The global virtual mirror market size is expected to reach USD 17.09 billion by 2025, registering a CAGR of 25.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. These mirrors have helped turn the cumbersome process of shopping into an engaging activity as they incorporate interesting interactive features. Their features, shape, integration, and ease of use vary depending on the type of end-use industry.
Retail stores are expected to benefit through the installation of such mirrors to a great extent, as the data pertaining to customer preferences and factors influencing buying decision are expected to provide crucial insights for developing marketing strategies. In automobiles, virtual windscreen and side/exterior mirrors are expected to provide a sleek frame design. This will allow users to access features such as zooming into the background for a wider view, as opposed to the traditional side mirrors. The hospitality sector too is now inclined toward using a virtual interactive mirror to display the services offered in hotels and for entertaining customers by playing videos.
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Brick & mortar stores are expected to be the key adopters of such mirrors in their premises owing to the introduction of advanced technologies such as 3D AR/VR, 3D body scanning, and AI-equipped Virtual Fitting Room (VFR). The user-friendly interface that senses hand and face gestures allows customers to try out clothes virtually while browsing through the available collection in a store. Additionally, the compelling feature of the mirrors used in hotels, malls, lifts, and restaurants is expected to provide an impetus for their increased adoption in the hospitality vertical. North America has been an early adopter of virtual mirror solutions while Asia Pacific is expected to witness increased adoption of these smart mirrors in the automotive, retail, and hospitality verticals.
Further key findings from the report suggest:
• The virtual mirror market growth can be attributed to the increasing online shopping activities and the growing need for virtually checking clothes for a better fit to avoid returns
• Virtual mirrors are expected to support the retail sector in increasing customer base by accessing customer data for making informed strategic plans and launching new products
• In 2018, Europe accounted for a significant revenue share of the market owing to the presence of well-established fashion and hospitality verticals
• The others industry segment accounted for a revenue share of around 10% in 2018 owing to the use of advanced technology-based mirrors in the automotive & hospitality verticals
• The key players in the market include Astrafit; DigitalDM; Fitnect Interactive; International Business Machine Corporation; Metail Limited; MemoMi Labs Inc.; SenseMi; Virtooal; Zugara, Inc.; and 3D-A-Porter.
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Grand View Research has segmented the global virtual mirror market on the basis of component, deployment mode, technology, industry, and region.
Virtual Mirror Component Outlook (Revenue, USD Million, 2015 - 2025)
• Software
o Firmware/Platform
o Mobile Application
• Hardware
• Services
o Integration & Upgradation
o Consultation, Maintenance, and Repair
Virtual Mirror Deployment Mode Outlook (Revenue, USD Million, 2015 - 2025)
• Cloud
• On-premises
Virtual Mirror Technology Outlook (Revenue, USD Million, 2015 - 2025)
• 3D Body Scanning
• Photo Accurate VFR
• 3D Augmented Reality & Virtual Reality
• Others
Virtual Mirror Industry Outlook (Revenue, USD Million, 2015 - 2025)
• Retail
o E-commerce
o Brick & Mortar
• Others
Virtual Mirror Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
• Asia Pacific
o China
o Japan
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.