Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) — The global virtual fitting room market is set to gain impetus from the increasing integration of the augmented reality (AR) technology by prominent apparel brands, such as Gucci, Louis Vuitton, Burberry, Ralph Lauren, Bloomingdales, and Levi’s for enhancing their virtual fitting solutions. Shopify, for instance, mentioned that the integration of AR is estimated to exhibit a conversion rate of 94%. This information is provided by Fortune Business Insights™ in a report, titled, “Virtual Fitting Room Market, 2021-2028.” As per the report, the market size stood at USD 2.97 billion in 2020. It is projected to grow from USD 3.50 billion in 2021 to USD 12.97 billion in 2028 at a CAGR of 20.6% in 2021-2028.
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A list of renowned virtual fitting room providers present in the global market:
- AstraFit (Kyiv, Ukraine)
- Else Corp Srl (Milan, Italy)
- FXGear Inc. (Seoul, South Korea)
- Fit Analytics (Snapchat) (Berlin, Germany)
- Fision AG (Zürich, Switzerland)
- Magic Mirror LLC (New York, United States)
- MemoMi Labs Inc. (California, United States)
- Zugara Inc. (California, United States)
- NeXR Technologies SE (Berlin, Germany)
- Sizebay (Coimbra, Portugal)
- My Size Inc. (Israel)
- SenseMi ViuBox (Dubai)
- Shandong Yashe Information Technology Co., Ltd. (Shandong)
- Reactive Reality AG (Graz, Austria)
- True Fit Corporation (Boston, United States)
REPORT SCOPE & SEGMENTATION:
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||20.6%|
|2028 Value Projection||USD 12.97 Billion|
|Market Size in 2020||USD 2.97 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||140|
|Tables, Charts & Figures||85|
|Segments covered||Component; Application; End-use; and Region|
|Growth Drivers||Rapid Expansion of Online Shopping to Drive Market Growth|
|Rising Online Shopping amid COVID-19 Pandemic to Drive Market Growth|
|Integration of Augmented Reality to Redefine Market Opportunities|
|Pitfalls & Challenges||Inability to Touch and Feel Products Physically May Hinder Market Growth|
COVID-19 Pandemic: Temporary Shutdown of Stores Has Spurred Demand Dramatically
The outbreak of the COVID-19 pandemic has surged the application of VR and AR technologies. Government bodies have implemented social distancing and lockdown norms to prevent transmission. This, in turn, has increased the adoption of remote purchasing and non-touch shopping techniques. NielsenIQ, for instance, mentioned that many companies have improved their online infrastructure to boost transparency and trust amid the pandemic. Also, the temporary shutdown of brick-and-mortar stores has compelled customers to opt for online shopping for purchasing apparels. These factors are expected to drive this industry amid the pandemic.
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Apparel Segment Held 34.8% Share in 2020: Fortune Business Insights™
Based on applications, the market is segregated into apparel, eyewear, cosmetics & beauty products, jewellery & watches, and others. Out of these, apparel segment held 34.8% in terms of the virtual fitting room market share in 2020 and is set to remain at the forefront throughout the forthcoming years. This growth is attributable to the rising focus of various fashion brands, such as Bloomingdales, Adidas, and ASOS to broaden their sales of the apparels section.
Our detailed research reports offer a comprehensive coverage of the virtual fitting room industry, ensuring a deep and holistic understanding of the market. It also provides granular and actionable data. We strive to ensure that you receive the best strategies for increasing sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints-
Expansion of E-commerce and M-commerce Industries to Accelerate Growth
Nowadays, online shopping is considered to be an effective alternative to conventional shopping. The expansion of the m-commerce and e-commerce industries is anticipated to boost the virtual fitting room market growth in the upcoming years. On top of that, online retailers are also introducing cutting-edge features, such as looks comparison, screen sharing, and video chatting to attract more customers. However, during online shopping, customers cannot touch or feel the product. It may hinder the demand for virtual type fitting rooms.
North America to Dominate Backed by Presence of Retailers and Fashion Industry Players
Geographically, North America procured USD 1.18 billion in terms of revenue in 2020. It is set to retain its dominance in the near future because of the presence of a large number of e-commerce companies, fashion industry players, and retailers in the region. Europe, on the other hand, is likely to generate the second position on account of the rising online shopping in major countries, such as Italy, France, and the U.K. In Asia Pacific, the surging adoption of augmented & virtual reality, as well as artificial intelligence would aid demand for virtual fitting rooms.
Key Players Focus on Introducing Innovative Solutions to Provide Customer Satisfaction
The market contains multiple reputed companies that are currently aiming to enhance customer satisfaction to increase their sales. To do so, they are unveiling state-of-the-art solutions so that customers can choose various products without the issues of sizes and similar others. Below are the two latest industry developments:
- May 2021: Walmart acquired Zeekit to eliminate major issues, such as unmet expectations and fitting faced by customers while shopping for clothes online. The latter will help the company to virtually try out clothes before buying them by either selecting from a range of models or uploading their photos on the platform.
- January 2021: Third Love launched The Fitting Room, its latest interactive online fitting quiz. It would enable customers to find the best fit for their carefully selected underwear and bra options.
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Major Table of Content for Virtual Fitting Room Market:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Learning Management System Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
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