market for virtual mirror is segmented into 3D body scanning, photo accurate VFR, 3D augmented reality & virtual reality, and others. The 3D augmented reality & virtual reality segment accounted for the highest revenue share in 2018 and is expected to continue dominating the market over the forecast period. Prominent retail outlets are incorporating AR-based smart mirrors in their premises to enhance customer experience. Additionally, they are also focusing on incorporating online AR technology into their solution offerings to gain a competitive edge. The interactive feature of a virtual mirror allows people to interface through speech, body language, and hand gestures. The retail and automotive businesses have witnessed numerous technological advancements, which have influenced the way payment and inventory management activities are carried out. AR/VR, AI, facial recognition, gesture recognition, and sensor-based technologies used in virtual mirrors are expected to penetrate these businesses. These technologies support the product features & help customize the products, thus, providing vendors a competitive edge.
An increasing number of market players are expected to include AI and IoT technologies in their virtual mirror solutions to enhance user experience. The data collected through the virtual mirrors would enable assessment of clients reactions and preference for new clothes & accessories. The data is further expected to serve as a fuel for generating strategic sales and product launch plans for brands. Such a concept of data exploration is expected to drive the adoption of virtual mirrors.
Regional Insights of Virtual Mirror Market
North America is expected to account for the highest revenue share over the forecast period. U.S. is a hub of the largest retail brands and hotel chains and this has boosted the demand for virtual mirrors in the country. However, their adoption in the automotive industry is expected to witness hindrance as the U.S. government has categorized virtual side mirrors under the mirrorless section. The Asia Pacific region is expected to witness the fastest growth over the next six years owing to growing online shopping. Countries such as China, Japan, and India are major automotive and retailing hubs that are currently witnessing an increased demand for virtual mirrors.
Europe is also expected to emerge as one of the key regions for virtual mirrors over the forecast period. Countries such as Spain, the U.K., France, and Russia are the most lucrative country markets in terms of adoption of virtual mirrors in the retail and hospitality verticals. Europe is well-known for its fashion and hospitality industries. The regional market is also open to innovations in the automotive industry owing to the adoption of virtual windscreen solutions for luxury cars. BRICS nations, which account for more than 40% of the worlds population, represent a large pool of potential consumers and internet users. The potential for adoption of virtual mirrors in the region can be attributed to the increasing penetration rate of internet and the development of e-commerce in BRICS nations.
Market Share Insights of Virtual Mirror Market
The leading vendors providing virtual mirror solutions with core expertise in AR/VR-based solutions are Astrafit; DigitalDM; Fitnect Interactive; International Business Machine Corporation; Metail Limited; MemoMi Labs Inc.; SenseMi; Virtooal; Zugara, Inc.; and 3D-A-Porter. These companies offer a wide range of virtual mirror services that are backed by advanced technologies to support various stages of a product lifecycle and provide an end-to-end product solution. The companies are opting for partnerships and attending events to showcase their products. Additionally, a few firms have also engaged in partnerships and product launches to focus on expanding their market reach. For instance, SenseMi partnered with Cisco in May 2018 to showcase its virtual mirror solutions at Ciscos Innovation & Experience Centre (IXC). Such events have been substantial in expanding the market reach of SenseMi among retailers. Furthermore, Metail Limited partnered with Princess Polly in 2017 to enter the Australian market for catering to the needs of online shoppers.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Virtual Mirror Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global virtual mirror market report on the basis of component, deployment mode, technology, industry, and region.
Component Outlook (Revenue, USD Million, 2019 – 2030)
Integration & Upgradation
Consultation, Maintenance, and Repair
Deployment Mode Outlook (Revenue, USD Million, 2019 – 2030)
Technology Outlook (Revenue, USD Million, 2019 – 2030)
3D Body Scanning
Photo Accurate VFR
3D Augmented Reality & Virtual Reality
Industry Outlook (Revenue, USD Million, 2019 – 2030)
Brick & Mortar
Quick Read Table of Contents of this Report @ Virtual Mirror Market Size & Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580