Virtual Fitting Room Market: Global Industry Analysis and Forecast (2021-2027) Key Trends

Virtual Fitting Room Market size was valued at US$ 2.97 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 20.6% through 2021 to 2027, reaching nearly US$ 11.02 Bn.

Virtual Fitting Room Market Overview:

A Virtual Fitting Room is an online version of a physical dressing room. It allows buyers to visually try on garments to verify one or more of the following factors such as size, fit, and style. Apparel, Beauty and Cosmetic, Eyewear, and Footwear are some of the applications of the virtual fitting room. Physical Store, and Virtual Store are the end-users of the virtual fitting room. 97% abandoned a purchase because it was inconvenient. Physically trying on various things is inconvenient and time-consuming, and this is especially true when buying online. Virtual Fitting Room Market To know about the Research Methodology:- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2027 is done based on past data from 2016 to 2019 with the impact of global lock down on the market in 2020 and 2021.

Virtual Fitting Room Market Dynamics:

Customers have a lot of options to pick from as the number of fashion labels grows around the world. This, paired with lower switching costs, has resulted in severe competition between retailers. Virtual fitting rooms provide retailers with multimodal stimulation while also providing consumers with an immersive user experience to help them choose the right product. The potential benefits of virtual fitting rooms in drawing online clients to fashion merchants' web and mobile applications are prompting them to spend heavily in Virtual Fitting Room technology. Virtual fitting room support the online sales. Some 40% of buyers would be ready to pay more for a product if they could use augmented reality to try it out. Another 71% claimed they had shop at a store more often if it included augmented reality technology. Retailers can use this to their advantage by installing virtual mirrors in their physical establishments. Changing rooms don't need to take up valuable retail space. Instead, use the area to display inventory and build visual merchandising displays. When a customer starts a new session in a virtual fitting room in-store, ask for their email address or social network login. Alternatively, save the goods a consumer tried on to a personalised web dashboard so they can buy them later. Either choice creates an Omni channel shopping experience, which has been proved to increase in-store spending by 4% and online spending by 10%. The technology's inability to detect the full human body structure at a look, as it only recognises separate body parts, is one of the major key restraining factor that is expected to hamper the growth of the global virtual fitting room market during the forecast period 2021-2027. In addition, slow internet rates can limit real-time tracking accuracy. To address this, major key players are developing technological advancements connected to posing estimations using key spots in the frame. This could improve the technology's accuracy and aid improve the precision in the appropriate visualisation of human structure. Virtual Fitting Room Market 1

Virtual Fitting Room Market Segment Analysis:

Based on the Component, the market is segmented into Hardware, Software, and Services. Software segment is expected to hold the largest market share of xx% by 2027. Virtual Fitting Room technology is based on software, and market players strive to entice customers with high-tech advances. Retailers have seen a significant increase in income due to improved fitting room technology, confirming the growing demand for customised "try-before-you-buy" software. During the forecast period 2021-2027, significant advancements in software solutions, such as precise data annotations, 360-degree visualisations, Artificial Intelligence (AI) algorithms, and 3D simulation, are expected to help the software segment flourish. Services segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. Market participants place a premium on providing consulting services to guarantee that their complicated offers run well. Because the technology is still in its infancy, solution providers are providing 24-hour consultation services to help clients get the most out of the software for their retail operations. Based on the Application, the market is segmented into Apparel, Beauty and Cosmetic, Eyewear, Footwear, and Others. Apparel segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. Apparel sales are among the most profitable for both brick and mortar and internet retailers. When it comes to buying garments that don't fit right, however, the return/exchange rates are the largest. Not every customer has a body type that fits into typical sizes. Virtual Fitting Room solutions enable shops in delivering clothes that fit properly, overcoming this obstacle and improving the customer's shopping experience. Fitting room solutions using artificial intelligence are being used by online clothes stores to recommend sizes, patterns, and styles to customers based on their previous searches and purchases. Technology is being used by physical clothes retailers and independent fashion businesses to improve their brand image. Virtual Fitting Room Market 2 Based on the End-Use, the market is segmented into Physical Store, and Virtual Store. Virtual Store segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. During the forecast period 2021-2027, the e-commerce sector is expected to replace the brick-and-mortar shopping model for some products in terms of sales, as it has progressively established itself as one of the most influential participants in the global economic scene. The extensive portfolios, hassle-free purchasing, and product comparison in a few clicks attract users to the essence of e-commerce websites. However, one of the biggest drawbacks of the online purchase model is the inability to properly picture the desired products, which leads to high return rates and customer discontent. Virtual fitting rooms have proven to be one of the most effective revenue-generating platforms for online merchants, assisting users in making smarter purchasing decisions.

Virtual Fitting Room Market Regional Insights:

Europe dominates the Virtual Fitting Room market during the forecast period 2021-2027. Europe is expected hold the largest market share of xx% by 2027. This is due to the presence of several renowned fashion brands in the Europe region. The region has played a key role in the launch of innovative trends, styles, and designs, which are then adopted by other fashion lovers around the world. The existence of a large retail base encourages the establishment of several businesses in this region. Moreover, growing retailer competition is providing growth opportunities for the regional industry, as retailers increasingly employ innovative digital technologies to boost foot traffic and engagement levels. These are the major factors that drive the growth of this region in the Global Virtual Fitting Room market during the forecast period 2021-2027. North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. During the forecast period 2021-2027, early adoption of simulation technologies is expected to have an impact on regional market growth. True Fit Corporation, Zugara, Inc., SenseMi Smart Solutions, and Perfitly, among others, have their headquarters in the United States. As a result, powerful 3D visualisation solutions are becoming more popular among marketers in the region as a way to improve their company's image while lowering operational costs. Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2027. The rising demand for innovative solutions that can assist customers in making quick purchasing decisions is expected to fuel regional market growth. In the e-commerce sector, the region likewise leads, with China, India, Japan, and South Korea surpassing all other regions. Virtual Fitting Room Market 3 The objective of the report is to present a comprehensive analysis of the Global Virtual Fitting Room Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Virtual Fitting Room Market dynamic, structure by analyzing the market segments and project the Global Virtual Fitting Room Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Virtual Fitting Room Market make the report investor’s guide.

