Virtual Mirror Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Virtual Mirror Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : December, 2019 | Technology & Media | PPT format

Report Digest

Global Virtual Mirror Market: Overview

A virtual exterior mirror is being broadly used in the automotive segment as if offers a better viewing experience and broader camera angle and LCD in the vehicle. These virtual mirrors are also becoming extremely popular in retail stores such as apparel and accessories stores for people to try out their favorite items virtually. The virtual mirrors are particularly becoming popular across e-commerce channels as it provides users with an opportunity to check out how the item will look in their surrounding with the help of virtual reality or augmented reality

Global Virtual Mirror Market: Notable Developments

Some of the recent developments in the global virtual mirror market are given below:

  • In 2018, Nike announced that the company will offer its consumers to design and customize their sneaks virtually across some of its stores. In the years, that particular retail segment accounted for the highest share of the market and is expected to continue to become more popular among the masses.
  • In May 2019, Honda Inc. announced that the company has started to fit their electric vehicles with a side camera mirror system. This system is similar to one provided by the electric E-Tron SUV offered by Audi.

Global Virtual Mirror Market: Drivers and Restraints

There are numerous factors that are influencing the growth of the global virtual mirror market. One of the biggest driving factor for the growth of the market is the wide range of solutions offered by the leading vendors in the market. These solutions are primarily directed towards the brick and mortar stores and e-commerce platforms. The major portion of the end use market includes the startup and promising firms investing in new technologies such as Artificial intelligence and Augmented Reality or Virtual Reality. The objective is to provide distinguished technology solutions for the hospitality and retail services. Such growing demand across wide range of end-use industries is thus helping to drive the growth of the global virtual mirror market.

Another important driving factor for the growth of the global virtual mirror market has been the entry of automotive sector as the key end-user. They are providing innovative solutions such as exterior mirror, virtual windscreens, and virtual side mirrors. Such innovative solutions are creating huge demand for virtual mirror across the globe and thus driving the overall growth of the global market. Virtual mirrors also have benefits such as cost effectiveness, compatibility, and affordable pricing and subscription models. They also provide a great return on investment and have lesser upgrading charges. Such factors are also helping to drive the growth of the market.

Global Virtual Mirror Market: Geographical Outlook

There are five key regions that divide the global virtual mirror market in terms of geography. These regions are North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Of these, currently the global virtual mirror market is dominated by the North America region. The growth of the market is primarily down to the growing retail brands and hotel chains in the region, particularly across the US. The demand in for virtual mirrors is thus constantly on the rise. It is thus expected that the North America region will continue to dominate the global virtual mirror market over the course of the given forecast period.

Asia Pacific region to is expected to witness a considerable growth in the coming years of the forecast period of 2018 to 2028. The region is projected to be the fastest growing geographical segment of the global market. The growth of the Asia Pacific market for virtual mirror is expected to be mainly driven by the booming online shopping sector in the region. Nations such as Japan, India, and China are major automotive and retailing hubs and are presently witnessing huge demands for virtual mirrors.

  • Component
    • Software
      • Firmware/Platform
      • Mobile Application
    • Hardware
    • Services
      • Integration & Upgradation
      • Consultation, Maintenance, and Repair
  • Deployment Mode 
    • Cloud
    • On-premises
  • Technology
    • 3D Body Scanning
    • Photo Accurate VFR
    • 3D Augmented Reality & Virtual Reality
    • Others
  • Industry
    • Retail
      • E-commerce
      • Brick & Mortar
    • Others

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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