Virtual Mirror Market Outlook
According to the report by Expert Market Research (EMR), the global virtual mirror market reached a value of approximately USD 6.74 billion in 2022. Aided by the escalating demand for advanced retail technologies and the growing application of virtual mirrors in numerous industries, the market is projected to further grow at a CAGR of 24.70% between 2023 and 2028 to reach a value of USD 25.3 billion by 2028.
Virtual mirrors, or digital mirrors, incorporate advanced technologies such as augmented reality (AR), artificial intelligence (AI), and computer vision, to offer an innovative, immersive user experience. They are used in various products and services, including retail fitting rooms, beauty and cosmetic applications, automotive industry, and interactive advertising platforms. Virtual mirrors are pivotal in enriching the customer experience, enhancing product visualisation, and enabling businesses to provide personalised services.
The growing consumer demand for technologically advanced, personalised experiences is propelling the global virtual mirror market size. As technology becomes more integrated into our daily lives, consumers are expecting a seamless blend of online and offline experiences. This has led to a significant uptake of virtual mirror solutions in retail, beauty, and fashion sectors, where customers can virtually ‘try on’ products before making a purchase.
The broadening applications of virtual mirrors across various sectors contribute significantly to the virtual mirror market expansion. In the automotive industry, virtual mirrors, or digital side-view mirrors, are employed to provide enhanced safety features and improve fuel efficiency by reducing aerodynamic drag. Interactive advertising utilises virtual mirrors to capture consumer attention and engage them in a more immersive, memorable experience.
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In the cosmetic industry, virtual mirrors are adopted for their ability to allow customers to test makeup or skincare products virtually, providing an innovative, hygienic, and tailored shopping experience, thus propelling the virtual mirror market demand. These applications illustrate the potential for virtual mirrors to revolutionise traditional industries and create new opportunities for business growth.
Furthermore, the increasing popularity of online shopping and the rise of e-commerce has brought a spotlight on virtual mirrors as a vital tool for digital retail. With online platforms becoming the preferred choice for many consumers, virtual mirrors can bridge the gap between the physical and digital shopping experience. They offer an interactive, personalised approach that mirrors in-store shopping, enabling customers to virtually test products, enhancing their confidence in online purchases, and consequently, driving the virtual mirror market expansion.
Virtual Mirror Market Segmentation
The market can be divided based on component, deployment, technology, industry, application, and region.
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Market Breakup by Component
- Hardware
- Software
- Firmware/Platform
- Mobile Application
- Services
- Integration and Upgradation
- Consultation, Maintenance, and Repair
Market Breakup by Deployment
- On-Premises
- Cloud
Market Breakup by Technology
- 3D Body Scanning
- Photo Accurate VFR
- 3D Augmented Reality and Virtual Reality
- Others
Market Breakup by Industry
- Retail
- E-Commerce
- Brick and Mortar
- Others
Market Breakup by Application
- Web
- Kiosk
- Mobile
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global virtual mirror companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- ViuBox (SenseMi)
- Cisco Systems, Inc.
- MySizeID
- Integrated Active Monitoring Pvt. Ltd. (IAM)
- DigitalDM
- Reactive Reality AG
- AstraFit (Autumn Rock Limited)
- Vimage Srl
- MemoMi Labs Inc.
- Fitnect
- Others
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