Virtual Fitting Room Market Scope: Inquire before buying

Global Virtual Fitting Room Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 2.97 Bn.
Forecast Period 2021 to 2027 CAGR: 20.6% Market Size in 2027: US $ 11.02 Bn.
Segments Covered: by Component • Hardware • Software • Services
by Application • Apparel • Beauty and Cosmetic • Eyewear • Footwear • Others
by End-Use • Physical Store • Virtual Store

Virtual Fitting Room Market, by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Virtual Fitting Room Market Key Players

Metail • Zugara • True Fit • Total Immersion • 3D-A-Porter • Magic Mirror • AstraFit • Fit Analytics • Visualook • ELSE Corp • FXGear • Sizebay • Trimirror • Memomi • Sensemi • Fision Technologies • Coitor IT Tech

Frequently Asked Questions:

1] What segments are covered in Virtual Fitting Room Market report? Ans. The segments covered in Virtual Fitting Room Market report are based on Component, Application, and End-Use. 2] Which region is expected to hold the highest share in the Global Virtual Fitting Room Market? Ans. Europe is expected to hold the highest share in the Global Virtual Fitting Room Market. 3] Who are the top key players in the Virtual Fitting Room Market? Ans. Metail, Zugara, True Fit, Total Immersion, 3D-A-Porter, and Magic Mirror are the top key players in the Global Virtual Fitting Room Market. 4] Which segment holds the largest market share in the Virtual Fitting Room market by 2027? Ans. Software segment hold the largest market share in the Virtual Fitting Room market by 2027. 5] What is the market size of the Virtual Fitting Room market by 2027? Ans. The market size of the Virtual Fitting Room market is expected to reach US $11.02 Bn. by 2027. 6] What was the market size of the Virtual Fitting Room market in 2020? Ans. The market size of the Virtual Fitting Room market was worth US $2.97 Bn. in 2020.
1. Global Virtual Fitting Room Market: Research Methodology 2. Global Virtual Fitting Room Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Virtual Fitting Room Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Virtual Fitting Room Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Virtual Fitting Room Market Segmentation 4.1 Global Virtual Fitting Room Market, by Component (2020-2027) • Hardware • Software • Services 4.2 Global Virtual Fitting Room Market, by Application (2020-2027) • Apparel • Beauty and Cosmetic • Eyewear • Footwear • Others 4.3 Global Virtual Fitting Room Market, by End-Use (2020-2027) • Physical Store • Virtual Store 5. North America Virtual Fitting Room Market (2020-2027) 5.1 Global Virtual Fitting Room Market, by Component (2020-2027) • Hardware • Software • Services 5.2 Global Virtual Fitting Room Market, by Application (2020-2027) • Apparel • Beauty and Cosmetic • Eyewear • Footwear • Others 5.3 Global Virtual Fitting Room Market, by End-Use (2020-2027) • Physical Store • Virtual Store 5.4 North America Virtual Fitting Room Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Virtual Fitting Room Market (2020-2027) 6.1. Asia Pacific Virtual Fitting Room Market, by Component (2020-2027) 6.2. Asia Pacific Virtual Fitting Room Market, by Application (2020-2027) 6.3. Asia Pacific Virtual Fitting Room Market, by End-Use (2020-2027) 6.4. Asia Pacific Virtual Fitting Room Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Virtual Fitting Room Market (2020-2027) 7.1 Middle East and Africa Virtual Fitting Room Market, by Component (2020-2027) 7.2. Middle East and Africa Virtual Fitting Room Market, by Application (2020-2027) 7.3. Middle East and Africa Virtual Fitting Room Market, by End-Use (2020-2027) 7.4. Middle East and Africa Virtual Fitting Room Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Virtual Fitting Room Market (2020-2027) 8.1. Latin America Virtual Fitting Room Market, by Component (2020-2027) 8.2. Latin America Virtual Fitting Room Market, by Application (2020-2027) 8.3. Latin America Virtual Fitting Room Market, by End-Use (2020-2027) 8.4. Latin America Virtual Fitting Room Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Virtual Fitting Room Market (2020-2027) 9.1. European Virtual Fitting Room Market, by Component (2020-2027) 9.2. European Virtual Fitting Room Market, by Application (2020-2027) 9.3. European Virtual Fitting Room Market, by End-Use (2020-2027) 9.4. European Virtual Fitting Room Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Metail 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Zugara 10.3. True Fit 10.4. Total Immersion 10.5. 3D-A-Porter 10.6. Magic Mirror 10.7. AstraFit 10.8. Fit Analytics 10.9. Visualook 10.10. ELSE Corp 10.11. FXGear 10.12. Sizebay 10.13. Trimirror 10.14. Memomi 10.15. Sensemi 10.16. Fision Technologies 10.17. Coitor IT Tech

About This Report

Report ID 29023
Category Information Technology & Telecommunication
Published Date April 2019
Updated Date Dec 2021
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