Global Virtual Fitting Room Market is Calculated to Value Over USD 7.8 Billion by 2026 End

  • 10 Jul 2019

Global Virtual Fitting Room Market is calculated to value over USD 7.8 Billion by 2026 end and register a CAGR of over 20% during the forecast period of 2019 to 2026.

E-commerce and retail companies are massively investing in virtual fitting room solutions in order to reduce inefficiency, wastage of time and inventory costs. By implementing this system, e-commerce and retail companies can offer ads based on the online activity of the user. Additionally, buying and selling and personalized retargeting can be enabled in real-time. These are some of the key factors responsible for the growth of the virtual fitting room market.  

With advancements in AR and VR technology, the end-users are expecting to gain experience of virtual surroundings in various applications and that is driving the market further. Moreover, retailers and e-commerce companies are striving hard to keep the apparel exchange and return rate as low as possible and are trying to increase the rate of conversion which is helping the market grow even more. Increased online shopping is another factor that drives the global market further. 


Insights on Global Virtual Fitting Room Market:
1.    By Region

•    North America
•    Europe
•    Asia Pacific

North America is the major shareholder of the global market due to the adoption of advanced internet-based services in the region. It is then followed by Europe as adopting and implementing these advanced technologies is an easy task for developed economies. 
Asia Pacific region has a huge potential for the market to grow as there has been a significant rise in online shopping. Additionally, e-commerce and retailing companies are investing heavily in virtual surrounding solutions in the region which boosts the market further and it is anticipated that this market region will gain significant traction during the forecast period.

2.    By Component
•    Hardware
o    Prefabricated 
o    Customised

•    Software
o    Firmware/Platform
o    Mobile Application

•    Services
o    Consulting
o    Integration
o    Maintenance
The software segment has the potential to dominate the market, especially in the mobile application sector owing to high usage of smartphones across the world. Similarly, there is a rising demand for software platform solutions as well and this is due to the ease of access that these platforms provide. All these factors will surely help the software segment grow rapidly during the forecast period. 


3.    By End-User
•    Physical Store
•    Virtual Store
The physical store segment dominates this market as there has been a rise in the application of virtual fitting rooms in physical stores. Virtual stores have great potential for market growth but the apparel return rate is more in the case of the virtual store which might restrain the market growth.

4.    By Use Cases
•    Apparel
•    Eye Wear
•    Jewellery & Watches
•    Beauty & Cosmetics

The apparel segment dominates the market and is anticipated to grow at the highest CAGR during the forecast period as shoppers can get an idea as to how the accessories and apparels look on them without trying them out physically. It is helpful to retailers for consumer engagement.  

Competitive Landscape:
•    Metail Ltd.
•    AstraFit
•    True Fit
•    Magic Mirror
•    Zugara Inc.
•    Visuallook
•    3D-A-PORTER

Metail and Princess Polly established a partnership in May 2017 which helped Metail enter the Australian market enabling shoppers to try clothes online. This partnership has helped Metail strengthen their market position globally as well.

Zugara uses computer vision technologies and AR for user interaction. Additionally, Zugara has important patents from the AR sector under their belt. 

True Fit secured funding of USD 55 million in January 20118 which would help them develop their own AI data platform and innovate out of the analytical solutions that it provides. Chabot virtual stylist and visualization enhancement are some of the services that the company can offer. 

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 


Objectives of the Study:
•    To provide with an exhaustive analysis on the global virtual fitting room market by region, by component, by end-user, by use cases
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)— North America, Europe and the Asia Pacific 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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