What are the growth opportunities of Virtual Fitting Room market in upcoming period?

Posted on 2022-10-17 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Oct 17, 2022 — /EPR Network/ —

Virtual Fitting Room Industry Overview

The global Virtual Fitting Room Market size is expected to reach USD 15.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.2% from 2021 to 2028. The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.

The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.

Virtual Fitting Room Market Segmentation

Grand View Research has segmented the global virtual fitting room market on the basis of component, application, end-use, and region:

Based on the Component Insights, the market is segmented into Hardware, Software and Services.

The software segment accounted for the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead in the market from 2021 to 2028.
The services segment accounted for a significant share in 2020. The segment is further divided into installation, support & maintenance, and consulting. The consulting segment is expected to register the highest CAGR over the forecast period.

Based on the Application Insights, the market is segmented into Apparel, Beauty and Cosmetic, Eyewear, Footwear and Others.

The apparel application segment accounted for the largest revenue share of close to 40.0% in 2020 and is projected to maintain its lead over the forecast period.
The beauty and cosmetic application segment is expected to register the highest growth rate over the forecast period. The rising popularity of e-marketplace is encouraging famous beauty and cosmetic brands to shift to online product deliveries.

Based on the End-Use Insights, the market is segmented into Physical Store and Virtual Store.

The virtual store segment held the largest revenue share of over 50.0% in 2020 and is expected to register the fastest CAGR over the forecast period.
Physical stores are expected to significantly deploy virtual fitting room technology to boost their sales. The availability of advanced interactive screens, smart mirrors, and multi-sensor body scanners has increased the applications of the technology in physical stores.

Virtual Fitting Room Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The market is dominated by various global and regional players striving to gain a competitive edge in the market. The virtual fitting room technology simplifies trying and buying. This is encouraging companies to expand their core capabilities in the virtual fitting room business.

Some prominent players in the global Virtual Fitting Room market include

AstraFit
Else Corp Srl
Fision AG
Fit Analytics
FXGear Inc.
Magic Mirror
MemoMi Labs Inc.
Metail
Perfitly

Order free sample a PDF of the Virtual Fitting Room Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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