The new report by Expert Market Research titled, ‘Global Virtual Fitting Room Market 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. 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.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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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
In the retail sector, a rapidly shifting business landscape, a dramatic change towards advanced shopping and the increasingly changing perceptions of increasingly educated consumers are contributing to a new perception. In order to dramatically boost the online and in-store shopping experience and save their consumers’ shopping time, fashion stores are adopting virtual dressing rooms. A major factor expected to drive revenue growth in the global market of virtual fitting room market is increasing the adoption of improved technology to deliver better shopping experiences to customers. This virtual fitting room technology is being introduced to decrease this exchange and return rate and to increase the online shopping experience by numerous online retailers.
Industry Definition and Major Segments
An innovative technology that allows customers to try different clothes in a virtual pattern is a virtual fitting room. Instead, a virtual body is used to test clothes and verify and make choices when shopping while using this technology, and individuals do not need to wear clothes to check. The simulated fitting room helps consumers to choose the color, height, suit, design, and other choices that are important to the purchased product.
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By component, the market is divided into:
- Software Tools
- Integration Services
- Support and Maintenance
On the basis of application, the market is segmented into:
- Jewelry and Watches
- Beauty and Cosmetics
Based on end-use the market is bifurcated into:
- Physical Store
- Virtual Store
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Several clothing companies are embracing virtual fitting room solutions. To engage customers with their products, the 3D virtual fitting approach is enriched by multisensory simulations. The demand for virtual fitting rooms in 3D is powered by virtual reality (VR) and augmented reality (AR) deployments. Growing use of smartphones and increasing trend of online shopping due to shortage of time and attractive deals are also factors that are projected to drive growth in the global market for virtual fitting rooms. Another major factor expected to fuel growth of the global virtual fitting industry is increasing investment in the adoption of advanced technological devices in the clothing retail industry to improve customer experience.
Key Market Players
The major players in the market are ELSE Corp Srl, Autumn Rock Limited, Magic Mirror, Fit Analytics GmbH, True Fit Corporation, and 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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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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