Growing number of smartphone users, improved customer experiences, and increased adoption of technologies are fueling the growth of the virtual fitting room market. Virtual fitting room technology allows customers to try garments, jewelry, eye wear, etc. on a 3D avatar without actually wearing products. It uses the concept of Virtual Reality (VR) to create a personalized experience for customers.
The global Virtual Fitting Room market is projected to reach US$ 16.02 Bn. by 2029, growing at a CAGR of 20.6%
Growing deployment of virtual and augmented reality are driving the demand of the virtual fitting room market. Additionally, retailers focus on maintaining brand commitment is aiding in the growth of the market. Lack of awareness and high cost to curb adoption is hampering the development of the global industry. However, the growth of retail and e-commerce players is projected to generate substantial growth opportunities for VFR market.
A significant factor projected for the growth of the global virtual fitting room industry is increasing the implementation of improved technologies to deliver enhanced shopping experiences to customers. In addition, sellers have started emphasizing on increasing sales conversion rates and minimizing exchange and return rates of imported garments are other significant drivers that are expected to fuel growth of virtual fitting rooms. Growing investments for adoption of technical advanced technologies in apparel retail industry to improve customer experience is another major factor projected to accelerate growth of the global virtual fitting room market.
Based on the component segment, the market is classified into hardware, software, and services. Hardware segment is further categorized into prefabricated and customized. Customized hardware segment has been further segregated into smart mirrors, screen/display, and others (sensors, etc.). Software segment is categorized into firmware/platform and mobile application. Services segment is categorized into consulting, integration, and maintenance. The software segment is expected to hold the largest market size during the forecast period due to the increasing adoption of software tools and platforms is the market.
Based on the end-user, the market is bifurcated into physical store & virtual store. Physical store dominates the market owing to high deployment 3D image mirror and smart dressing room at stores. However, the increasing adoption of smartphones and smart devices is escalating the demand for e-commerce websites. Due to reduction in the infrastructure cost, retailers are adopting a virtual platform. Hence, this segment is anticipated to exhibit the highest growth during the forecast period.
Based on the application, the market is segmented apparel, eye wear, jewelry and watches, beauty and cosmetics, others. Apparel is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising preference for trying various apparels/garments at large malls, fashion retailers, and cloth shop. Additionally, online shopping also has started focusing on customer engagement by adopting advanced body fitting platforms.
The global virtual fitting room market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is expected to account for the largest market size during the forecast period. This is attributed as this region has maximum number of smartphone users. Furthermore, the time spent by these users on shopping online is also increasing; hence, to target these large number of customers, retailers are focusing on deploying virtual fitting room solutions into their operations. APAC is expected to grow at the fastest rate during the forecast period owing to adoption of advanced technologies among retail and fashion industries
The major players of the global virtual fitting room market are Zugara, Total Immersion, True Fit, Metail, 3D-A-PORTER, Magic Mirror, AstraFit, Fit Analytics, Visualook, ELSE Corp, FXGear, Sizebay, triMirror, MemoMi, SenseMi, Fision Technologies, and Coitor IT Tech. These companies have adopted various organic and inorganic growth strategies, such as new product launches, product enhancements, partnerships, agreements, to further expand their presence in the global market.
Key Segments of the Global Virtual Fitting Room Market
Component Overview, 2018-2028 (USD Billion)
End-user Overview, 2018-2028 (USD Billion)
- Physical store
- Virtual Store
Application Overview, 2018-2028 (USD Billion)
- Eye Wear
- Jewelry and Watches
- Beauty and Cosmetics
- Others (Footwear, furniture, and decor)
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global virtual fitting room market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global virtual fitting room market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the virtual fitting room industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, end-user, and applications. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global virtual fitting room market. The report will benefit:
- Every stakeholder is involved in the virtual fitting room market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global virtual fitting room market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Virtual Fitting Room market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.