Virtual Fitting Room Market: Global Industry Analysis and Forecast (2022-2029)

Virtual Fitting Room Market size was valued at US$ 3.58 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 20.6% through 2021 to 2029, reaching nearly US$ 16.02 Bn.

A virtual fitting room, an online recreation of an in-store changing facility, was presented in the fashion retail sector as 2D overlays and had a hesitant start. Nonetheless, with the advent of 3D technologies that use a mannequin to calculate user size, the industry has seen a surge in demand. A virtual 3D fitting room is a collaborative platform between the consumer and the fashion company that aims to enhance customer confidence and reduce the number of times a client wants to return/exchange a product due to sizing and fitting concerns.

The use of Augmented Reality and Virtual Reality in virtual fitting room solutions to express realistic sensations is anticipated to significantly drive market growth. Moreover, the rising popularity of the e-commerce sector, growing concerns among online fashion retailers about delivering products that fit properly, and the need to cater to customers' customized demands to survive in an increasingly competitive market are expected to create promising growth opportunities for the market over the forecast period.

The Virtual Fitting Room Market is segmented based on Component, Application, End-Use, and Region. The growth of various segments helps our clients in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics.


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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 2021-2029. 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 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 2029. 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 2021-2029. 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 2021-2029. 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.

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 2021-2029. 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 2021-2029. Europe is expected hold the largest market share of xx% by 2029. 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 2021-2029.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2021-2029. 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 2021-2029. 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.

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.
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Global Virtual Fitting Room Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 3.58 Bn.


Forecast Period 2021 to 2029 CAGR:
20.6%
Market Size in 2029:
US $ 16.02 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 2029.

5] What is the market size of the Virtual Fitting Room market by 2029?
Ans. The market size of the Virtual Fitting Room market is expected to reach US $ 16.02 Bn. by 2029.

6] What was the market size of the Virtual Fitting Room market in 2021?
Ans. The market size of the Virtual Fitting Room market was worth US $ 3.58Bn. in 2021.