Global Virtual Mirror Market Size, Trends and Share Analysis Report By Component (Hardware, Software, Services), By Deployment Mode, By Technology, By Industry, By Region, And Segment Forecasts, 2021-2028 | Analytical Research Cognizance

Global Virtual Mirror Market Size, Trends and Share Analysis Report By Component (Hardware, Software, Services), By Deployment Mode, By Technology, By Industry, By Region, And Segment Forecasts, 2021-2028

Published by ARCAMR001
Report ID 1668060
Published date May 06, 2021
Category Technology
Total Pages 110
Choose license type Buy Now
Request a Sample Enquiry Before Buying Check Discount

Industry Overview
The global market size was accounted at USD 5.64 Billion and is anticipated to register a CAGR of 27.6% during the forecast period of 2021 to 2028.

Factors such as the ability to try clothes in a simulated environment in stores, virtual trial of the product on e-commerce sites prior to purchase, and increased focus on hygiene for cosmetics and other retail products are likely to drive the global market development. Furthermore, the advent of multi-sensor body scanners has completely transformed the online shopping experience. The virtual mirror solution providers are expected to benefit greatly from the development of the e-commerce channel.

The market vendors have a wide range of services for brick-and-mortar retailers and e-commerce sites. The market is dominated by startups that invest in Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI) technologies to provide unique hospitality and retail solutions. Startups that provide creative, low-cost virtual mirror solutions have earned significant funding to help them grow and market their products. With solutions such as a virtual side/exterior mirror and virtual windscreens, automotive manufacturers have entered the virtual mirror space. Currently, the vendors are working with top automotive brands such as Jaguar Land Rover Automotive PLC, AUDI AG, and Lexus to create these solutions.

The global market is primarily segmented based on Component, Deployment Mode, Technology, Industry, and geographic region.

By Component
Software
Hardware
Services

By Deployment Mode
Cloud
On-Premises

By Technology
Photo Accurate VFR
3D Body Scanning
3D Augmented Reality & Virtual Reality
Others

By Industry
Retail
Others

By Region
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Hungary, Croatia, Austria)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. Australia)
Latin America (Brazil, Mexico, Argentina)
MEA (Saudi Arabia, UAE, Israel, South Africa)

Insight by Component
The software segment is projected to hold the largest market share during the forecast period. The need for visual interactive features on dedicated hardware systems such as kiosks and mirrors has fueled the market for apps. The program means that clothes and accessories can be tried on in the virtual world using compatible applications and websites. For instance, L'Oreal has developed an AR-based virtual mirror that allows virtual makeup try-on to mimic the look and feel of the real thing.

Insight by Deployment mode
The software solution is employed either on-premises or over the cloud based 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, hassle-free deployment, real-time data accessibility, and remote assistance are some of the attractive features that are boosting the demand for cloud-based deployment.

Industry Dynamics
With a large camera angle and LCD in the vehicle, a virtual exterior mirror is commonly used in the automotive industry because it offers a better viewing experience. This is supposed to boost their acceptance and deployment even further. The use of a virtual exterior mirror in cars allows automakers to appeal to tech-savvy buyers while also raising vehicle prices. The use of immersive LCD displays overlaying mirrors is gaining traction in the hospitality industry, thanks to their ability to combine outlay design of text content on the screen with video content to engage and entertain customers.

Guests can connect with these interactive mirrors in restaurants, elevators, and hotel lobbies. A virtual mirror may be used by end users to promote a brand or to show goods and other important details.

Geographic Overview
North America is predicted to have the highest revenue share over the forecast period. The United States is home to some of the world's most well-known retail brands and hotel chains, which has boosted demand for virtual mirrors in the region. However, since the US government has classified virtual side mirrors as mirrorless, their acceptance in the automotive industry is likely to be hampered. Due to increased online shopping, the Asia Pacific region is projected to expand at the fastest rate over the next six years.

Europe is projected to become one of the most important regions for virtual mirrors in the coming years. Spain, the United Kingdom, France, and Russia are the most lucrative country markets for virtual mirror adoption in the retail and hospitality verticals. The fashion and hospitality industries are well-known in Europe. Because of the acceptance of virtual windscreen solutions for luxury vehicles, the regional market is also open to automotive industry developments.

Competitive Insight
The leading vendors operating in the global market are Astrafit; DigitalDM, International Business Machine Corporation, Fitnect Interactive, Metail Limited, SenseMi, Virtooal; Zugara, Inc., MemoMi Labs Inc., and 3D-A-Porter. These companies provide an end-to-end product solution by providing a broad range of virtual mirror services backed by advanced technology to support different stages of a product lifecycle. For instance, SenseMi collaborated with Cisco in May 2018 to demonstrate its virtual mirror technologies at Cisco's IXC (Innovation & Experience Centre). Such events have had a significant impact on SenseMi's market reach among retailers. In 2017, Metail Limited formed a partnership with Princess Polly to penetrate the Australian market and cater to the needs of online shoppers."

NA

NA