The virtual fitting room market is set to grow with a CAGR of 20.5% during the forecast period.
Market Insights
The virtual fitting room market is driven by the increasing adoption of the augmented reality and virtual reality in the retail sector. The integration of the AR and VR solutions is enabling businesses to grow and increase financial prospects. Moreover, the technology also enables retailers to provide enhanced experience to their customers, while keeping the cost of operations low. Additionally, the technology also enables the development of marketing methods for customer engagement. This is acting as a major driver for the growth of the market. Consistently growing online retail sector worldwide is another major factor supporting the market growth. With online sales of apparels and other accessories gaining momentum, the market is set to register robust growth in the near future.
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The market for virtual fitting rooms is categorised on the basis of hardware, software and service components. Software accounted for more than 45 percent of revenue in 2018. The growth of the market is attributed to the large-scale adoption of analytical tools and solutions between online and offline retailers to optimise the business process. Furthermore the adoption of new intelligent algorithms, such as machine learning and deep learning, among retailers to gain consumer insights is also driving market growth.
North America dominates the market with a revenue share of more than 40%. The market here is backed by a vast and sophisticated e-commerce industry in the U.S. and Canada. It is estimated that Asia Pacific is experiencing a rapid growth of over 23 per cent over the forecast period. The growth of the market is driven by the increasing adoption of smartphones and internet services across the region. In addition, the growing e-commerce market in the region is also a major driver of market growth. In addition, increasing venture capital investment in retail technology also accelerates market growth.
Eyewear is Estimated to Grow Significantly During the Forecast Period
The market for virtual fitting rooms is characterised by its application to apparel, accessories, eyewear, jewellery and watches, cosmetics and others. Apparels accounted for more than 30% of the total revenue generated in 2018. The growth of the market is driven by large-scale shopping of apparel in online stores. On the other hand, eye wear is estimated to increase significantly during the forecast period due to the increased integration of virtual fitting rooms across the domain.
North America is Leading the Virtual fitting room Market
North America held more than 42% of its share in the market for virtual fitting rooms in 2018. The growth of the market is driven by the growing e-commerce market in the region. The U.S. is one of the world’s largest e-commerce markets with a high number of online shoppers. In addition, a high number of smartphone users and Internet users in the region are also stimulating the growth of the market. In addition, increasing venture capital investment in technology start-ups in the region also supports market growth.
The key players in the virtual fitting room market are 3D-A-PORTER, AstraFit, Coitor IT Tech, ELSE Corp, Fision Technologies, Fit Analytics, FXGear, Magic Mirror, MemoMi, Metail, SenseMi, Sizebay, Total Immersion, triMirror, True Fit, Visualook, and Zugara.
Unique data points of this report
- Statistics on virtual fitting room and spending worldwide
- Recent trends across different regions in terms of adoption of virtual fitting room across applications
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
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