$18 Billion Worldwide Virtual Mirror Industry to 2031 - Increasing Online Shopping Activities is Expected to Drive Growth - ResearchAndMarkets.com

Increasing online shopping activities is expected to propel the growth of the virtual mirror market going forward.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, January 10, 2023
Information
Tags: 
Retail, Online Retail, Benchmark, Online, Internet, Algorithm, Create, 3D, Motion, Virtual reality, VFR, Organization, Growth, Software, India Brand Equity Foundation, Coronavirus, Marketing, Video game, Online shopping
Geotags: 
ASIA, BRAZIL, RUSSIA, NORTH AMERICA, MIDDLE EAST, AFRICA, FRANCE, UK, INDONESIA, GERMANY, SOUTH AMERICA, USA, US, CHINA, INDIA, JAPAN, AUSTRALIA
Organisation: 
RESEARCH AND MARKETS
Summary
Key Points: 
  • Increasing online shopping activities is expected to propel the growth of the virtual mirror market going forward.
  • Therefore, an increase in online shopping activities is driving the growth of the virtual mirror market.
  • Major companies operating in the virtual mirror sector are focused on launching new products to sustain their position in the market.
  • The countries covered in the virtual mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.


The "Virtual Mirror Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global virtual mirror market.

The global virtual mirror market is expected to grow from $6.12 billion in 2021 to $7.66 billion in 2022 at a compound annual growth rate (CAGR) of 25.1%. The virtual mirror market is expected to grow to $18.02 billion in 2026 at a CAGR of 23.8%.

Companies Mentioned

  • INDE LLC
  • SenseMi
  • Terawe Corp.
  • Textronics.
  • Virtooal
  • ICON Multimedia SL
  • Cisco Systems Inc.
  • Fitnect Interactive
  • Metail Limited
  • MemoMi Labs
  • Zugara
  • My Size Inc.
  • Virtusize Co. Ltd.
  • DigitalDM
  • ViuBox

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The virtual mirror market consists of sales of virtual mirrors by entities (organizations, sole traders, and partnerships) that are used in retail stores for customers to try their dresses, tops, and other apparel on their virtual avatars in the mirror. It uses augmented reality technology to show the user how the outfit would look on them without having to try it on physically. It displays the outfit and uses motion rendering technology to let the spectator see the appearance in a variety of motions and lighting conditions (for both day and night looks).

The main types of virtual mirror markets are software, hardware, and services. Software refers to the computer program and forms an integral part of virtual mirrors as it forms the programming behind the functioning of these mirrors. Software provides algorithms for the working of virtual mirrors like the face alignment algorithm and programming like the tracking algorithm engine. The various technologies include 3D body scanning, photo accurate VFR, 3D augmented reality, and virtual reality, which are used in retail and other industries. The various deployment modes are cloud and on-premises.

North America was the largest region in the virtual mirror market in 2021. 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 and Africa.

Increasing 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, Indian e-commerce has increased by 4% for the year 2020, which was $3.95 billion, and is expected to increase by 8% to US$ 26.93 billion by the year 2025.

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 2021 in the US. Therefore, an increase in online shopping activities is driving the growth of the virtual mirror market.

New product innovations have emerged as the key trend gaining popularity in the virtual mirror market. Major companies operating in the virtual mirror sector are focused on launching new products to sustain their position in the market.

The countries covered in the virtual mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

For more information about this report visit https://www.researchandmarkets.com/r/hbyukb

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