virtual-fitting-room-market-size-worth-$1543-billion-by-2028-|-cagr-252%:-grand-view-research,-inc.

Virtual Fitting Room Market Size Worth $15.43 Billion By 2028 | CAGR 25.2%: Grand View Research, Inc.

 

The global virtual fitting room market size is expected to reach USD 15.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.2% from 2021 to 2028. The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.

Key suggestions from the report:

  • The apparel application segment accounted for the largest share of close to 40.0% in 2020. The development of customized applications to recommend appropriate size and texture of clothes as per the body structure of customers has contributed to the growth of this segment
  • By component, the software segment is expected to witness the fastest growth over the forecast period. This can be attributed to technological breakthroughs in software solutions, such as precise data annotations, 360-degree visualizations, and 3D simulation
  • In terms of end-use, the virtual store segment is likely to register the highest CAGR from 2021 to 2028. The shift in shopping trends from physical stores to online websites is anticipated to majorly contribute to the segment growth.

Read 150 page research report with ToC on “Virtual Fitting Room Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Application (Apparel, Beauty & Cosmetic), By End-use, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/virtual-fitting-room-market

The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.

Furthermore, companies are coming up with upgrades that can provide tactile, fabric, or texture sense for consumers purchasing via e-commerce websites to reduce return rates and build brand loyalty. The customer data collected through an interactive mirror is used to understand customer preferences and improvise strategies aimed at boosting sales. This is a breakthrough in the retail industry to leverage purchase data for designing future business strategies.

The COVID-19 pandemic has compelled governments worldwide to enforce regulations for temporarily closing brick and mortar stores, which indirectly boosted sales on e-commerce websites. With retail sales observing a dip in the past few months, buyers have now swiftly shifted to e-commerce websites. This creates significant opportunities for virtual fitting room solution providers to capture a more extensive customer base.

Grand View Research has segmented the global virtual fitting room market on the basis of component, application, end-use, and region:

  • Virtual Fitting Room Component Outlook (Revenue, USD Billion, 2016 – 2028)
    • Hardware
    • Software
      • On-premise
      • Cloud
    • Services
      • Installation
      • Support & Maintenance
      • Consulting
  • Virtual Fitting Room Application Outlook (Revenue, USD Billion, 2016 – 2028)
    • Apparel
    • Beauty and Cosmetic
    • Eyewear
    • Footwear
    • Others
  • Virtual Fitting Room End-use Outlook (Revenue, USD Billion, 2016 – 2028)
    • Physical Store
    • Virtual Store
  • Virtual Fitting Room Regional Outlook (Revenue, USD Billion, 2016 – 2028)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Russia
    • Asia Pacific
      • China
      • Australia
      • Japan
      • South Korea
    • Latin America
    • Middle East & Africa.

List of Key Players of Virtual Fitting Room Market

  • AstraFit
  • Else Corp Srl
  • Fision AG
  • Fit Analytics
  • FXGear Inc.
  • Magic Mirror
  • MemoMi Labs Inc.
  • Metail
  • Perfitly.

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

  • Virtual Mirror Market – The global virtual mirror market size was valued at USD 3.64 billion in 2018 and is expected to register a CAGR of 25.6% from 2019 to 2025. The growth of the e-commerce channel is expected to create major growth potential for the virtual mirror solution providers.
  • Virtual Data Room Market – The global virtual data room market size was valued at USD 1.49 billion in 2019 and is expected to grow at a CAGR of 14.7% from 2020 to 2027. Market is driven by demand for highly secured solutions for exchanging confidential documents & information among businesses & legal agencies.
  • Health Intelligent Virtual Assistant Market – The global health intelligent virtual assistant market size was estimated at USD 186.3 million in 2017. It is likely to witness a CAGR of 39.1% during the forecast period. Medical virtual assistants (MVA’s) help in patient engagement and provide virtual coaching to patients.

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