The new report by Expert Market Research titled, ‘Global Virtual Fitting Room Market Price Report and Forecast 2021-2026’, gives an in-depth analysis of the global virtual fitting room market, assessing the market based on its segments like component, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 3.8 billion
- Forecast CAGR (2021-2026): 18%
- Forecast Market Size (2026): USD 10.5 billion
The market for virtual fitting room has seen substantial growth due to factors such as rising online buying habits, the number of mobile users, and the increasing usage of digital technology by retailers to expand their customer base. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the virtual fitting room market. Increasing IT spending in the retail industry is likely to create new opportunities for the growth of the demand for virtual fitting rooms by increasing the use of mobile applications powered by smartphones and virtual fitting rooms.
The demand for virtual fitting rooms in 3D is powered by virtual reality (VR) and augmented reality (AR) deployments. VR technology aims to maximize consumer engagement by providing a simulated product view, while AR technology uses devices and applications to boost product demonstration and reduce persistent inefficiency in the e-commerce ecosystem. Factors such as the growing adoption of virtual fitting to provide better customer service and increasing deployment across numerous physical stores such as shopping malls and independent stores across the world are expected to drive the growth of the market.
Industry Definition and Major Segments
Virtual fitting space (VFR) refers to a technology that enables shoppers to try a new type of clothing in a virtual environment. It becomes easier for the customer to choose the colour, style, height, fitting of the clothes or any other purchase when they do not have to visit the shop directly.
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Based on the component, the industry is divided into:
Based on the application, the industry is divided into:
- Jewelry and Watches
- Beauty and Cosmetics
Based on the end use, the industry is divided into:
- Physical Store
- Virtual Store
The regional markets for virtual fitting room include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, in recent years, North America has been the greatest market for virtual dressing room solutions. In addition, the key factors driving market growth are the significant adoption of advanced technologies, including AR and VR, and the high use of internet-based services in the area. The rising shopping habits online, the number of smartphone users and the growing use of digital technologies by retailers to broaden their customer base are key factors driving industry growth. Digital reality has taken a step forward in online and offline shopping, with the increasing implementation of new technologies. Several industry players are introducing new technologies in order to expand their customer base, as the virtual fitting room market is currently in its nascent phase.
In June 2019, L’Oréal S.A., Announced the launch on Amazon, in collaboration with ModiFace Inc, of the first virtual makeup fitting application. The technology helps Amazon application users, by taking a picture or video with their smartphone’s camera, to digitally test the beauty products. As retailers continue to provide their consumers with a customized shopping experience, with the growing number of solution offerings, their adoption is also increasing.
Key Market Players
The major players in the market are ELSE Corp Srl, Autumn Rock Limited, Magic Mirror, Fit Analytics GmbH, True Fit Corporation, FXGear Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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