Global Virtual Fitting Room Market 2019-2024 - Increasing Adoption of Advanced Technologies, Such as AR and VR, to Offer Better Shopping Experience to Customers
DUBLIN, May 1, 2019 /PRNewswire/ -- The "Virtual Fitting Room Market by Component (Hardware (Prefabricated & Customized), Software and Services), End-User (Physical Store & Virtual Store), Use Cases (Apparel, Eye Wear, Jewelry & Watches, Beauty & Cosmetics) Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The virtual fitting market size to grow from USD 2.9 billion in 2019 to USD 7.6 billion by 2024, at a CAGR of 20.9% during 2019-2024
The major growth factor for the market is the increase in the adoption of advanced technologies such as AR and VR. Complexities between the virtual computerized world and the real physical world of the virtual fitting room market may restrain the market growth.
"By Component, software to grow at the highest rate during the forecast period"
The virtual fitting market by component is segmented into hardware, software, and services. Among these, software is expected to grow at the highest rate during the forecast period, owing to the increasing e-commerce. The software is further segmented into software tools and platforms. Whereas, hardware is further segmented into prefabricated and customized. Services include integration, support, and consulting. Among these, support services are expected to grow at the fastest rate, as virtual fitting room solutions and services are more effectively being used in the retail and eCommerce vertical to deliver a personalized experience to users.
"Apparel use cases to grow at the highest rate during the forecast period"
The virtual fitting room market by use cases is segmented into apparel, accessories, eyewear, jewelry and watches, beauty and cosmetics, and others. Among these, apparel is expected to grow at the highest rate, as virtual fitting room platform and solutions are effectively being used in the eCommerce to deliver enhanced customer buying journey, with reduced return rates.
"Among regions, APAC is expected to grow at the highest CAGR during the forecast period"
The virtual fitting room market by region is segmented into North America, Europe, APAC, MEA, and Latin America. Among these region, APAC is expected to grow at a higher CAGR due to the increasing adoption of advanced technologies such as AR and VR among retailers. The major APAC countries that are expected to record high growth rates include China, Japan, and India.
However, this region demands skilled retailers to close the skill gaps and adopt effective infrastructure services, new digital technologies for enhanced customer experience, and better business operations. The growth in this region is expected to be driven by the presence of half of the world's mobile users, the highest online shoppers, and increasing internet connection and speed.
Whereas, North America is expected to contribute maximum in terms of market size during the forecast period. There are various factors that are contributing to the growth of the market in North America, that include the growing use of smartphones and the adoption of AR and VR. Furthermore, the time people spent on mobile applications and shopping online is also growing at a considerable rate. This is further expected to boost the demand for virtual fitting room solutions across the region.
Key Topics Covered:
1 Introduction
2 Introduction
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Market
4.2 Market: Top 3 Use Cases
4.3 Market: By Region
4.4 Market in North America, By End User and Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Advanced Technologies, Such as AR and VR, to Offer Better Shopping Experience to Customers
5.2.1.2 Increasing Focus on R&D Activities
5.2.1.3 Trend of Online Shopping Increasing the Demand for Virtual Fitting Room Technologies in Retail and eCommerce
5.2.2 Restraints
5.2.2.1 Complexities in Real-Time Control
5.2.3 Opportunities
5.2.3.1 Increasing Number of Partnerships
5.2.3.2 Growing Number of Startups to Raise Funds in the Virtual Fitting Room Market
5.2.4 Challenges
5.2.4.1 Developing User-Friendly Virtual Fitting Room Solutions
5.3 Key Acquisitions in the Last Few Years
5.4 Regulatory Implications
5.4.1 General Data Protection Regulation
5.4.2 Simulation Interoperability Standards Organisation
5.5 Use Cases
6 Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Prefabricated
6.2.1.1 Virtual Mirrors to Be Major Hardware Segment in the Market
6.2.2 Customized
6.2.2.1 Adoption of Customized Virtual Mirrors Based on the AR Technology By Major Retailers to Drive the Market
6.3 Software
6.3.1 Software Tools
6.3.1.1 Plugins Continue to Be Widely Used Software Components in the Market
6.3.2 Platforms
6.3.2.1 3D Body and Face Scanning to Boost the Adoption of Virtual Fitting Room Software
6.4 Services
6.4.1 Consulting
6.4.1.1 Technicalities Involved in Implementing Virtual Fitting Room Solutions and Platform to Boost the Growth of Consulting Services
6.4.2 Integration Services
6.4.2.1 Integration and Installation Services to Gain Traction in Coming Years
6.4.3 Support Services
6.4.3.1 Growing Deployment of Edge and AI Solutions to Drive Support and Maintenance Services
7 Market, By End User
7.1 Introduction
7.2 Physical Store
7.3 Virtual Store
8 Virtual Fitting Room Market, By Use Case
8.1 Introduction
8.2 Apparel
8.2.1 Online Shopping to Play Key Role in the Adoption of Virtual Fitting Room Solutions
8.3 Accessories
8.3.1 Low Time Utilization to Boost Growth of Virtual Fitting Room Solution in Accessories
8.4 Eyewear
8.4.1 Demand for Personalization to Play A Significant Role in Eyewear Use Cases
8.5 Jewelry and Watches
8.5.1 Virtual Fitting Room to Provide Better Targeting Capabilities to Jewellers
8.6 Beauty and Cosmetics
8.6.1 Virtual Fitting Room to Help Travel and Luxury Enterprises Increase the Visibility of Offers
8.7 Others
9 Geographic Analysis
10 Competitive Landscape
10.1 Start-Up Micro Quadrant
10.2 Strength of Product Portfolio
10.3 Business Strategy Excellence
11 Company Profiles
11.1 Metail
11.2 Zugara
11.3 True Fit
11.4 Total Immersion
11.5 3D-A-Porter
11.6 Magic Mirror
11.7 AstraFit
11.8 Fit Analytics
11.9 Visualook
11.10 ELSE Corp
11.11 FXGear
11.12 Sizebay
11.13 Trimirror
11.14 Memomi
11.15 Sensemi
11.16 Fision Technologies
11.17 Coitor IT Tech
For more information about this report visit https://www.researchandmarkets.com/r/56rfk8
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