Global Virtual Fitting Room Markets 2020-2030: Up-surging Online Shopping / COVID-19 Impact / Customer Shift / Future Scenario
DUBLIN, Nov. 23, 2020 /PRNewswire/ -- The "Virtual Fitting Room Market Research Report: By Component (Software, Hardware, Service), Application (Apparel, Beauty and Cosmetics, Eyewear, Footwear, Jewelry and Watches), End User (Physical Stores, E-Commerce Platforms) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The rising usage of smartphones to take the virtual fitting room market to $19,250.4 million by 2030, from $3,128.6 million in 2019, at an 18.5% CAGR between 2020 and 2030.
A virtual fitting room is a digital representation of a fitting room, wherein images taken from cameras and processed by AI, AR, and VR let a person try on clothes and other pieces of attire in the virtual space. The cameras analyze the person's physique and movements and digitally superimpose the attire on their own 2D or 3D image, to show people how it would look on them in reality.
While e-commerce gives people the convenience of ordering stuff from home and getting it delivered to them at cost-effective rates, products, especially clothes, can only be tried on once they reach the customer. Not anymore! With the virtual fitting room concept, clothes can be tried on even before customers get their hands on them, via technologies such as AI, augmented reality (AR), and virtual reality (VR). Anyone who has used Snapchat filters or even Photoshop would easily grasp the concept.
The concept can also be used in physical stores, inside a specially designed kiosk. In fact, physical stores account for the higher usage of this technology than e-commerce platforms at present. With the advancements in the AI, AR, and VR technologies, the expectations of customers regarding trying on apparel and clothes virtually are increasing, which is impelling physical stores to deploy virtual fitting rooms. But, the COVID-19 pandemic has come as a dam in front of a raging river, significantly depressing the activity of physical stores, with the lockdown and movement restrictions in place.
One's loss is another's gain, it seems, as e-commerce companies are flourishing presently, with a large number of customers shifting to online shopping during the pandemic. Even after the pandemic is over, people might be apprehensive about going to physical stores, out of fear of contracting the infection. This is why e-commerce companies are expected to rapidly adopt the virtual fitting room concept for their websites, to cash in on the boom the e-commerce sector would witness.
North America has been the largest virtual fitting room market till now, on account of the earlier adoption of AR, VR, and AI and higher usage of internet-based services. The higher internet speed and smoother connectivity in the region allow e-commerce customers to access data-intensive applications, such as virtual fitting rooms, on their PCs, tablets, laptops, and smartphones. However, with the increasing penetration of these technologies and in an effort to regain the customers lost to online shopping portals, physical stores in the region have also started offering virtual fitting rooms.
Thus, the popularity of virtual fitting rooms is expected to increase as a combined effect of technological advancements and increasing penetration of the internet and smartphones, as well as the aftereffects of the COVID situation.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study
Chapter 3. Executive Summary
3.1 Voice of Industry Experts/KOLs
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Component
4.1.1.1 Hardware
4.1.1.1.1 Pre-fabricated
4.1.1.1.2 Customized
4.1.1.2 Software
4.1.1.3 Service
4.1.1.3.1 Consulting
4.1.1.3.2 Integration
4.1.1.3.3 Support
4.1.2 By Application
4.1.2.1 Apparel
4.1.2.2 Beauty and cosmetics
4.1.2.3 Eyewear
4.1.2.4 Footwear
4.1.2.5 Jewelry and watches
4.1.2.6 Others
4.1.3 By End User
4.1.3.1 Physical stores
4.1.3.2 E-commerce platforms
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing number of solution launches and adoption
4.3.2 Drivers
4.3.2.1 Up-surging online shopping
4.3.2.2 Rising number of smartphones
4.3.2.3 Growing adoption of advanced technologies
4.3.2.4 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Stringent government regulations
4.3.3.2 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Rising number of startups to raise funds
4.4 Impact of COVID-19
4.4.1 COVID-19 Scenario
4.4.2 Customer Shift
4.4.3 Future Scenario
4.5 Porter's Five Forces Analysis
Chapter 5. Regulatory Landscape
5.1 California Consumer Privacy Act (CCPA)
5.2 GDPR
5.3 Cloud Standards Customer Council (CSCC)
Chapter 6. Use Cases
6.1 True Fit Corporation
6.1.1 Use Case 1: ASICS Corporation
6.1.2 Use Case 2: Shoes For Crews LLC
6.2 Fit Analytics GmbH
6.2.1 Use Case 1: Foot Locker Inc.
6.2.2 Use Case 2: THE ICONIC
6.3 Autumn Rock Limited (AstraFit)
6.3.1 Use Case 1: MustHave
6.3.2 Use Case 2: BIBA Apparels Private Limited (BIBA)
Chapter 7. Global Market Size and Forecast
7.1 By Component
7.1.1 Hardware Market, by Type
7.1.2 Service Market, by Type
7.2 By Application
7.3 By End User
7.4 By Region
Chapter 8. North America Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. APAC Market Size and Forecast
Chapter 11. LATAM Market Size and Forecast
Chapter 12. MEA Market Size and Forecast
Chapter 13. Major Markets for Virtual Fitting Rooms
13.1 U.S. Virtual Fitting Room Market
13.2 U.K. Virtual Fitting Room Market
13.3 Germany Virtual Fitting Room Market
13.4 China Virtual Fitting Room Market
13.5 India Virtual Fitting Room Market
Chapter 14. Competitive Landscape
14.1 List of Players and Their Offerings
14.2 Major Market Players for Virtual Fitting Room
14.3 Strategic Developments in the Market
14.3.1 Mergers and Acquisitions
14.3.2 Product Launches
14.3.3 Partnerships
14.3.4 Client Wins
14.3.5 Other Developments
Chapter 15. Company Profiles
- 3D-A-Porter Ltd.
- Autumn Rock Limited (AstraFit)
- True Fit Corporation
- Else Corp Srl
- Metail Limited
- Fit Analytics GmbH
- Zugara Inc.
- Coitor IT Tech Private Limited
- Sizebay
- Magic Mirror
- Youbuy3D S.L. (Visualook)
- Fision AG
- FXGear Inc.
- MemoMi Labs Inc.
- SenseMi Smart Solutions
- Quakeup Media Production Inc. (triMirror)
- Virtusize Co. Ltd.
- Reactive Reality AG
For more information about this report visit https://www.researchandmarkets.com/r/i4mrkj
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