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 : August, 2020 | 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 a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.