Market Size –
The virtual mirror market size has grown exponentially in recent years. It will grow from $9.1 billion in 2023 to $11.1 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to customer expectations, market differentiation and innovation, improved user interfaces, fashion and beauty industry trends, mobile and ar adoption..
The virtual mirror market size is expected to see exponential growth in the next few years. It will grow to $24.53 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to sustainability and environmental concerns, market competition, enhanced user experience, retail innovation and customer engagement, mobile ar and app integration.. Major trends in the forecast period include augmented reality (ar) advancements, contactless shopping and remote try-ons, e-commerce and online retail integration, expanded industry applications, mobile accessibility..
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Scope Of Virtual Mirror Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increase in 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, the Indian e-commerce market is expected to grow by 21.5% in 2022, reaching a total value of $74.8 billion. 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 the US in 2021. Therefore, an increase in online shopping activities is driving the virtual mirror market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The virtual mirror market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Technology: 3D Body Scanning, Photo Accurate VFR, 3D Augmented Reality and Virtual Reality
4) By Industry: Retail, Other Industries
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Regional Insights –
North America was the largest region in the virtual mirror market in 2023. 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, Africa
Key Companies –
Major companies operating in the virtual mirror market report are INDEL B. V., SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L., Cisco Systems Inc., Fitnect Interactive Inc., Metail Limited, MemoMi Labs Inc., Zugara Inc., My Size Inc., Virtusize Co. Ltd., DigitalDM Inc., ViuBox S. L., Dressformer LLC, Astrafit LLC, Virtalis Limited, Vizoo GmbH, X-Rite Incorporated, zSpace Inc., 3D-A-Porter Limited, Styku Inc., Total Immersion SAS, ViewAR GmbH, Vuforia Solutions Inc., Wikitude GmbH, YouAR GmbH, Zappar Limited, Blippar Limited
Table of Contents
1. Executive Summary
2. Virtual Mirror Market Report Structure
3. Virtual Mirror Market Trends And Strategies
4. Virtual Mirror Market – Macro Economic Scenario
5. Virtual Mirror Market Size And Growth
…..
27. Virtual Mirror Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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