Virtual Mirror Market: Overview
A virtual mirror is used extensively in automotive sector across the globe which has augmented the growth of the global market during the forecast period of 2021-2031. The inclination of global populace towards hygiene in cosmetic and retail industry may bring multiple growth opportunities for the virtual mirror market.
The virtual mirror market can be segmented into software, hardware, and services. Software can be further classified into firmware and mobile application. Whereas services include integration, upgradation, consultation, maintenance, and repair. The deployment mode involve cloud and on-premise segments. In addition, the technology outlook consists of photo accurate VFR, 3D body scanning, 3D augmented reality, virtual reality, and others. The industrial verticals can be divided into e-commerce and brick and mortar in retail section and others.
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Virtual Mirror Market: Trends and Opportunities
The systems such as advanced driver assistance systems (ADAS) in the automotive sector have projected a substantial growth of the virtual mirror market. Further, during the advent of COVID-19 pandemic the online sales increased. The incorporation of AR in mirrors made the customers understand how the attire would look after wearing it which helps them in choosing the right product. The ease in selection and the visual experience of the product to be purchased has created immense growth opportunities for the virtual mirror market. The technologies advancements during the pandemic have created wonders as the customers are witnessing a contactless garment shopping experience. All these developments may act as a growth propeller for the market growth. The growing trend of adoption of virtual technology in virtual home setup consists of various applications which use artificial intelligence in mirrors which assists in understanding the setup through AR. The rising trend of virtual home setups has promoted the growth of the virtual mirror market.
Virtual Mirrors: Competitive Landscape
The latest technological advancements in the virtual mirror market has escalated the scope for digitalization and created profitable opportunities for the leading players operating in the virtual mirror market. Rapid urbanization has led to rise in disposable income of individuals in developing countries. Thus, the spending on online stuff has increased which may ultimately influence the growth of the virtual mirror market. Research and development activities are being carried out to develop new and advanced technologies to increase the consumer base and enhance the shopping experience. The transition in consumer preference from retail shops to e-commerce sites has led to an exponential growth of the virtual mirror market.
Some of the key players operating in the virtual mirror market are Fitting Box, Inde, Terawe Corp, Cisco Systems, and Virtual On Ltd.
Virtual Mirror Market: Regional Dynamics
The virtual mirror market can be segmented into Asia Pacific, Latin America, North America Europe, the Middle East and Africa based on the regions. North America may acquire a major chunk of market share due to the escalating demand for virtual mirrors in end-use industries such as fashion, cosmetics, healthcare, and others. Asia Pacific may show significant growth owing to the rising popularity of the online platforms such as e-commerce, and company-owned websites and portals in this region. The technological advances in countries such as India, China and Japan have increased the use of virtual mirrors to a large extent. The adoption of virtual mirror technology in residential projects for virtual home setups may contribute to the market growth in the Asia Pacific region.
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